Many new business owners spend more than they save when doing their books themselves. Managing your company’s financial books is a time consuming process that often takes a back seat over other important tasks of running your business. How effective your accounting is, not only impacts your cash flow, but your survival rate. Accurate and timely bookkeeping records are crucial for preparing your annual federal and state income tax returns and filing sales tax and payroll taxes in a timely manner.
The exact cost of hiring a bookkeeping service will depend some key factors about your business:
1. What stage is your business?
New businesses are most likely to not have established accounting systems or processes in place. Hiring a bookkeeper who can assist with this will have some initial additional costs, but their knowledge to manage the books and prepare the financials can preempt the challenges that can arise in a new growing business and will have a far greater impact and create savings for your business as it grows.
2. How big is your business?
Outsourcing your bookkeeping is a must if you don’t have the internal resources to handle all of your financial transactions and a great bookkeeper is an integral part of every growing business. The nature of your business and volume of transactions will influence the amount of time it will take to keep your books up to date so you have timely and accurate financials throughout the month.
3. What type of service is required?
The real question for a business is what part of my business do I need assistance with? Bookkeeping provider services can range from simple after the fact reconciliation of your bank and credit card transactions to full charge bookkeeper where all vendor bill pay, customer invoicing and bank reconciliations all processed by your provider. More extensive bookkeeping services could include cash-flow tracking, budget and forecasting and payroll services provided.
4. How much can you expect to pay?
While prices can vary for qualified bookkeeping services you should expect to pay between $50-125 per hour depending on the service level provided. We would always caution against the hourly rate being the only measure of selection. It can be far most costly to hire a cheap, not so good bookkeeper. A certified bookkeeper has met certain education and experience or competency requirements allowing them to prepare all of your financials, transactions, reconciliations accounts and work in tandem with your accountant to ensure everything is ready for tax time.
Hiring a bookkeeping professional to manage your accounting needs can help you identify potential risks and opportunities, in addition to ensuring the integrity of your financial data. Even the smallest business owner can often benefit from their help and advice. Protect your business by taking time to find and hire the right bookkeeping partners.
At JK Bookkeeping Services our goal is to fulfill your financial bookkeeping needs so you have time to focus your energy on the important aspects of running your business.
Experience Peace of mind with our Professional Bookkeeping Services.
Please contact us today to schedule a complimentary 30 minute consultation and learn more about how outsourcing to JK Bookkeeping can help your business. Your Success is Our Success!
