![]() ![]() If they still hesitate then you are best advised to help them find someone else. If your customer seems apprehensive about your fee then ask them if they would imagine a set of records presented to their accountant at the end of the year with no problems, and if that would be an equitable way to think of your fee. Check with your local chapter of American Institute of Professional Bookkeepers for accreditation. Bookkeeping Accreditation is one way to do that. If you charge $16 an hour then you really need to get more experience and/or education to be taken seriously. Pick one of those rates that feels like it covers your costs and still holds you accountable as an expert in your field. You will find that there are ranges of rates from $16-60 + per hour. Not all bookkeepers are willing to share their fee structure with others, so do not be afraid to ask several bookkeepers what they charge for a beginning point of reference. At the rate I charge that means that a monthly flat fee for this customer equals 2.5 times number of entries divided by 60 total minutes times hourly rate (2.5 x 200 / 60 x $45 = $360 per month flat fee). Each data entry transaction counts as “2.5.” So, if you have an average small business with 200 entries per month, you need to charge 2.5 minutes per entry minimum.Įxperience tells me that some entries will take more time and some entries will take less time, but from start to finish all entries made will balance out to 2.5 minutes apiece. You must also calculate these costs into your calculations – Workers Compensation, self-employment tax (10% for USA), and business insurance.įor a basic bank and credit card reconciliation, data entry and set of monthly financials you will work approximately 2.5 minutes per entry. ![]() Most bookkeepers charge an hourly rate, but will charge a flat fee based on the number of transactions that need to be entered, plus $5-10 (if they don’t know the client in advance). Small business clients would rather pay a flat fee than an hourly rate. Ask them if there is a sliding scale and if so, what criteria they use to determine those variables. When you begin you need to seek out other professionals in your field and simply ask them what the rates are that they are charging in that area. Even once can be the “Kiss of Death” to your rate sheet.ĭo not guess at how much to charge, either. One lesson I learned quickly is that EVERYBODY wants a deal and they think that you should give them one, but the minute you do, they will undervalue your services and consider it to be a permanent discount.ĭon’t make the mistake of charging too little – Use reward incentives and bonuses for new client referrals instead of lowering your price for any customer. When I began my bookkeeping business in 1999, so was I. This is business advice for Bookkeepers and other consultants as well. The reason is quite simple: it is easier to quantify your value to the company in monetary terms when you participate in revenue generation.Then you are probably uncertain about how much to charge for your services. Revenue generators usually get more and higher bonuses, higher salaries, and more frequent salary increments. Their expertise is usually different from that of the core business operations.Ī graphics designer working for a graphics designing company.Ī graphic designer in the marketing department of a hospital. Their field of expertise usually matches the type of business.Įmployees that support and facilitate the work of revenue generators. What makes a position worthy of good bonuses and a high salary? The main two types of jobsĮmployees that are directly involved in generating revenue or profit for the organization. A commission is a prefixed rate at which someone gets paid for items sold or deals completed while a bonus is in most cases arbitrary and unplanned. People tend to confuse bonuses with commissions. Also from the diagram, 75% of Bookkeeper(s) are earning less than 29,900 PHP while 25% are earning more than 29,900 PHP. ![]() Reading from the salary distribution diagram, 25% of Bookkeeper(s) are earning less than 14,400 PHP while 75% of them are earning more than 14,400 PHP. Generally speaking, you would want to be on the right side of the graph with the group earning more than the median salary.Ĭlosely related to the median are two values: the 25th and the 75th percentiles. The median represents the middle salary value. ![]() The median salary is 22,400 PHP per month, which means that half (50%) of people working as Bookkeeper(s) are earning less than 22,400 PHP while the other half are earning more than 22,400 PHP. Tweet Get Chart Link The median, the maximum, the minimum, and the rangeīookkeeper salaries in Philippines range from 9,530 PHP per month (minimum salary) to 32,900 PHP per month (maximum salary). ![]()
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