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Procurement Market Intelligence Report

Bookkeeping Services
Sourcing Guide & Market Trends

Comprehensive intelligence for making smart purchasing decisions

Learn about actual and potential costs

How much should I pay for Bookkeeping Services?

What is the average price of Bookkeeping Services?

This procurement report includes pricing information to help you purchase Bookkeeping Services. Our analysts provide a benchmark price and a price range based on key pricing factors to help you understand what you should be paying for this specific product or service. To see the average price for this and hundreds of other products and services, subscribe to ProcurementIQ.

Has the price of Bookkeeping Services been rising or falling?

Analysts look at market data from the previous three years to determine an overall price trend. You can use the recent price trends to help you understand price volatility and plan your budget.

I’m not ready to purchase Bookkeeping Services yet. Will I pay more if I wait too long?

We forecast the next three years of price movements by looking at factors likely to affect the market's supply chain, such as inputs, demand and competition. You can then use the price forecast to figure out the best time to purchase.

What other costs are associated with purchasing Bookkeeping Services?

Our analysts calculate the total cost of ownership and assign a level of low, moderate or high, depending on things like customization, integration and installation. Use this information to budget for Bookkeeping Services with a reduced risk of unexpected costs.

See how we display average pricing information, trends and market data.

Find the vendor to meet your needs

Where can I purchase ?

The top four suppliers of bookkeeping services, which include Deloitte, PwC, EY and KPMG, also referred to as the Big Four, account for less than 5.0% of the total market share in 2020, indicating a low level of concentration. While the Big Four are major financial service businesses with revenue... Subscribe to learn more.

Questions to ask potential suppliers

How can I gain leverage during negotiations?

Location

If I am located in a different region, do you anticipate any difficulties in delivering the service?

Are you available to attend board meeting on a regular basis?

Do you perform on-site visits with potential buyers?

Will distance require more effort on the client's part?

Does distance from the buyer affect the typical turnaround time for services?

Competition & Barriers to Entry

How do you win and retain business?

What is your reputation like among customers and how have you developed it?

Do you offer any incentives to repeat customers or those that refer businesses to your company?

How is your service better than your competitor's?

What is the benefit of working with you compared to another provider?

Are you experiencing fluctuations in demand as a result of the coronavirus outbreak? What measures are you taking to handle increased/reduced demand?

Quality

What quality awards have you won?

What value can you bring to my business?

What credentials and certifications do you hold?

What is your staff capacity to serve my needs? Are your staff licensed?

What have you done to ensure that your employees are sufficiently trained and qualified?

Amidst widespread health concerns, what contingency plans are in place to mitigate risk to your clients and employees? Has remote work affected your employees or their ability to carry out services at all?

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Key elements for every RFP

What should my RFP include?

Project Budget

Buyers should include their total budget for the services being requested.

If the services are to be provided on a continuous basis, buyers should provide a breakdown of their annual budget and how they wish to make payments (i.e. monthly, annually, etc.)

If additional services are being provided, buyers should break down their budget by each service.

Selection Criteria

Buyers should consider the experience of the supplier, particularly relevant experience with projects similar to the buyer's.

Buyers should look at the experience and qualifications of the individual employees that will be assigned to their account.

Buyers should consider the supplier's track record with accuracy on past projects.

Buyers should consider the proposed cost of the services from each supplier.

Project Schedule

Buyers should provide a list of key dates that pertain to the RFP process, such as the final dates to submit questions and final bids.

Buyers should provide a list of key milestones that will occur throughout the contract period, such as the date services are to begin, dates of which any reporting is to be submitted and the date of which contracts can be renegotiated.

Evaluate major factors to mitigate risk

How risky is the supply chain?

Although bookkeepers have to deal with some factors that raise their overall operating costs, the market's primary input is labor. Market suppliers do not heavily rely on other inputs that can threaten the continuity of business; goods and services that bookkeeping providers purchase include computer hardware and software, telecommunication services,... Subscribe to learn more.

HIGH

MEDIUM

LOW