Client wanted some quick and dirty bookkeeping done to get caught up on taxes. Basically they wanted all items “spent” in their QB bank feed thrown into an expense account and all items “received” thrown into a revenue account, unless it was obviously a transfer. They needed this done from 1/1/19 to 9/30/20. They only had about 20 transactions a month. I was able to do it pretty quickly in ~15 hours. I aim to charge $50/hr since I’m just starting off and just charged $750 for the job. I’m stoked about getting paid, but did I undercharge for this work?
Given the nature of the job and what they wanted, I was explicit and told him you are responsible for all receipts to support an IRS audit.
Normally for bookkeeping, would you upload the supporting cash receipt for every single transaction into QB? It feels weird to me that people charge $500+/month for bookkeeping services when I did almost two years in 15 hours. What else takes up hours to justify the fee? Granted I didn’t code expenses to the proper account, what else should I be doing as a bookkeeper?
I ask because I want to open up continuing to do monthly bookkeeping for this client but also want to do more to justify the fee. I can’t exactly say I want to charge $500/mo when I just did almost two years for $750. Advice?
Edit: $500/mo was an example. I just wanted to hear what others do for a $500/mo client… That is, how many transactions and work needs to be involved to command that much. I wrote this post really late last night and could have worded things better.