The Cost of Accounting for Small Busnesses

Some options your company may choose to consider to fill this need.
 

Part-Time Bookkeeping for Small Businesses.  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. They can do work such as inputting receipts and tracking employee time sheets. When hiring a part-time bookkeeper, management still needs to have someone reviewing the work of the bookkeeper.   The cost of a part-time bookkeeper at 12-20 hours ranges between $20-45 an hour. If you need more consistent duties and can’t devote the necessary time for accurate reporting, full-time or outsourcing could be your solution.
 

Full-Time Bookkeeping for Small to Medium Businesses.  A full-time bookkeeper handles the day to day accounting functions for your office. Keeping your books in order and up-to-date is the foundation of the financial strength of your business. Hiring a full-time bookkeeper in this situation could be the right answer for you.  You can expect a full charge bookkeeper to run operations associated with paying bills, billing clients, managing time-sheets and payroll, and processing financial statements at month end. As an owner of the business, you will still look over the end results to guarantee accuracy. The average full charge bookkeeper's salary is $55,000 to 70,000 per year plus benefits. In addition, office space is required to house a full time employee.
 

Outsourcing Bookkeeping for Small to Medium Businesses. If either part-time or in-house bookkeeping is not the ideal solution, switching to outsourced bookkeeping or accounting could be your best option. Many businesses are concerned about switching over to outsourcing, not understanding how the pieces fit together with this model.  But with today’s advancements in technology, outsourcing has never been easier. Outsourcing can provide a better and cheaper bookkeeping service than a typical in-house bookkeeper.

Outsourcing also offers many benefits that you can’t get with an in-house bookkeeper. Today there are different outsourcing companies, ranging from project only outsourcing, hourly rates, flat monthly service fees, and a special packages to fit each business’s unique needs.

The average price of outsourcing your bookkeeping needs ranges from $500 to $2,500 a month depending on the number of transactions and complexity of services required. Outsourcing gives you the ability to customize to your bookkeeping needs.