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Denise O

Bookkeeping Rates

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Hi everyone, as part of my legal virtual assistant business, some clients are asking for bookkeeping services. So far I bill by the hour at

my regular rate. I have a new client who is asking for a flat rate. First of all, if you charge by the hour, do you charge less than your regular rate? If you charge a flat rate, how do you figure out the rate? I assume it depends on the number of transactions monthly, how many accounts, etc. How would I figure out a flat rate for let's say 25 transactions monthly, one operating and trust bank acct, one credit card account, reconcile all accounts monthly and file HST report with CRA quarterly? Thanks for your help

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I guess you calculate by the task that you are assisting them with. So if they want task A to be done and it takes you x amount of time to do so, you will calculate your hourly rate by how long it takes you to do so. That's what I will do and what I think mazza was suggesting.

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I start by doing their books on an hourly basis for three months to determine how much work is involved. Then I offer them a flat monthly fee with a reduced hourly rate for 'non-standard' activities, such as end-of-year 1099 filing, etc.

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What Lily said! :D

It's a good way to try it out 2-3 months, and then come up with a flat rate, excluding year end, corp. tax, ...

 

 

Nadine LeBrun | Onyxia Bookkeeping

Bookkeeper and Accountant

Certified QuickBooks Online ProAdvisor | Xero Certified Advisor | Certified QuickBooks Online Payroll

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I'd like to add an example.

 

I have a customer who doesn't have many transactions a month. About 25.

However....

His transactions are very complicated and a pain to a degree.

Instead of taking just 2 hours a month to fix transactions, reconcile, etc.. It takes me easily 4 to 5 hours.

 

I wouldn't be profitable if my price was based on his low volume of transactions.

This is why trying out 2-3 months and charging hourly during that time, will help you better find a fixed rate :)

 

 

Nadine LeBrun | Onyxia Bookkeeping

Bookkeeper and Accountant

Certified QuickBooks Online ProAdvisor | Xero Certified Advisor | Certified QuickBooks Online Payroll

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Thank you so much for the input. Very helpful! I totally agree that starting hourly for 3 months is a good idea. I did this recently for a client and it worked very well.

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