Skip to main content

How Much Does A Bookkeeper Cost?

How Much Does A Bookkeeper Cost?

Wondering how much does a bookkeeper cost? Let’s find out.

It is not an easy task to manage your business- it requires a lot of hard work where you have to closely manage your inventory, employees, and the ever-growing client base at once. In this ever-ending struggle, the most important task that should not be sidelined is the handling of the company’s financial accounts. To make sure you do not miss any transactions or make an error, it is essential to hire a bookkeeper or an accountant to handle your business.

This will make sure that all your financial transactions are correct, which will go a long way to save up on taxes and lots of stress. Bookkeeping will help you make your business more efficient and in turn, it will improve the revenue and growth of your company. If you decide to hire a bookkeeper for your business, you have two options- hire an in-house bookkeeper, or outsource the bookkeeping. Choosing either of the two is an important decision to make and requires a lot of planning and research to make sure you make the right decision. Let’s see what are the types of bookkeeping and the cost of hiring an in-house or outsourced bookkeeper for your business.

Also Read: What Is Virtual Bookkeeping

Types of Bookkeeping

Every business has different financial needs and different levels of accounting or bookkeeping personnel. The type of accounting that supports your needs depends on the industry criteria, company level whether big or small, the total number of employees in your company, and how fast your company is growing.

First, you need to question yourself and look for an honest answer: “Why do you need to hire a bookkeeper? Just to fulfill the basic needs, or do you need support to grow your company and its profit”.

Depending on the answer you can figure out whether you need to opt for basic bookkeeping or full-time bookkeeping. Let’s find out the difference between the two and see which will suit your requirement and budget.

Also Read: Top 7 Ideas For Small Businesses To Save Money In 2021

Basic Bookkeeping

Basic bookkeeping is suitable for you if your business is in the initial phase. It will ensure that your business will comply with the rules and regulations of the US accounting norms. Let’s see what all services you will get from the basic bookkeeper that you’ll hire:

- Compliance of your business with government rules

- Management of your accounts

- Management of transactions and assistance in the tax filing

- Payroll management

- An accounting team looking after your business transactions

- Analyzing the financial growth and status of your business.

- Assistance in the tax filing

- Systematic management of financial data.

- Yearly audit

- Manage the Credit cards and bank accounts

- A team of experts, giving business owners peace of mind since the accounts are handled by experienced bookkeepers

- Budget-friendly

- Save time and effort

- Professional team of bookkeepers that sync with your schedule

- Round the clock bookkeeping support for your business

- Reduce risk

- Monthly/Quarterly financial statements

- Monthly/Quarterly management reports

- Month-End closing:
- Posting and classification of transactions

- Bank and Credit Card reconciliation

- Lines of Credit, Liabilities, and Loans reconciliation

- A/R & A/P (Invoicing and Bill Paying)

- Inventory management

- Asset depreciation

- State sales tax reporting

- Preparation of year-end 1099’s


https://pasfirm.com/2021/12/14/how-much-does-a-bookkeeper-cost/

Comments

Post a Comment

Popular posts from this blog

Incorporation is a Big Milestone for your Business

Whether you’re just considering a new business idea or already act as a sole proprietorship, incorporating a business is a good decision. There are several benefits to incorporating your business, all of which you should fully understand before you decide what’s best for your business. Following are some of the must relevant benefits of incorporating your business. - Asset Protection Through Limited Liability - Creation of Corporate Identity - Perpetual Life for the Business - Transferability of Ownership - Ability to Build Credit and Raise Capital - Optimizing Your Income and Taxes - Retirement funds and qualified plans, like a 401(k) https://pasfirm.com/2021/11/02/incorporation-is-a-big-milestone-for-your-business/
Post a Comment
Read more

2021 Tax deduction for qualify business use of vehicles 

2021 Tax deduction for qualify business use of vehicles Generally, you can claim vehicle deductions as a business owner or self-employed taxpayer. If you own a business or are self-employed and use a vehicle for business, you may deduct car expenses on your corporate tax return. If a taxpayer uses the car for both business and personal purposes, the expenses must be split. The deduction is based on the portion of mileage used for business. You may deduct vehicle expenses in one of two ways. 1. Actual expenses These include: - a. Depreciation - b. Lease payments - c. Gas and oil - d. Tires - e. Repairs and tune-ups - f. Insurance - g. Registration fees Your deduction for actual expenses is based on the percentage of business use. If for example you use your car 80% for business and drive it 20% personally, you may write off 80% of your qualified expenses. 2. Standard mileage rate Taxpayers who want to use the standard mileage rate for a car they own must choose to use this...
Post a Comment
Read more

Employer Monthly Schedule Depositor – Payroll Tax Deposit Due November 15, 2021

Employer Monthly Schedule Depositor – Payroll Tax Deposit Due November 15, 2021 If you are required to deposit payroll taxes monthly, deposit payroll tax liabilities for October 2021 on or before November 15, 2021 . The payroll process includes: - Calculating and preparing paychecks - Accounting for amounts withheld from these paychecks - Making deposits of taxes withheld from paychecks - Reporting on taxes withheld and deposits made. - Semi-weekly schedules are for the largest employers. - Monthly schedules are used by the majority of employers. Payroll taxes must be deposited with the government in a timely manner. If you fail to make a timely deposit, you may be subject to a failure-to-deposit penalty of up to 15 percent. https://pasfirm.com/2021/11/01/employer-monthly-schedule-depositor-payroll-tax-deposit-due-november-15-2021/
Post a Comment
Read more