I am thinking of setting up as a self employed bookkeeper. But I would be grateful for some info on what fees to charge. I have not got a clue what would be a reasonable price. Do I charge by the hour or can I charge a one off payment?
Do I also collect the books from the client, or is there a way that the clients can get the books to me without having to collect them.
Hiya, It is really up to you how you want to run your bookkeeping business. I personally feel fixed prices is best for a couple of reasons. 1. The client knows what they are expected to pay with no surprises so bit of comfort for them. 2. Helps with your cash flow as you can have clients set up standing orders so your credit control is sorted. However, there may be times when fixed prices are not appropriate and by the hour makes sense. So it really just depends on what the client is looking for and how best to service them.
As for picking up vs paperwork being delivered by clients, again depends on the level of service the client is looking for. If you have to pick it up you need to consider that in your quote/price as you will use petrol, time etc. so it will cost more to the client. You can have them posted to you via registered mail, supply your clients with pre labeled envelopes? Others on here may have some suggestions on this.
You will need to Professional Indemnity Insurance at a min and I would recommend a company called Riverside Insurance, Julian Cartman. julian.cartman@btconnect.com, very good rate.
You will also need to be registered for Money Laundering Regulations. If you have a Practicing Certificate with ICB or IAB or any other regulating body then this should be included in your Practice Fee/License. However, if you are not registered with a "body" such as those then you need to register with HMRC. Very important.
Forgot to address the rate. That really depends where you are located in some respects. The best thing to do is research other bookkeeping companies if your local area to see what they are charging so you can stay competitive. Cheaper is not always best though so bear that in mind. Generally bookkeeping rates are between £12-25 ph depending on area and level of experience.
Thank you Meldowie, That has been a big help. I am a member of the IAB and an associate CB cert with the ICB. So I should just need to get practice licences and insurance etc.
