@@FinePointsBookkeeping The other issue with it is they often want the bookkeeper to be the office manager where you end up doing other stuff like ordering office supplies, calling customers that have been double charged, making copies of random stuff, etc. I worked as a full charge w2 bookkeeper at a restaurant for 6 years and finally left because I was making errors on the bookkeeping b/c I was too distracted by the other random office admin tasks.
Hello, a great video highlights some friction points with business owners. I had a business owner that hired me at an agreed amount. Later, I started learning about their business and streamlining the work involved with it. After a while, it didn't take me as long, and I would finish the work faster. He then asked to lower the rates we agreed to initially. I told him that he wasn't paying me for how long it took me to do the work but for my knowledge in the process. So lesson learned. I ended up parting ways with the business owner.
Interesting! I can see how this would happen. It's so true that we are providing a service (that should cost X amount) instead of working on a timeclock.
@@FinePointsBookkeeping There has been a big push in the bookkeeping/accounting community in the past few years to move to value bases instead of hourly-based compensation. I think some people do themselves a disservice when they don't do value billing. Many big companies are moving to the same membership-based concept on their services, and why many companies are moving to SaaS, allowing them to charge more in the long run than it would be with the purchase of a program.
I'm a bookkeeper working for a large company. I feel I am underpaid for the job at $25 an hour. I do everything bookkeeping here. There are 18 locations plus a central office. So imagine doing bookkeeping for 19 clients and only getting paid $25 and hour. I want to start my own business so I can eventually quit my day job.
Hey Cindy! Here's a free checklist from Morgan that will help guide you on how to start your own bookkeeping business: finepoints.biz/checklist Krista (FinePoints Admin)
But on a positive note, I love your channel, I have a BA in Accounting but have been out of that business for 5 years, after watching your videos, iv got the confidence to go out on my own and start a bookkeeping business Thank you 🥰 No clients yet, but I'm working on getting QB certified now
I’ve certainly had people bring this up to me, mostly when I was in school and had those “awesome” people in my life who wanted to point out all the reasons that might discourage me from my goals. Bottom line, I remind people that they get what they pay for. If they want to go with a cheaper option, that’s fine, they know where to find me. Haha. Yes, the savings on taxes!! I’ve never tried to sell myself to a client looking to hire an employee, but it’s an intriguing concept.
I'm very nervous charging $50 an hour because I have been looking around at competitors in my area charging $100-$140 a month for bookkeeping and accounting.
Hey! You can certainly charge more then $50 an hour. It's good to do some research and now what the going rate is in your area. Krista (FinePoints Admin)
Great video. However, I do want to " become" a niche bookkeeper. Specifically, long haul trucking. Since I am starting to learn bookkeeping, how do I find out what skills are necessary for me to master and hence command higher rates to charge perspective clients?
Love that you have a niche picked out. Once you have the basic bookkeeping skills down (I have a video here about how to learn bookkeeping: ruclips.net/video/5W1m-0R6H_k/видео.html and a chart to help you figure out where you are: where to start bookkeeping? finepoints.newzenler.com/f/decision-tree-chart ) ... it's a lot about finding the experts in your niche. You can start with a client or two, gain some experience, then work to collaborate with other bookkeepers in your niche (I've found Facebook groups helpful to find the right people). I don't know of anyone in the long haul trucking field, but I'm sure they're out there! You'll do great!
Thank you so much for making a video on this concept, I was so confused as to why that was the case. Thanks for clarifying, I have a quick question . Should I become a CPA, I’m 17 currently, and I want to know what I need to earn the most in the accounting field. Edit: I’m almost quickbooks certified I have a certification from the University Of New Mexico Started the NACPB Certification course recently as well.
Wow, you're doing amazing! Look at you go. If I was your age and pretty sure I wanted to go in to this field, I would get a CPA license. I think it gives you a leg up and you can do a lot of things with it. One other option would be to start a bookkeeping business for awhile to see how you like it (or use it as a side hustle as you go through more schooling). Keep it up! Sounds like you'll go far.
Oh man! You could always look into finding clients overseas where you may be able to charge more. Here are 2 videos that Morgan made starting a bookkeeping business overseas: ruclips.net/video/XRK_Ww72BkQ/видео.html, ruclips.net/video/VKDQzIt2P8k/видео.html Krista (FinePoints Admin)
Im trying get into bookkeeping. I have a bba in finance, and I'd be open to take low pay because of my lack of experience. I think I'd be a good fit, i just want a place to work my way up at. But they keep asking for 2-5 years experience! I apply for them anyways, but get turned down quickly... *And then the same job gets posted a week later!* Its just so frustrating. Some of these places have been posting these jobs for so long that if they hired me the first time I applied, I would have the experience they want! Anyways, end rant. It's just so annoying.
