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

Difference Between Bookkeepers And Accountants

Bookkeepers and Accountants work in the same field and deal with the same set of information. They have the same goals while working for a company and support it at different levels. In simple terms, bookkeeping is more of administrative work, while accounting is more of an analysis and subjective work. Nowadays, almost every business needs a bookkeeper and accountant. The need for an accountant is not much in small companies, but it is a must when it comes to the bigger ones. On the other hand, bookkeepers are mandatory in every business, whether they are big or small. Sometimes people use the terms bookkeeping and accounting interchangeably, but as a business owner, you must know better. While bookkeeping is an essential part of accounting, accounting is broader. In this blog post, let's find out how you can differentiate between the two. Also Read: What Is Virtual Bookkeeping What Is Bookkeeping? Bookkeeping is the act of recording daily transactions and keeping them togethe...
Post a Comment
Read more

Tangible Personal Property Tax Payment Deadline March 31st, 2022

Pay Tangible Personal Property Tax by March 31 2022.  There is no payment discount of the total tax due. Additionally, this is the last date to pay tangible personal property taxes. Delinquent Tangible Personal Property Tax Taxes become delinquent on April 1st each tax year.  Interest accrues at 1.5% per month (18% per annum) plus additional fees are added. What is Tangible Personal Property Tax? Tangible Personal Property Tax is an ad valorem tax assessed against: - Any equipment, fixtures or furniture used in a business or for a commercial purpose - Leased equipment - Furnishings and appliances in a rental property, owned by the real property owner - Any attachments made to a mobile home or manufactured housing in a rental park Tangible Personal Property includes  everything other than real estate used in a business. Assets such as office furniture and fixtures, office equipment like copier machines, printers, and scanners, etc.  Also tools, machinery, signs, leasehold ...
Post a Comment
Read more

Deduction of Business Meal Expenses for 2021 and 2022

In this article, we have explained the terms for the deduction of business meal expenses for 2021 and 2022. Pandemic had a drastic impact on all the businesses and companies across the globe. However, the worst impact was on the companies that handle the food services. As a result, a large number of businesses saw closure in the United States.  To help the rocking food industry, the Consolidated Appropriations Act (CAA) came into existence in December 2020. It provides quick economic assistance to struggling restaurants and their families. The CAA enables the tax-paying individuals to deduct 100% of the cost of business-related meal expenses incurred at restaurants in the years 2021 and 2022; Meals includes both beverages and food given by the restaurants.  Previously, it was only possible to deduct the cost of business meals to only 50% of the total cost.  IRS guidance in Notice 2021-25 defines “restaurants” that will come under the tax break. The term will include those businesses th...
Post a Comment
Read more