Bookkeeping rates constantly change depending on the state of the economy. When the economy is bad, some bookkeepers choose to lower their rates slightly to attract customers. When the economy is good, many of them charge the current market rate. Statistics also show that there is a group that does not raise its hourly rates. It remains underpaid even when there is a great chance to make more money. They work long hours, add value to their clients’ businesses but they do nothing to improve their bookkeeping rates.
Where does your organization fall? Do you alter your prices according to economic changes? If not, are you comfortable receiving the same bookkeeping rates over and over? It is important to stop fearing that you would lose clients if you request them to pay you the rate you deserve. Most bookkeepers prefer to be paid hourly. If you employ them full-time or part-time in your office, they will count the number of hours they will work for you in a month. The majority of assistant bookkeepers with one to two years of experience desire to make twenty to forty dollars per hour.
Intermediate professionals, with three to ten years of experience, prefer much higher bookkeeping rates. They want to be paid forty to sixty dollars per hour. Senior bookkeepers with more than ten years experience want to claim the highest salary: sixty to eighty dollars per hour. If you are looking for excellent bookkeepers, you should consider the three categories explained above. Remember to find out how much other accounting firms are paying their employees. If you carry out your research online, you will find some companies that pay a fresh graduate up to 100 dollars per hour.
If your company cannot afford such an expensive graduate, who actually needs training, then you can let them be. There are other people who are willing to offer you affordable bookkeeping rates. Your small business cannot grow if the salaries it is paying its employees are very high. So, as the owner, you should know the minimum and maximum rate you could pay someone per hour. When deciding what to pay your outsourced or in-house bookkeepers, account for inflation and how it changes the cost of living. When there is inflation, everything becomes pricey and the money is worth less than before.
Because of this, you should expect an assertive bookkeeper in your office to raise their Bookkeeping Rates at least five percent per annum to survive the rising cost of living due to inflation. So if you are considering buying outsourced services, you should expect them to slightly raise their fee as well, when the economy is very bad. Remember they have their office overheads and employees’ financial affairs to take care off whether the economy is good or bad. The best thing with outsourced professionals is that they are independent, unlike your employee. The latter uses your office and all its facilities and still expects higher bookkeeping rates when the cost of living increases. So at the end of the day, you may be best farming out work to an outworker who can work faster using their resources.
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