Home » Archive by categoryBookkeeping

How To Set Your Bookkeeping Prices And Rates

There are two ways you can make money as a Bookkeeper; you can seek employment from an accounting firm (and serve under a boss who determines your income) or market your services individually and determine how much you should be paid. While working independently has its ups, newbies find it really hard to set their prices.

Before we delve into the details of how to set your bookkeeping prices and rates, let’s have a look at a rundown of important skills every exceptional bookkeeper Melbourneshould possess.

  • Flawless data entry skills
  • Good communication
  • Knowledgeable about bookkeeping principles
  • Attention to detail
  • Disciplined
  • Commitment to work
  • Possess necessary

How To Set Your Bookkeeping Prices And Rates

The amount you earn when you work as a contract bookkeeper is definitely higher than when working as an employee. Additionally, you can decide when to increase or adjust your prices which rarely happens when you are under a boss. But since you are not the only expert in the field (and competition exist), you’ll need to use online calculators to know what figure is appropriate.

Currently, most institutes of certified Bookkeepers use around $45/hour as the average fee a distinguished expert ought to charge. Bear in mind that this figure is only an estimate; market conditions can dictate otherwise.

Cost price versus the actual price

For a new business, having a cost price provides the groundwork for determining the actual price. Do not blindly come up with a figure that you think fits your services. Sometimes your services may demand a better pay but if every accountant expert in your region or niche charges a small fee, clients will sidestep you.

You need to use a value that is close to the competitors, then provide better services and along the way, adjust accordingly. Take care not to begin from a very small fee since if you’ll be needed to lower it, you’ll certainly make huge losses and be driven out of business.

Common methods of charging a client

  • By the hour
  • Prepaid time block-it’s an hourly method that’s also called flat rate hybrid
  • Value pricing- setting your rates depending on how the customer values your services
  • Customized flat fee
  • Packaged pricing- selling bundled services at a fixed rate

Charge your services accordingly

One mistake most bookkeepers commit is charging a flat rate fee for all their services. Some services are pretty simple and can even be done by the business owners themselves through the use of a software. An example of this is data entry. On the other hand, there are complex services which when subjected to a flat rate, you’ll be underpaying yourself. So, vary your prices depending on the complexity of the project.

Re-evaluate your prices from time to time

Keeping your prices at the same point for long can be good for business. Clients refute the idea of paying more for similar services they were receiving before. This can encourage them to take their business to another bookkeeper. Nevertheless, you need to change your prices since living costs and expenses increase over time. If you don’t, your business will go down the rabbit hole.

Wrapping it all up

Working as an independent bookkeeper is definitely a good idea as you get compensated fairly. However, you’ll need to come up with rates that are not bizarre. Make use of the tips in this article to set up prices that will be fair to both you and the clients.…

Continue reading

Would You Make A Good Bookkeeper?

bookkeepers melbourne

Have you ever thought about becoming a bookkeeper Melbourne? If so, you aren’t alone. Currently, there are thousands thinking about becoming a bookkeeper and setting up a business of their own. When you are qualified and good at your job, the world is full of potential but what does it take for you to make a good bookkeeper? Is it your qualifications or is it something a little more than that? Read on to find out what would it take to make you a good bookkeeper.

You Need a Passion for Numbers

It might seem strange but bookkeepers Melbourne need to have some sort of passion when it comes to their job. There needs to be a passion for numbers in order to become a good bookkeeper because it shows you care. If you don’t really care then you cannot be a good bookkeeper, even if you have the skills to handle most tasks. You can honestly feel more positive about your job when there is a passion for what you’re doing. When you’re good with numbers and data you can really be good at your job and that’s always a plus to say the least.

You Must Have Integrity and Honesty

Let’s think about you as a whole. Are you someone with integrity? Are you a good worker who is open and honest about everything? If you have these qualities you are one step closer to becoming a good bookkeeper. A bookkeeper Melbourne absolutely must have a good backbone and a streak of honesty as that means so much. Honesty is what people want today and if you are working on important things such as a company’s books, you must be honest to them about everything. You must be honest in terms of the turnaround times as well as the costs and accurate above all else. Show some support, visit http://www.prweb.com/releases/2017/06/prweb14386594.htm

You Must Be a Fast Worker

bookkeepers melbourne

If you are truly thinking about becoming a bookkeeper you ideally need to be a fast but precise worker. Now, it’s good if you know what you’re doing and are capable of handling bookkeeping but at the same time you have to be fast and accurate. If you make constant mistakes that isn’t very good and it could result in you losing your job too. However, for those who are fast and good at their job, they have a host of options available to them. Bookkeepers Melbourne must be fast and very good at their jobs. for more updates, visit the original source.

