After several unsatisfactory experiences with accountancy services, we decided to bring it in-house. As a result, we’ve become quite adept, having had to rebuild the books multiple times after they messed them up.
This has allowed us to generate end-of-month accounts actually at the end of the month, rather than waiting months to find out how we were performing, which, quite frankly, is far too late.
With a change in our business model, we now have spare capacity and are considering whether this is a service others might want or need. If so, what is the market rate for this?
Bringing your accounting in-house has clearly improved your financial oversight and efficiency, allowing you to generate timely reports and avoid delays caused by unreliable external services. Given your expertise and spare capacity, offering this as a service to others could be a great opportunity, especially for businesses struggling with similar issues. Market rates for outsourced accounting vary depending on factors like the level of service, business size, and industry, but typically range from $50–$150 per hour for bookkeeping and $500–$2,500 per month for full-service accounting. If you’re considering this, researching competitors and positioning your service around reliability and real-time financial insights could be key selling points.
That is interesting.
Are you using a mix of Sellerboard and Quickbooks?
Does your accounting system have a system of showing you the value of your inventory?