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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 2021, 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?

Experience and Expertise

How long have you provided these products to your longest-tenured client?

What qualifications does your staff have and what measures do you take to keep those qualifications up to date?

What industry do you most commonly supply this product for?

To what extent will ordering multiple products from your firm allow me to save on costs?

What is your repeat business rate for businesses in my industry and how does that compare to your overall rates?

Supply Chain Risk

Over the past three years, what percentage of your revenue has been dedicated to raw input materials? How has that changed?

Has the availability of raw materials tightened due to the coronavirus outbreak?

Over the past three years, what percentage of your revenue has been dedicated to labor?

How have fluctuations in input prices affected the prices of your products during the past three years?

How do you mitigate sudden price increases in raw materials?

When input prices rise, how much of the cost is absorbed by you and how much is passed onto buyers?

How, if at all, has your supply chain been affected by import tariffs levied in 2018?

Regulation

How do you manage regulatory change? Do you have regulation advisers or methods to track regulation?

How have changing regulations influenced your pricing now and how will the changes affect prices over the life our proposed agreement?

What ongoing training procedures do you provide for your staff?

Have you ever been found to be noncompliant with regulatory frameworks?

Amid widespread health concerns during the COVID-19 pandemic, what contingency plans are in place to mitigate risk to your clients and employees? Do you offer clients any flexible exceptions, such as contract suspensions?

Pricing Structure

How has your average price changed during the past three years?

Do you have a contract and what are the key terms?

Do you offer discounts for bundled services or to tenured customers?

How do your prices compare with the competition?

If wages were to increase, how would this impact the price of your services?

Does your location in relation to the buyer affect price?

Experience

What type of client do you have the most experience working with?

Who are your current clients? Your most recent clients? Which clients have been with you the longest?

What specific industries to you specialize in servicing?

Have you served businesses like mine?

Additional Services

What related services do you offer?

What kind of customer support do you offer?

How much extra does it cost to receive taxation, payroll or human resource services?

Do you require customers to purchase software? If so, do you provide training for software usage?

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