How Much Does a Bookkeeper Actually Cost?
Many small business owners are hesitant to outsource their bookkeeping because of the investment. But how much can you expect to pay for this service?
If you're reading this, you're most likely thinking about hiring someone to take over the financial record keeping of your business. Or you at least have the desire to get if off your plate, but are worried about the cost. Either way, this post will give you an idea of how much of an investment it will take if you decide to go that route. Hint: it's probably not as much as you think!
First of all, the idea that you need to hire a full-time employee, or even a part-timer for that matter, to do the bookkeeping is simply not true. There is a tremendous cost savings that comes with hiring a service provider instead. Plus, you don't have to worry about all the hassles of bringing on a W-2 employee.
As for the actual cost, most small businesses can expect to pay between $200-400 per month for a bookkeeping service, depending on the size of the business and its needs. When I'm putting together a quote for a potential client, I always consider the volume of transactions going in and out every month, the number of bank accounts and credit cards they have, whether they're connected to Quickbooks Online or not, and if they need assistance with their payroll, bills management, or inventory tracking.
One thing to keep in mind when considering hiring a bookkeeper is your return on investment. You're probably either spending way too much time doing the bookkeeping yourself, which takes away from the time you spend running your business, or it's not getting done at all. And if your bookkeeping is not being done correctly or at all, you can't be confident in the financial health of your business and you can't make smart decisions without accurate reporting. When you invest in a professional bookkeeper, you can have peace of mind that the job is being done correctly. And aside from providing receipts and documents, you don't have to do a thing!
As a busy entrepreneur, just imagine having that burden off your shoulders and all the different ways you could grow your business!