Payments come in electronically, and when they come in, I apply it to the patient’s balance. I tried using bill.com with this particular client, but I actually didn’t really find it as helpful as I would have hoped. I often just use the bill pay directly through the bank with this client, as it’s relatively easy to do, and many banks will do that service for free.
Let’s jump into the details and explore your options for bookkeeping as a small to medium sized business. We provide our clients with a modified form of cash basis bookkeeping. With this system, we record transactions as soon as the money has been deposited into your bank or charged to your bank/credit card. Your bookkeeper reconciles your accounts, categorizes your transactions, and produces your financial statements.
Package Pricing: Fixed vs. Variable Rate
Look at numerous different angles, from your competition’s prices to the value of your unique services to your overhead expenses, to discover your firm’s worth. To attract paying clients, you need to find that zone where clients are willing to pay for your services, so you can generate a strong customer base while maximizing your profit. Once you understand what kind of clients are interested in your services and know what your competitors charge for the same services, you then identify what differentiates your business. Value-based pricing is putting a dollar amount on that differentiation.
With an hourly rate, unless you can find more hours in the day, it’s difficult—borderline impossible—to drive up profit significantly. Don’t be fearful of having conversations about raising rates with long-term clients. If they value your relationship and the service you provide, they’ll understand bookkeeping pricing packages why you make occasional and reasonable increases. When you’re calculating your rates, especially in a new location, doing local research is crucial. Ask other bookkeepers about services, rates, and gather any other information about working in your area that will help you stay competitive.