The choice of bookkeeping service package you make today will directly impact your profit margin and your time for the short or long term. You also have to account for the costs your business incurs more than your revenue for it to be profitable.
Accounting services are essential for a growing business, but they have a cost. As a business owner, you pay to keep your business numbers intact. So it's only logical to make a cost-effective choice before deciding to commit.
If you're looking for bookkeeping price packages in Canada or the US, let Unloop help you with the following guide.
Different Accounting Pricing Packages
Bookkeeping and accounting firms adapt different pricing models for their services. This is to allow an option that will match the client's needs with the solutions they provide. There are at least three pricing packages.
Flat Rate or Fixed Fee
This type of bookkeeping pricing package offers you a fixed amount to pay for an agreed service. They may do the work earlier or later than expected, but as long as the service is completed, you must pay the rate.
Compared to a flat rate, an hourly rate charges you a fixed amount on an hourly basis. This type of accounting pricing package makes efficiency important because the longer the service takes to complete, the higher the amount you pay. The good news is that an hourly rate is a good option if you only need minor services.
Monthly Cost or Subscription
Some accounting businesses bundle services together and offer them on a fixed monthly bookkeeping and accounting rate called a subscription. They also offer different levels or what they call "tiers" that cater to different levels of accounting business needs.
Different Accounting and Bookkeeping Services You Can Get
Many accounting service companies offer a host of services for their clients. Their arrangement may vary depending on your case, or it may be a fixed package containing several services. But no matter what accounting service firm you deal with, you will encounter the following services.
This service is a staple in any bookkeeping service company. If there's only one service they have to provide, it is bookkeeping, which is the core process of any financial accounting.
Reporting Financial Statements
From bookkeeping, they can extend the service to financial statement preparation and reporting. In most cases, financial statements come bundled as part of bookkeeping service packages as it is connected to the process. But some accounting service firms offer monthly financial reports as a business advantage.
Accounts Payable Assistance
In some enterprises with a business-to-business (B2B) model, there can be frequent volume purchases, and these transactions often involve credits. Accountants understand that with the volume comes the complexity of managing accounts payable, which can wreak havoc on a business's cash flow. So they offer assistance and management as part of their service offering.
As the number of employees increases, paying them becomes more challenging. That's because apart from the volume, you may also have different types of employees, such as regular full-time, part-time, or contract employees. All these employee types have different treatments. So accountants offer payroll services to ensure salary is paid accurately for everyone and the disbursement is recorded properly in the business's accounting system.
Accountants understand the value of knowing future revenue potential for management. So to relieve business owners of the guesswork, accountants offer forecasting services to project short-term and long-term income and how a purchase decision can affect future revenues.
Sales and Income Tax Services
Tax is the most complex subject for any business owner. Yet taxes are obligations that every business must fulfill. To ensure that business owners are paying the correct tax amount and avoid legal repercussions, accountants can offer tax preparation assistance to help businesses know the right tax amount to pay.
Things to Consider Before Committing to a Bookkeeping Service
Before selecting from bookkeeping pricing packages offered by an accounting service company, consider the following criteria. These will help you determine the right arrangement that will maximize your profit.
Your Business's Size
How big the business is plays an important factor when choosing a bookkeeping service. There are several ways to measure your business size: the number of employees, the size of equity invested, and the volume of transactions.
Each of these will affect how complex the accounting service is needed. For example, if you're a startup business with less than five employees, you may only need a part-time bookkeeping service, but if you have hundreds of regular workers, you'll need a skilled accounting team handling the payroll, books, and bank accounts.
Your Business's Accounting Software
Most small businesses use a program or software to handle their accounting and bookkeeping work. So it's important to tell your prospective bookkeeper what you are using (or not using) so they can do their best to adjust to your needs.
As an example, Unloop is a bookkeeping agency that specializes in QuickBooks. If you're using the same software, the transition will be smooth, but if you're using a different accounting software such as Xero or Sage50, they will have to work with what you have or transition you to QuickBooks.
The Bookkeeping Company's Industry Familiarity
An accountant familiar with your industry will know how your numbers work. This means they are far more capable of working efficiently and giving you accounting information that they know will help.
Unloop is a service agency that specializes in ecommerce. We know how to work with numbers and can provide you with the reports you need for decision-making. Not only that, but we can also offer advice on what steps you can take to maximize profitability.
Bookkeeping Company's Scope of Service
Inquire about what services the bookkeeping company has to offer. The more services they can offer, the better. That's because you can always expand the service you need for them, which makes for a more efficient operation of your accounting systems.
You'll want to get a full-service accounting agency that offers services like the ones mentioned above. This way, you won't have to search for another company to do a different aspect of your accounting.
The Bookkeeping Company's Client History
A bookkeeping service company must have a track record of both past and ongoing clients. So check if they have some under their belt. This verifies their legitimacy and competence.
It's much better if you can get feedback about their service. Check their website for client testimonials or ask for case studies you can read. If their clients are satisfied, then it's likely that you will be, too.
The Best Bookkeeping Price Package for You
Now that you know the different pricing packages and services available, you are in a better position to decide what the best package applies to your business. But to hone in on the most cost-effective decision, you must find out what your business needs and talk to an accounting service provider.Talk to Unloop. We have three different price packages to offer you to make sure it's customized according to your business needs. Book a call with us or check out our ecommerce services now.