Bookkeepers! Earn More Money without Taking on More Clients
As a bookkeeper, the ultimate goal is to provide quality services to your clients and earn a fair income for your work. However, taking on more clients is not always a feasible option, especially if you already have a hectic schedule.
This is where the question arises: is it possible to earn more money as a bookkeeper without adding more clients to your workload? The answer is yes, and we will explore various ways to achieve this goal. From increasing your rates to optimising your time management and choosing your clients wisely, we'll provide practical tips for bookkeepers looking to earn more income without sacrificing their work-life balance.
Increase Your Rates
This is the low-hanging fruit. The easiest way to earn more from existing clients is to make sure that you regularly increase your rates. If this is something you’ve not done in the last year then you’ll definitely want to think about it.
It’s important that you communicate your rate increase with your clients. This could be in the form of a rate increase letter, email, or in-person meeting. By being transparent and professional, you can ensure a smooth transition and maintain a positive relationship with your clients.
We have an example of a letter that you might want to use for this here.
Charge for Value-Added Services
Do more for existing clients without working more. Ok, I’ll admit that this sounds strange, but bear with me. The whole ethos of menu pricing is to deliver the exact service your client needs at the right price. In differentiating the price levels we tend to use value added services. These are things that you can do for the client, that add huge value, but don’t cost you anything (or much).
You might have a client who needs a fast turnaround time. This is something valuable to them, that they will pay extra for, but doesn’t cost you anything. Another might be specific types or reports. Maybe you scan their documents for them.
There are loads of this type of service that will allow you to charge your existing clients more without adding a huge amount of time to your week.
Optimise Your Time
By analysing your current workflow and identifying areas for improvement, you can streamline your processes and reduce the time spent on each task. This could be through automation or software, or even just by distilling your workflow and making it more streamlined.
Implementing a clear schedule, setting realistic goals, and taking breaks when necessary can all contribute to better time management and increased earning potential. By taking control of your time, you can work smarter, not harder, and increase your income without sacrificing your well-being.
Focus on Your Best Clients
It goes against the grain, but sometimes you need to cut the dead weight from your practice before you can move forward. Most, if not all, of us have someone in our practice who is not an ideal fit. Maybe they require some specialist service that you only do for them and can’t streamline. If they don’t pay you well enough for it, maybe it’s worth cutting them and replacing them with your ideal client.
Alternatively, they might be the client who moans about the bill, doesn't get the paperwork to you on time, or is just demanding. By regularly ranking and cropping your clients you can become a more efficient and well-oiled machine.
As a bookkeeper, increasing your income without taking on more clients is not only a feasible goal but realistic. By raising your rates, offering value-added services, optimising your time, and focusing on your best clients, you can earn more while maintaining a work-life balance.
By implementing these strategies, bookkeepers can work smarter and increase their earning potential. It's important to communicate rate increases professionally and analyse your workflow for improvement opportunities. Regularly evaluating and cutting clients who don't fit well with your practice can also help streamline your business and improve your efficiency.