Sorry to hear that you are struggling with gaining experience. Morgan recommends trying to volunteer/shadow friends, family, or other bookkeeper in your area to gain experience while you wait for the right fit. Krista (FinePoints Admin)
@@FinePointsBookkeeping Thank you! I had not thought about asking to job shadow. That could be useful. She does a good job of showing how to open your own business, but bookkeeping/accounting is one of those fields that easy in theory, confusing in practice. I just need some more work on the ole resume, I guess. Volunteer work could be helpful. Maybe I can find a non-profit that has an accounting doing vollunteer work and assist them or something. Plan B is tax prep, but tax seasons is a while away.
Great video it is true i use to do bookeeping and now on indeed they are paying like minimum wage but what about self employment taxes you pay as contracter ? I want to star bookeeping business but have no clue how to start.
We recommend talking with an accountant about things tax related, also this chart about where to start could help you out: finepoints.newzenler.com/f/decision-tree-chart ~Gabe, FP admin
I don’t know if you are referring to QuickBooks live when you’re talking about QuickBooks doing bookkeeping. As I understand it, QuickBooks live does not do every type of bookkeeping. It sounds like they help companies get things set up and started and deal with some of the problems that a business owner might have. However, as a pro advisor, you have a profile in QuickBooks so that you can get bookkeeping jobs that way. So it doesn’t seem like what QuickBooks is doing really takes away from any bookkeeping businesses.
Hi Cheryl, good to know! I was referring to QB Live, but I haven't looked into it much (just heard rumblings on bookkeeper forums). That's encouraging that they have a different client market (setting people up) than other bookkeepers. Thanks for watching!
The QuickBooks live bookkeepers charge $150-$200 a month from my research. I was talking to a potential client today who is going to get quickbooks services from me and they told me that they were trying to get QuickBooks training from QuickBooks live and they were told that they do not do training instruction.
@@FinePointsBookkeeping yeah I think they can be customizable for each client but I have heard of client not getting the correct bookkeeper who knows their industry and I’ve also heard about clients who don’t have the amount of instruction or support that they feel like they need. so it all depends on the client
Have you found bookkeeper jobs to pay more or less than you expected?
I’ve seen wild ranges in offers!! It’s 🍌
yes I have noticed in my non bookkeeping business that the clients who want everything for nothing are the ones who complain the most 🤣
Right?! :)
I feel like those people looking to pay $15/hour are not our ideal client and they don't value bookkeeping services.
Such a good point!
@@FinePointsBookkeeping The other issue with it is they often want the bookkeeper to be the office manager where you end up doing other stuff like ordering office supplies, calling customers that have been double charged, making copies of random stuff, etc. I worked as a full charge w2 bookkeeper at a restaurant for 6 years and finally left because I was making errors on the bookkeeping b/c I was too distracted by the other random office admin tasks.
Hello, a great video highlights some friction points with business owners. I had a business owner that hired me at an agreed amount. Later, I started learning about their business and streamlining the work involved with it. After a while, it didn't take me as long, and I would finish the work faster. He then asked to lower the rates we agreed to initially. I told him that he wasn't paying me for how long it took me to do the work but for my knowledge in the process. So lesson learned. I ended up parting ways with the business owner.
Interesting! I can see how this would happen. It's so true that we are providing a service (that should cost X amount) instead of working on a timeclock.
@@FinePointsBookkeeping There has been a big push in the bookkeeping/accounting community in the past few years to move to value bases instead of hourly-based compensation. I think some people do themselves a disservice when they don't do value billing. Many big companies are moving to the same membership-based concept on their services, and why many companies are moving to SaaS, allowing them to charge more in the long run than it would be with the purchase of a program.
I'm a bookkeeper working for a large company. I feel I am underpaid for the job at $25 an hour. I do everything bookkeeping here. There are 18 locations plus a central office. So imagine doing bookkeeping for 19 clients and only getting paid $25 and hour. I want to start my own business so I can eventually quit my day job.
Hey Cindy! Here's a free checklist from Morgan that will help guide you on how to start your own bookkeeping business: finepoints.biz/checklist
Krista (FinePoints Admin)
But on a positive note, I love your channel, I have a BA in Accounting but have been out of that business for 5 years, after watching your videos, iv got the confidence to go out on my own and start a bookkeeping business
Thank you 🥰 No clients yet, but I'm working on getting QB certified now
Yay, that's great! Let m know how the certification test goes!
I’ve certainly had people bring this up to me, mostly when I was in school and had those “awesome” people in my life who wanted to point out all the reasons that might discourage me from my goals.
Bottom line, I remind people that they get what they pay for. If they want to go with a cheaper option, that’s fine, they know where to find me. Haha.
Yes, the savings on taxes!! I’ve never tried to sell myself to a client looking to hire an employee, but it’s an intriguing concept.
I'm very nervous charging $50 an hour because I have been looking around at competitors in my area charging $100-$140 a month for bookkeeping and accounting.
Hey! You can certainly charge more then $50 an hour. It's good to do some research and now what the going rate is in your area.
