Ways of Paying For the Bookkeeping Services
by Pankaj Kumar |October 26, 2017
1. By the hour – this is the most common and the most widely used way of charging for the bookkeeping services. It is the simplest way to quote your services, and possibly what most clients expect to hear. Since the price is fixed, clients will play only for the time for which they require the services. This is beneficial both for the client as well as the freelancer.
2. Prepaid time blocks – an hourly / flat rate hybrid
These are an amalgamation of hourly as well as flat rate. The rates can be charged hourly with the simplicity of charging for a fixed number of hours. Hence, if you are hiring a freelancer for an overnight work, say for 8 hours, and you fix a rate of $4 per hour, you know that you have to pay $32 for a one-time service. You also have no A/R issues with this method.
3. Value Pricing – setting result based rates
This method can be much more profitable than other forms of pricing. It can also help you screen for high quality freelancers. Value pricing is not much common since freelancers find it easy to give a demo of their work before beginning any task.
4. Customized flat fees – coming up with a flat fee that fits your client’s specific needs
It is simpler to use than Value Pricing, since YOU set the value of your services required to meet the client’s needs. This kind of charging is beneficial if you are working with a new freelancer or you just want to try out how the freelancing works. You can bargain as much as you want. Rates vary a lot. US/UK freelancers will charge more whereas Indian freelancers will charge a lot less, and give you the same quality
5. Packaged Pricing – bundling the services in a package at a fixed fee
It is generally more profitable than hourly and easy to adjust, accept and budget. Clients choose a level of services based on parameters you set and know exactly what they are buying; focuses on results rather than hours. Helps you forecast your own revenue more easily.
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