Per hour, per project, per page, per line or per word

Normally I charge by the hour using the IPS guide to determine the ratio of how long it will take me for a given recording based on things like number of speakers, clarity of audio, does grammar need to be corrected…the list is long. For the type of transcription I do, my estimates range between 3 and 4.5 times the length of the recording using the IPS as a guide. I include time for looking things up on the Internet in that time estimate. I do not do a second pass through the recording unless the client requests it and that will add more time (cost) to the estimate. If I have inaudible notations, etc., I take time to re-listen as I’m doing the initial transcribing.

I just started offering per-audio-minute rates for digital audio and it’s a range depending on the clarity of the recording and how many speakers. In deciding my range, I looked at what other transcription services were charging and made sure that, at a minimum, I would end up at what I needed per hour.

My estimate for a project using the hourly rate or which per-audio-minute price will be used is based on what the client tells me about the recording. Many times the person I’m speaking with hasn’t even listened to it. I emphasize that the actually cost may be higher or lower than my estimate depending on how the recording sounds once I start transcribing.

Hope this helps some.

Yes, Pam, this is more clear. Thank you.

One more thing--can you tell me where I can obtain a copy of the IPS guide so many transcriptionists and word processors refer to?

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SueAnne Warren
www.newleafva.com

Here's a link to an article by a VA which may help. http://www.ninafeldman.com/resources.htm

Yes, Pam, this is more clear. Thank you.

One more thing--can you tell me where I can obtain a copy of the IPS guide so many transcriptionists and word processors refer to?

____________
SueAnne Warren
www.newleafva.com

It's mentioned at the link Cortney provided, about halfway down the page, but the link Nina Feldman provides on that site didn't work for me. I found an order form here and it's talked about here under "Operations."

It's not an inexpensive book, though. My friend bought a copy many years ago, we split the cost, and share the book!

And you're certainly welcome!

Can anyone explain how payment by the byte works?

I'm curious as to how the per minute rate would equate to a per page rate? Any help?

http://www.virtualassistantforums.co...tant/anisemama Thank you for posting your response! This is information that everyone transcriptionist needs. We appreciate the time you took to share your experience with all of us.

Kind regards,

Dawn

I prefer to charge per audio minute - it means the client will know up front exactly what the cost will be, plus it means I can make more money than an hourly rate.

I recently did a 32 minute audio file and it took me one hour (no I dont type at 200 wpm, it was very clear and a fairly slow speaker). With this client I would have been paid $25 an hour so effectively that's all I'd have got, but by charging per audio minute I got over $39.

It doesnt work with all clients as one of mine do audio plus they might have written notes, I basically charge them an hourly rate BUT this is one of my first clients and I'm happy to keep it that way. If I had a new client approach me that did similar I'd charge them per audio minute for the audio and then an hour rate for the written content.

I multiply the length of the transcription by 5 i.e. if they dictate for 3 minutes - they are charged for 15. That is taking into account the additional time spent. I find it averages out - some you look up a lot of things, have problems etc / some you don't. Formatting initially is a necessary evil. Hopefully you will be able to save these and use them again - for repeat customers. -- I am interested in different ways of how people are getting paid virtually... also - watch out for those tests.

I multiply the length of the transcription by 5 i.e. if they dictate for 3 minutes - they are charged for 15. That is taking into account the additional time spent. I find it averages out - some you look up a lot of things, have problems etc / some you don't. Formatting initially is a necessary evil. Hopefully you will be able to save these and use them again - for repeat customers. -- I am interested in different ways of how people are getting paid virtually... also - watch out for those tests.

That's a good way.

I agree, I find with per audio minute it averages out as some jobs you can whizz through and others seem to take forever!