Krista (FinePoints Admin)
Thanks so much for clarifying the benefits of a contractor vs a employee
Love this one! ❤️ Great points to remember. I'm the kind of person that freezes when someone asks why you?
Thanks again!
Yes, I can relate to that! For that reason, I tend to be a super-preparer. :)
Yes, I've definitely been discouraged from lower rate adds. Thanks for this video. Some really useful points. Thank You!
Glad it was helpful! Thanks for watching!
Very insightful. Thanks!
Informative video
Great video. However, I do want to " become" a niche bookkeeper. Specifically, long haul trucking. Since I am starting to learn bookkeeping, how do I find out what skills are necessary for me to master and hence command higher rates to charge perspective clients?
Love that you have a niche picked out. Once you have the basic bookkeeping skills down (I have a video here about how to learn bookkeeping: ruclips.net/video/5W1m-0R6H_k/видео.html and a chart to help you figure out where you are: where to start bookkeeping? finepoints.newzenler.com/f/decision-tree-chart ) ... it's a lot about finding the experts in your niche. You can start with a client or two, gain some experience, then work to collaborate with other bookkeepers in your niche (I've found Facebook groups helpful to find the right people). I don't know of anyone in the long haul trucking field, but I'm sure they're out there! You'll do great!
Thank you so much for making a video on this concept, I was so confused as to why that was the case.
Thanks for clarifying, I have a quick question . Should I become a CPA, I’m 17 currently, and I want to know what I need to earn the most in the accounting field.
Edit:
I’m almost quickbooks certified
I have a certification from the University Of New Mexico
Started the NACPB Certification course recently as well.
Wow, you're doing amazing! Look at you go. If I was your age and pretty sure I wanted to go in to this field, I would get a CPA license. I think it gives you a leg up and you can do a lot of things with it. One other option would be to start a bookkeeping business for awhile to see how you like it (or use it as a side hustle as you go through more schooling). Keep it up! Sounds like you'll go far.
Here in the Philippines. They pay 5$ per hour or less hehe
Oh man! You could always look into finding clients overseas where you may be able to charge more. Here are 2 videos that Morgan made starting a bookkeeping business overseas: ruclips.net/video/XRK_Ww72BkQ/видео.html, ruclips.net/video/VKDQzIt2P8k/видео.html
Krista (FinePoints Admin)
Im trying get into bookkeeping. I have a bba in finance, and I'd be open to take low pay because of my lack of experience. I think I'd be a good fit, i just want a place to work my way up at. But they keep asking for 2-5 years experience! I apply for them anyways, but get turned down quickly... *And then the same job gets posted a week later!*
Its just so frustrating. Some of these places have been posting these jobs for so long that if they hired me the first time I applied, I would have the experience they want!
Anyways, end rant. It's just so annoying.
Sorry to hear that you are struggling with gaining experience. Morgan recommends trying to volunteer/shadow friends, family, or other bookkeeper in your area to gain experience while you wait for the right fit.
Krista (FinePoints Admin)
@@FinePointsBookkeeping Thank you! I had not thought about asking to job shadow. That could be useful. She does a good job of showing how to open your own business, but bookkeeping/accounting is one of those fields that easy in theory, confusing in practice. I just need some more work on the ole resume, I guess. Volunteer work could be helpful. Maybe I can find a non-profit that has an accounting doing vollunteer work and assist them or something.
Plan B is tax prep, but tax seasons is a while away.
Great video it is true i use to do bookeeping and now on indeed they are paying like minimum wage but what about self employment taxes you pay as contracter ? I want to star bookeeping business but have no clue how to start.
We recommend talking with an accountant about things tax related, also this chart about where to start could help you out: finepoints.newzenler.com/f/decision-tree-chart ~Gabe, FP admin
I don’t know if you are referring to QuickBooks live when you’re talking about QuickBooks doing bookkeeping. As I understand it, QuickBooks live does not do every type of bookkeeping. It sounds like they help companies get things set up and started and deal with some of the problems that a business owner might have. However, as a pro advisor, you have a profile in QuickBooks so that you can get bookkeeping jobs that way. So it doesn’t seem like what QuickBooks is doing really takes away from any bookkeeping businesses.
Hi Cheryl, good to know! I was referring to QB Live, but I haven't looked into it much (just heard rumblings on bookkeeper forums). That's encouraging that they have a different client market (setting people up) than other bookkeepers. Thanks for watching!
The QuickBooks live bookkeepers charge $150-$200 a month from my research. I was talking to a potential client today who is going to get quickbooks services from me and they told me that they were trying to get QuickBooks training from QuickBooks live and they were told that they do not do training instruction.
Interesting! Yes, QB live wouldn't be as customizable to fit each client's needs.
@@FinePointsBookkeeping yeah I think they can be customizable for each client but I have heard of client not getting the correct bookkeeper who knows their industry and I’ve also heard about clients who don’t have the amount of instruction or support that they feel like they need. so it all depends on the client