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

How Do You File Returns For Back Taxes?

As most taxpayers are required to file a tax return every year and technically the Internal Revenue Service (IRS) does not impose a statute of limitations on how long you have to file past-due tax returns, filing your tax returns is the quickest and easiest way out of any back tax issues. Why it is important to file back taxes and most importantly, how to file returns for back taxes? Are you wondering whether you should file back taxes or whether is it too late for this? Let’s make it clear, it’s never too late to file your back taxes.  In fact, you should start taking steps right away to file an accurate tax return for any years missed. Here we will explain why it is essential to file returns for the previous years as soon as you can and what is the complete procedure to do so. Also Read: How Much Does A Bookkeeper Cost? Reasons why you should file back taxes When you file tax returns for previous years, you get one of the following benefits: You can claim a refund One of the ...
Post a Comment
Read more

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

Sales & Use Taxes Deadline January 19th, 2022

Business Sales & Use Taxes Deadline January 19th, 2022 If you electronically file and/or pay sales tax with the Florida Department of Revenue, you must complete the initiation of your December, 2021 reporting period payment on or before 5:00PM, Eastern Time, on Wednesday, January 19th, 2022 , to ensure you pay on time. To learn more about Florida Sales & Use Taxes Read about: Do you have physical nexus in Florida? Tax or fee due dates that occur on a weekend or holiday are moved forward to the next business day. However, initiation dates for electronic payments are moved back to the previous business day to ensure the funds are received by the state on the tax due date. State recognized holidays are listed on the reverse side. Late returns and payments may be subject to a late penalty.  The late penalty of 10 percent of the amount of tax owed, but not less than $50.00, maybe charge. The $50.00 minimum penalty applies to all returns filing late, even if no tax was due. In additi...
Post a Comment
Read more