Outsourcing accounting services allows you to reap the benefits of an accountant without the costs of a full-time employee, such as insurance and other benefits. As great as it is to talk about potential bookkeeping costs and get estimates, we know that seeing an actual average for your state can yield excellent value for you as a business owner. Please see the chart below with data pulled directly from the US Bureau of Labor Statistics 2022 data to learn more about the average salary and hourly rate for bookkeeping. Bringing someone on as an in-house full-time employee requires extra costs on your end, such as benefits and health care, whereas contractors are not entitled to these perks. You may not know how long you’ll need someone, but comparing the monthly bookkeeping cost of a contractor versus an in-house employee is the best way to see this angle side by side.
At some point, your business will cross a threshold and you’ll begin to place more emphasis on the need for timely, accurate financial reports and intelligence. This is when you’ll need more advanced bookkeeping, accrual-based accounting, and management or managerial accounting to help you make data-driven decisions. QuickBooks Live Bookkeeping is real-time, live bookkeeping support from a QuickBooks-certified bookkeeper (also known as a QuickBooks ProAdvisor).
What Accounting Software Do You Use For Bookkeeping?
If you only need periodic help, pay as you go for $49 per month plus $125 per hour for support. Otherwise, monthly pricing starts bookkeeping services pricing at $399 and weekly pricing starts at $549 per month. Online bookkeeping services can save business owners both time and money.
And now that you know the answer to the question “How much does a bookkeeper cost? ” you may wonder what exactly a bookkeeper does and the different types of bookkeeping services you can pay for. If the cost of QuickBooks Live is an issue for you, you might consider Wave Accounting software with the Wave Advisor service add-on as a more cost-effective alternative. Wave Accounting is one of the very few business accounting software providers on the market that’s completely free.
Pilot: Best for fast-growing startups
You have a team of 10 full time employees and 10 part time contractors. You also have loans that you’ve taken out to help pay for inventory that you’re paying off every month. You have a team of 5 full time employees and 5 part time contractors. Your expenses to run the business are quite small and you’ve bootstrapped the business from the start. By now, you should have an idea of how much a bookkeeper is going to cost you, and how that price tag stacks up against the cost of doing it yourself. Armed with that knowledge, you’re ready to decide whether to bring in a professional or hire outside help.
The only drawback of paying a full-time accountant is that you may need to offer them employee benefits. Bookkeeper salaries vary state by state (see our chart below), and depending on where you live, you could be paying a large difference in one place versus another. Accountants maintain a wide range of skill sets, including managing spending and budgets, taxes, and analysis of financial statements. To be exceptional at these tasks, accountants must complete years of training and earn special certifications, which their salaries reflect. Depending on the type of accountant, years of experience, and certifications, you could be paying a pretty penny.
$200 – $1,000+ average cost per month (part-time)
Again, the best course of action for you to take when setting prices is doing your research. Take a look at industry averages, rates by state, and more to get an idea of how much to charge your clients. Look at the types of services you offer and compare what you currently charge to others.