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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/

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