The most obvious cost for this option is salary, which can vary a lot by location. Anytime you can niche down and be specialized in a specific area of bookkeeping, you’ll be able to charge more money for your services. For virtual accountant example, a client with about $500k in revenue, she would charge $650 a month as a bookkeeper. This would be for the basic bookkeeping, reconciling, and bank accounts. Take your hourly rate times the amount of time you believe it is taking you each month and add a little more on top of that for added expenses.
Benefits of outsourcing
You may be helping them play catch-up to get organized not only in the current year, but also in previous years. I often mention that, starting out as a bookkeeper, you can charge $40 per hour to your clients. Then, as you gain experience and niche down, you can charge up to $80 or sometimes more per hour. However, there is quite a bit that goes into the pricing beast, and it’s not always as cut and dry as this. They become an essential member of your financial team, providing financial planning, forecasting, and budgeting advice.
What It Costs to Hire an In-House Bookkeeper
If you’ve been working in the industry for 10 years, for example, you’ll have the client base, referrals, references, and body of work to quote a higher rate. Our bookkeepers can also help you stay on top of paying your vendors and suppliers. We bookkeeping price packages take the hassle out of account payable management, ensuring everyone gets paid on time. Are you looking for a way to ensure your business taxes are filed accurately and on time while complying with all tax laws? As a small business owner, you can rely on our VAs for all your payroll needs. From processing employee payments to managing employee benefits, we ensure to take care of everything.
Fixed Rate Pricing
Some clients require more frequent attention than others, and there are even certain times of the year that might be busier than others for your clients. Generally, you’ll charge a lower rate for clients you see more often. While many self-employed bookkeepers work remotely, if you’re providing services locally, hourly rates vary state-by-state. States like Massachusetts and Washington have the highest hourly rates for bookkeepers bookkeeping at $40+/hour.
Cost of an Outsourced Bookkeeper
Bookkeeping, while universally crucial for businesses, is also influenced by regional factors. The hourly rates, services offered, and even the way bookkeeping is approached can differ vastly from one region to another. It’s imperative for businesses to understand these nuances to make informed decisions and optimize their bookkeeping investments. In our quest for cost savings, it’s a natural inclination to be attracted to the most affordable option.
- Attend industry events and connect with potential clients who align with your target market.
- Otherwise, you may wind up missing out on profits or scaring off clients with high rates.
- Traditional bookkeeping firms offer personalised service but may have higher fees.
- Monthly needs also vary by business, based on sales cycles and operations.
- You can hire a professional bookkeeper through Wishup in just 60 minutes.
- Depending on your experience and skills, you can charge between $15 to $30/hour as a remote, beginner bookkeeper.
- Using our proprietary cost database, in-depth research, and collaboration with industry experts, we deliver accurate, up-to-date pricing and insights you can trust, every time.
- However, if your needs are more complex — e.g., managing payroll — you’ll likely need to hire a more experienced bookkeeper.
- Two of the most prevalent models are fixed-rate (or flat-rate) and hourly rate structures.
- Bookkeeper salaries vary state by state (see our chart below), and depending on where you live, you could be paying a large difference in one place versus another.
- If you need services a bookkeeper doesn’t typically provide, you may need to hire an accountant or CPA firm instead.
After researching the latest data from Salary.com, ZipRecruiter, and Indeed, a reasonable hourly rate for a freelance bookkeeper would be in the range of $25 to $35 per hour. Factors such as the freelancer’s expertise, the client’s needs, and the local market rates should be taken into account when determining the final hourly rate. But when it comes to hiring a bookkeeping assistant, having complete knowledge about the current hourly bookkeeping rates is essential. It will help you understand the type of services you can currently afford and choose the right professional.