Hello. I am new to sole-practise, and have been asked to prepare monthly management accounts for a company, about £180k turnover. They will do their own book-keeping (to quite a good standard). What ball-park figure should I look to charge? Thank you.
David
Replies (3)
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As much as you dare
I find that a fixed fee often works better for those clients who themselves charge a 'low' hourly rate for their services, whereas an hourly rate can look good value to a business that itself charges high hourly rates.
Please don't look to compete on the basis of cost as not only will you lose out, we all will. If we all try to undercut each other to pick up business we will eventually be better off working on the tills at Tesco.
How much work is involved?
If they are doing their own book keeping to a reasonable standard, and not wishing to do you out of work, how much extra work is involved in preparing the management accounts and in what format is the output to be?
Pick an hourly rate of 1% of what you intend earning in the year as a starting point.