Become a Bookkeeper Today

Anyone can become a good bookkeeper as long as they have the determination and knowhow. Going through the qualification process takes a lot of time but at the end it can be very rewarding. Bookkeepers have a lot of options available to them. A bookkeeper can join a practice, go freelance or start up their very own business. If you love the idea of becoming a bookkeeper you should look at exploring your options a little more. Becoming a bookkeeper Melbourne can be rewarding and something you actually love to do with your life too.…

Continue reading

Why Bookkeeping Is An Essential Part For Every Business?

bookkeeping

Does it really matter if you hire a bookkeeper to help your business? You wouldn’t think bookkeepers and bookkeeping would make a real difference when it comes to your business but it’s actually an essential part of every business out there today. It seems strange that simple data and figures would make all the difference but it does! So, why is bookkeeping such an essential part of the business?

You Get the Finances in Order

First and foremost, a bookkeeping system in place within your business is crucial simply because it helps to ensure the financial side of the business is in good order. Now, if your finances are not in order or don’t make sense then things are going to get very complicated and fast. That is one of the essential reason as to why bookkeeping is an important part of every business out there. When you have finances in order, your business has the very best chance of succeeding and that’s crucial. If your books are in a shambles, so too is your business. That is why hiring bookkeepers can be very important. Learn more detailed information at http://www.accountingweb.com/practice/practice-excellence/what-defines-a-professional-bookkeeper

What the Books Say Can Impact Your Decisions within the Business

Let’s say you have had a steady decline in sales for a certain product within the last few months, how would you know? The books are what tells you how many sales are being made and on what. Your books can, in fact, tell you if product A is selling more than product B and it might even give you an indication of what lines you need to focus on and what you need to drop! That is one reason why bookkeeping has become an essential part of a business because it tells you the real story behind the business. If you are able to understand your books you can make a timely decision on what must be done. That can make all the difference between success and failure. Hiring bookkeepers to help keep your books in order can be a good idea. They will make the books easier to understand and you can make a clear decision too.

Understand Your Business

bookkeeping

Can you make heads or tails of your business? Not being able to understand where you business is can be a nightmare because you don’t know if it’s doing well or really bad. Without being able to understand your business you can fail and fail badly. That is why bookkeeping is essential for a business and why you cannot neglect it. Let’s say, for a second, you didn’t really think too much of the bookkeeping side and you saw to it once a month. How organized would the books be? It would be very complex and complicated which means you put your business at risk. With a bookkeeper you can ensure things are easy to understand and in good order too. This will help you make a decision about your business.

You Must Hire a Professional to Handle Your Bookkeeping Matters

Bookkeeping has truly become one of the most important and essential parts for almost every business today. It can show how well the business is doing or indeed how badly things are going and can essentially make things easier to understand. There has never been a better reason or time to hire a professional and you won’t regret it. Hiring bookkeepers for your business will be a wise investment.…

Continue reading

What Are the Responsibilities of Part Time Bookkeepers?

bookkeeping job

Who honestly thinks about hiring a bookkeeper Melbourne when they are running a business? For most, they think it’s a waste of time and energy and yet it can be a very good idea to say the least. Part time bookkeepers can really offer up a lot of help and support to almost every small business out there and it can be welcomed! However, what about their responsibilities? What are the responsibilities of a part time bookkeeper?

Ensure Any Necessary Data Is Added In a Timely Manner

Bookkeepers absolutely take on the responsibility of adding and inputting the financial data within the books. Recording all that occurs within the business is a must and they have to record transactions such as sales, debts, and invoices paid and owed, as well as a host of other things. A bookkeeper has a lot of responsibilities and they really need to ensure they do their part otherwise they could cause severe issues for a company. Bookkeepers, even part time ones, have a lot of responsibilities.

To Keep Good Order within the Books

Another responsibility of a bookkeeper Melbourne must be to help ensure there is good order within the actual books. You might not think books need to be in good order when you run a business and yet it’s necessary. If the books don’t make sense or the information is unclear or unreadable you can honestly struggle to make heads or tails of what is going on. This could lead to a breakdown in communication and potentially an error in the decisions you make for your business. Part time bookkeepers can be ideal as they help to keep the books in fairly decent order and this is crucial for a host of reasons. visit http://www.godanriver.com/work_it_sova/news/ways-for-busy-business-owners-to-keep-up-with-bookkeeping/article_e64c6500-4656-11e7-bc57-fb9eab859473.html and get more details about bookkeeping.

Should You Hire A Part Time Bookkeeper?

bookkeeping job

Now you know what a few of the responsibility of a bookkeeper are, should you hire one? That is a personal choice and yet it can be a fantastic idea whether you have a small or large business. When you need a little help dealing with bookkeeping matters you should think about hiring a bookkeeper Melbourne on a part time basis. This can be very effective and help you pick up the slack in places. Even if you are comfortable dealing with bookkeeping up to a certain point, you might still want to consider hiring a part time professional to give you a little more help.

Get the Help You Need

Hiring a part time bookkeeper can be an ideal. A part time bookkeeper can help you deal with the things you can’t and allow you a simpler way to handle your finances. There has never been a more necessary time to look for bookkeeping help and even if you aren’t happy to hire a full time professional, a part time one could be more than useful. Anyone can find a part time bookkeeper can help them deal with a lot within their business and can be beneficial to their long-term business plan. To find out more, check out bookkeeperco.com.au for more information.…

Continue reading