# what should bookeeeping fees be?



## frost (23 Aug 2010)

I was just quoted €30 / hour by an acquantance  to do my bookkeeping.  Does that sound reasonable or way off the mark?  I am reasonably certain she would do a good job, but it sounded a bit steep to me so I just thought I'd check as money is tight for us.  

If it makes any difference this is for a small limited company that has no payroll, has lots of purchase transactions, sales via web & shop, and VAT returns.  THe bookkeeper's job would initially be to catch up on transactions that havent been entered into Quickbooks yet, and then do our outstanding VAT returns


----------



## amgd28 (23 Aug 2010)

sounds okay - by what you say, the number of hours involved will be minimal, so you probably won't pay more than €120 a month.
I use an excellent bookkeeper and we would have a lot of transactions, payroll, VAT etc and it usually doesn't cost me any more than €250 a month.


----------



## Eldorado (23 Aug 2010)

I would say €30 is reasonable for a freelance bookkeeper.


----------



## frost (23 Aug 2010)

thanks amgd28 and eldorado.  i did prefer to go with her, so i appreciate that you've confirmed her rate is reasonable.
mike


----------



## J.Ryan (23 Aug 2010)

I don't believe that is a reasonable rate for book-keeping,  try asking around, you could get it for €15 - €18 an hour.


----------



## DB74 (23 Aug 2010)

If you pay peanuts etc etc ...


----------



## amgd28 (23 Aug 2010)

It also relates to volume - if there was a lot more work (number of hours), then yeah you would perhaps go for lower (I pay mine 25/hr). for the number of hours you will use, it is an acceptable rate.


----------



## J.Ryan (23 Aug 2010)

DB74 said:


> If you pay peanuts etc etc ...


 
and yet in a recent post you said an accountant should charge only €1,500 plus VAT for a set of accounts, 2 Directors Income Tax returns, Corporation Tax return and CRO compliance work.



http://www.askaboutmoney.com/showthread.php?p=1064302#post1064302


----------



## shootingstar (23 Aug 2010)

I freelance book keep and I charge between 15 - 20 an hour depending on the company.


----------



## frost (23 Aug 2010)

hmm, seems like there's a wide range out there.  i appreciate that like any service there is an element of "you get what you pay for" but there is also an element of "charging what the market will bear".  so from the statistical insignificant sample here  it looks like, assuming she does good work, that my acquantance's rate  is pricey but not totally unreasonable


----------



## shootingstar (23 Aug 2010)

I think if you charge too much some people just wont/cant pay it, hense why my rate is good (i think so anyway). I have a good few people using my services and all are happy with the rate. I honestly dont think its a case of "you get what you pay for"... I`m hanging onto my clients for dear life. Their my bread & butter.


----------



## J.Ryan (23 Aug 2010)

Ask your accountant/auditor what (s)he thinks a reasonable rate would be, they would be familiar with your business.


----------



## DB74 (23 Aug 2010)

J.Ryan said:


> and yet in a recent post you said an accountant should charge only €1,500 plus VAT for a set of accounts, 2 Directors Income Tax returns, Corporation Tax return and CRO compliance work.
> 
> 
> 
> http://www.askaboutmoney.com/showthread.php?p=1064302#post1064302


 
Separate issue IMO

Maybe I'm out of touch but €15-€18 an hour seems very low for quality book-keeping work

Cheapest isn't always best in any walk of life (nor is the most expensive necessarily the best either but you know what I mean)


----------



## frost (23 Aug 2010)

J.Ryan said:


> Ask your accountant/auditor what (s)he thinks a reasonable rate would be, they would be familiar with your business.



i've just emailed them so will post the response here when i get it.


----------



## J.Ryan (23 Aug 2010)

DB74 said:


> Separate issue IMO
> 
> ...


 

I made that point because I'm wondering what sort of hourly rate you worked that out to be, which I would then like you to compare to what you feel a book-keeper should receive, bearing in mind the end users of the work, The book-keepers work goes to the account to be worked on again.


----------



## DB74 (23 Aug 2010)

If you can get a good bookkeeper who can come up with 

1. A good clean trial balance
2. Clean debtors and creditors lists
3. A clean bank rec
4. Error free VAT returns & payroll workings

then, for a non-audit company without unusual additional balance sheet items, no accountant should take more than 2 working days (15 hours approx) to complete that set of financial statements, including production of CT & CRO returns and even directors IT returns (assuming little extra income etc)

A decent book-keeper can save you a lot of money once the bookkeeping goes to your accountant. A bad bookkeeper will cost you money in the long run because an accountant will charge you accountant's rates to fix bookkeeping problems/errors.


----------



## T McGibney (23 Aug 2010)

DB74 said:


> If you can get a good bookkeeper who can come up with
> 
> 1. A good *clean *trial balance
> 2. *Clean* debtors and creditors lists
> ...



Wow, that's a lot of assumptions


----------



## frost (23 Aug 2010)

my accountant's reply:

It would depend on experience , but a rate of between €17 and €23 a hour would be a rough guide.​


----------



## DB74 (23 Aug 2010)

T McGibney - I suppose it is a lot of assumptions but I would expect a clean TB from a competent book-keeper and my quote of €1,500 to which J Ryan linked is based on a trouble-free preparation of financial statements, which again has to take these assumptions into account in order that a low quote can be offered while still ensuring a profit for taking the job.


----------



## J.Ryan (23 Aug 2010)

frost said:


> my accountant's reply:
> It would depend on experience , but a rate of between €17 and €23 a hour would be a rough guide.​


 
Interesting


----------



## frost (23 Aug 2010)

J.Ryan said:


> Interesting



not sure if costs vary from region to region; my location is near wicklow town and my accountant is based in gorey.


----------



## J.Ryan (23 Aug 2010)

Shouldn't vary that much.


----------

