The 5 Biggest Mistakes Bookkeepers Make

Let’s talk about a topic that impacts your profit, your stress levels, and your long-term growth more than you probably realise... Pricing.

After mentoring hundreds of bookkeepers and running my own practice for 25 years, I’ve seen the same pricing mistakes show up time and time again. These mistakes keep great bookkeepers overworked, underpaid, and stuck on a hamster wheel that feels impossible to get off.

Here are the five biggest pricing traps I see bookkeepers fall into:

1. Undervaluing Yourself (And Not Charging What You’re Worth)

This is the most common and damaging mistake I see, especially among bookkeepers who are just starting out or those who have a history of working in employee roles.

You’ve likely heard this little voice before:

“It’s just a small business, I don’t want to scare them off.”
“They can’t afford that.”
“I’m not a qualified accountant, so I shouldn’t charge too much.”

Here’s the truth: You bring a huge amount of value to your clients. You help them stay compliant, understand their numbers, avoid costly mistakes, and often act as the one constant in their business. That has real commercial value, and your pricing needs to reflect that.

Employee mindset is a big part of the problem. You’re no longer being paid for time....you’re being paid for expertise, outcomes, and impact. It’s time to price like a business owner.

2. Talking Price Too Early (Before Understanding the Scope)

Another huge mistake I see is bookkeepers throwing out a price, or quoting an hourly rate, before they’ve done a proper discovery session and understand the scope. 

This often sounds like:

“It’s usually around $500 a month...” or.... “I charge $80 an hour.”

But the reality is, until you know the size, systems, complexity, and expectations of the client—you’re pricing blind. And when you price too early, you anchor their expectations before you’ve even had a chance to position your value or properly assess what’s involved.

Lead with your value and outcomes ..... not your price. You need to scope first, then price.

3. Locking Yourself into a Flat Hourly Rate (No Matter the Service Level)

If you’re charging $80 an hour to reconcile a bank account... and also $80 an hour to manage a complex payroll of 30 staff, lodge a BAS, or clean up a messy Xero file, or help your client prepare a budget or manage their cash flow, you’ve already undercut and undervalued yourself.

Hourly rates don’t account for complexity, expertise, or the outcomes you deliver. Not all hours are equal. Your rate needs to reflect the value you deliver, not just how long it takes. This is where fixed fee and value-based pricing models allow you to charge appropriately for higher- value services.

4. Including Too Much for Too Little (Overstuffing Your Package)

Many bookkeepers try to “sweeten the deal” by throwing in extras:

• Monthly finance meeting
• Client training
• Help with Cash Flow
• Be on call whenever needed
• Implement new systems or technology

All bundled in a tidy little package that still doesn’t reflect the time or value involved.

The result?

You’ve built a business that has you at capacity, and still not hitting your income or profit goals. Every service needs a value and a price. Be clear about what’s included (and what’s not),
what will trigger out of scope fees, and what the client is really paying for.

5. Failing to Review and Reprice Existing Clients

You’d be surprised how many bookkeepers are charging the same fee for years, despite the client doubling in size, workload increasing, and compliance standards changing. If you don’t have a system to review fees and scope regularly, you will end up with legacy clients who slowly become your lowest paying and highest draining.

You’re allowed (and expected) to evolve your fees. Build in an annual review process and don’t be afraid to talk about fee increases as client needs change.

If any of these sound familiar, you’re not alone, and you’re not stuck. The beauty of running your own business is that you can shift your pricing model, build better boundaries, and finally earn what you deserve.

Start by reviewing your current clients, your scope creep, your fee structures, and your value. Your pricing is not just a number, it’s a reflection of how much you back yourself.