And as we mentioned, without these records, you won’t know where your finances stand. The average base salary of an in-house bookkeeper is ​​$42,000 – $46,000. (Based on data from Bureau of Labor Statistics, Salary, Payscale, Glassdoor, and Indeed.) This comes out to $3,200 – $3,520 per month, or an average hourly wage of $20 – $22.

You’ll also have to consider the cost of benefits if you hire a full-time employee to do your bookkeeping. That can mean tens of thousands of dollars in insurance, paid time off, and other employee benefits you’ll have to pay for. – Possess practical accounting experience, including bookkeeping, executing month-end closures, performing reconciliations, preparing journal entries, and managing accounts payable/receivable. It allows you to pay a set price each month for an unlimited amount of work. However, when talking about bookkeeper costs, it is important to note their differences. For one, a bookkeeper is generally cheaper than an accountant, because they have different functions, expertise, and qualifications.

How much does a bookkeeper cost FAQ

If you need more bookkeeping than you expected, those hours can add up fast. At BELAY, you have one dedicated bookkeeper that completes all work on your account. We are intentional in our placement as we want the bookkeeper to be a great fit for your team. The simpler your books are when you send them to your CPA, the cheaper it will be to file your taxes. A good bookkeeper has the skills and knowledge to make sure that all of your expenses are tracked correctly and comprehensively. This means that they’re helping you to both take advantage of all possible tax deductions, and track everything in the correct way to avoid IRS fines at tax time.

If bookkeeping is pulling you away from client work, sales calls, and networking opportunities to grow your business, investing in bookkeeping services is supremely valuable. You can turn your attention back to the tasks that help you provide stellar services and know that your finances are being taken care of to facilitate more growth. This article will discuss the average cost for bookkeeping services, whether you go with in-house employees or outsource the job to an accounting firm. GrowthForce can serve as your outsourced advanced bookkeeping and accounting department. They require very different levels of effort and expertise and as you can imagine, the cost for full service accounting is much higher.

How to Know When You Need a Bookkeeper

Even at the top of the range – $2,500 per month – it would cost your business $30,000 a year. Outsourced bookkeeping comes with none of the a la carte overhead expenses. Let’s compare the cost of an in-house bookkeeper vs. an outsourced bookkeeper. But keep in mind that these numbers are industry averages, how much does a bookkeeper cost and are subject to variables, like your location. But when it comes to bookkeeping, hiring an employee to handle it may not be realistic – at least not yet. But bookkeeping is much like going to the dentist – no one actually wants to do it, but not doing it simply isn’t an option, either.