CPAs have designed the bookkeeping services that LYFE Accounting offers to small businesses. This ensures that the services and packages are of the highest quality. You are going to communicate primarily with a certified bookkeeper. This individual has gone through extensive bookkeeping training and is also sufficiently experienced to assist you in all your bookkeeping needs.
- Finally, we’ve built in-house software to help us generate our clients’ books and financial reports.
- If you need to track accounts receivable or segment level bookkeeping, let us know.
- Deciding what to charge for your services is one of the primary challenges that bookkeeping professionals face.
- And by accurately describing what each package includes, you’ll be able to build trust with potential customers and avoid unnecessary frustration.
- More complex, bigger dollar amount transactions can lead to more complicated accounting work – at least for providers that are providing accrual based financials (which is important for VC-backed startups).
- When deciding on a payment schedule, you should consider the scope of work and your client’s needs.
Our goal is to get you due diligence ready, and we charge an onboarding fee to get your financials and books in order. There may be additional costs to correct previous months’ financials. I’m an entrepreneurial CPA that founded Xen Accounting, a 100% cloud-based accounting firm, in 2013. Following its acquisition in 2018, I started Future Firm to help accountants fast-track the growth of a modern, scalable accounting firm of their own.
Decide on a payment schedule
A bookkeeper may also take care of day-to-day financial functions like accounts payable and receivable, handle the reconciliation of your payroll and bank accounts, and produce monthly financial statements. Most traditional bookkeeping services, however, only provide this information to you weeks after the end of the month. You will be able to see the details of your transactions and expenses retroactively after Bookkeeping for Independent Contractors: A Guide Shoeboxed all financial decisions for the month have already been made. If you’re doing your own bookkeeping or paying someone who isn’t fully competent in financial records and compliance to do the books for you, chances are your books are inaccurate, outdated, or both. This can result in trouble with cash flow and forecasting and may create a lot of headaches at tax time – not to mention eating up YOUR precious time.
Is a bookkeeping business profitable?
Yes, a bookkeeping business can be very profitable. In fact, ZipRecruiter reports that the national average income for an independent bookkeeper is $56,100, though some report income as high as $122,000. The cost of doing business is relatively low, mostly related to bookkeeping software, so profit margins are high.
Experience the difference of having Ray’s Accounting by your side and discover what running a business can truly be like. Enjoy our free trial – we will handle one prior month of your bookkeeping and provide you with a comprehensive set of financial statements to keep. Try Ray’s today and unlock the convenience and expertise that will transform your business. Kathryn is a Chartered Professional Accountant with over 7 years https://simple-accounting.org/accounting-for-startups-the-ultimate-guide/ of experience in both public practice and industry accounting. She has had the opportunity to work with a wide variety of individuals and companies, which gives her a unique perspective on what it takes to be successful in the industry. Kathryn loves all things business and productivity and has been able to combine her love for creating content into writing for accounting firms looking to improve their businesses.
Factors to consider when determining your bookkeeping rate
However, most businesses that make the leap see the value and experience an ROI rapidly. In addition to these basic bookkeeping activities, your costs will be impacted by how your accounting systems, policies and procedures, and reporting needs are set up and administered. A good number of small businesses and individuals trust us for their accounting and bookkeeping services. We have a team that is known for its experience and skills and possess the top quality efforts that they exert for each of our clients, regardless of who they are. A small business client may see the value in bookkeeping services that help them save time and money.