How Much Does a Bookkeeper Cost? Bench Accounting

We recommend QuickBooks Online, which we ranked as the overall best small business accounting software. If you decide to become certified as a QuickBooks ProAdvisor, you’ll have the added benefit of a free subscription to QuickBooks Online Accountant. While having a degree and/or bookkeeper certification will give you the knowledge that you need to get your foot in the door, having practical work experience is equally valuable.

Hourly may seem like the cheaper option, but it isn’t always the case. If you need more bookkeeping than you expected, those hours can add up fast. Your accountant will need to fill in the gaps in your records — which means they’ll ask you to collect all your proof of purchases from the last year.

Tax Savings and Revenue Growth

And as we mentioned, without these records, you won’t know where your finances stand. There’s less of a clear-cut answer when it comes to the cost of outsourcing a bookkeeper. To illustrate the cost efficiency of a part-time bookkeeper, consider the following example. As your business grows, you will need to focus more on detailed financial reporting and following state & federal regulations.

With decades of proven experience in accounting and HR, Milestone is standing by to support you and help your business grow. Contact us today to discuss your bookkeeping needs and get started with Milestone. At Milestone, we can help you with all your bookkeeping and accounting needs and provide a customizable and scalable solution that fits you perfectly. Our approach is true collaboration, working side by side with you to help your business be as successful as possible.

How Much Should I Charge for Bookkeeping Services?

Overall, there’s no clear answer since income will vary based on individual circumstances. The average hourly rate for freelance bookkeepers ranges from $26.91 to $43.57. Depending on your geographic location, this amount will be more or less than the average national rate of $34.67 per hour.

A software program like QuickBooks or NetSuite is practically the standard for these services. These are also popular programs with company owners who are not bookkeepers or accountants, which is a great sign. Plus, company owners can continue utilizing financial data from the software, i.e., QuickBooks, even if they no longer use their service. Depending on the industry, you might be able to extend your services to include cost accounting for projects and jobs. Because this type of service requires a lot of industry-specific knowledge, you’ll be able to charge a higher rate than on typical bookkeeping engagements.

Bookkeeper Experience

And when one client’s size is larger than another client, you’re going to want to price services accordingly. At BELAY, our model is a set subscription paid on the first hedge fund administration services of each month. That subscription is set and based on an agreed-upon scope of work, and will not incur additional fees based on transactions or report requests.

Simply start scanning receipts and invoices, send vendor information, and set up reports. This makes understanding reports and data easier for most business owners, as these programs are available to those not skilled in bookkeeping or accounting. This is considered the more modern way to manage bookkeeping and accounting.

What do bookkeepers do?

Track your expenses as they happen rather than discovering the totals (and experiencing sticker shock) after the month is already over. With these tools, you can remain actively engaged in your own financial decisions every day. As an employee for a company, the company is responsible for providing a salary, benefits, and a physical location to work or remote work accessibility. The American Institute of Professional Bookkeepers (AIPB) certification program is ideal for someone who doesn’t have any formal education in bookkeeping. Certification exam and materials are $610 for nonmembers and $515 for AIPB members.

• In addition, accountants can help you prepare and file business tax returns.
• Find a company that offers 24-hour service so that they can help you when you need it most.
• Ideally, the clients whose books you review most often should have a lower rate than those that you see on a one-time or annual basis.
• If you can manage your job and some of the accounting each month but need a little extra help, a part-time bookkeeper might be a good fit for your business.
• Bookkeepers are in charge of maintaining your books closely day in and day out.
• On average, a bookkeeping firm will charge anywhere between $300 to $2,000 per month depending on the amount and complexity of work required.

Below is an overview of small business bookkeeping and how much it costs. Another key benefit to outsourcing bookkeeping to a professional CPA firm is the level of expertise received. Small businesses and even mid-size companies don’t always hire the best talent to handle their daily and monthly bookkeeping responsibilities. Without significant prior experience in bookkeeping, it is impossible for a business owner to gauge the expertise level and capabilities of an in-house bookkeeper. A full-time bookkeeper is typically expected to handle everyday accounts, keep account books in order, and take care of tasks that are small and large (invoicing, timesheets, generating reports, etc).