Whether you run a startup, small business, or an established enterprise, a great bookkeeper is essential to keeping your financial records up-to-date. But how much will it cost you to hire a bookkeeper?
The answer isn’t so clear-cut, as the cost of hiring a bookkeeper will vary depending on the size of your business, the complexity of your accounts, the region you’re in, and more. So let’s dive in.
Do You Need a Bookkeeper for Your Business?
Everyone needs a good bookkeeper. Even if your business is just starting out. You want to ensure you’re getting all the right paperwork in order, from the very beginning.
As your business grows and becomes more complex, you will likely need to hire a qualified bookkeeper with good software. A great bookkeeper will be invaluable for helping manage your accounts, ensuring accurate reporting, and staying on top of deadlines.
How Much Does It Cost to Hire a Bookkeeper?
The cost of hiring a bookkeeper depends on several factors, such as the size and complexity of your business, location, the type of bookkeeping services you require, and the bookkeeper’s experience.
If you’re looking to hire a part-time bookkeeper, they may charge an hourly rate of around $15 to $25 per hour. Full-time bookkeepers may charge a flat rate of about $1,000 to $4,000 a month, depending on the complexity of the accounts.
You can also hire a bookkeeper on a retainer basis, which is ideal if you require ongoing bookkeeping services. In this case, the bookkeeper will charge a monthly fee to manage your books.
You can expect to pay more if you’re hiring a bookkeeper with extensive experience. Some certified public accountants (CPAs) and professional bookkeepers may charge upwards of $50 an hour.
What To Consider When You Hire A Bookkeeper?
A great bookkeeper should know the latest accounting regulations, be able to provide accurate records, be organized, and detail-oriented. Finding a bookkeeper who is comfortable with the software you use is also essential.
In addition, you should look at their education, certifications, and professional experience. Finally, ask potential bookkeepers for references from previous employers or clients so you can get an idea of the quality of their work.
Benefits of Hiring a Professional Bookkeeper
1. You Will Save More Money On Corporate Tax
An experienced bookkeeper can help you make the most of your deductions and keep accurate records to ensure you’re paying the correct taxes. It can save you a lot of money in the long run as they know the finer details of the tax laws. Moreover, they can help you plan and maximize your tax benefits throughout the year.
2. You Will Concentrate On Running Your Business
A bookkeeper will take care of the tedious task of managing your finances, so you can focus on running and growing your business. It will be especially helpful if you have a lot of transactions to keep track of. In addition, they will help you make informed decisions about your finances based on the data they are analyzing.
3. You Will Avoid Costly Errors
Bookkeepers are trained in accounting and financial reporting, so they know how to manage your accounts accurately. As a result, they will catch errors before they become too costly, as well as identity fraud and other mistakes.
Hiring a bookkeeper will be an excellent investment for your business, as they will help you manage your finances more effectively and save money in the long run.
The cost of hiring a bookkeeper varies depending on the complexity of your accounts and the region you’re in, but it can generally range from $15 to $50 per hour or a fee of up to $4,000 per month. Now that you know the cost of hiring a bookkeeper, you can decide whether it’s the right move for your business and get started ASAP!