How Much Small Business Should Pay For Bookkeeping Services?
Let’s know how much one should pay every month for bookkeeping services?
Well, the cost for Bookkeeping Services for Small Business depends on many factors. There are lots of things that need to be considered such as the size of your company and lifecycle, number of transactions per month, the staff in your company and their payrolls, expenses accounts, bills to pay, and so forth. Along with these there are other bookkeeping activities. Your policies and accounting systems also play a vital role in deciding the cost for bookkeeping services.
Difference between BASIC SERVICES of BOOKKEEPING VS. FULL ACCOUNTING
Small business owners on the initial stages have many concerns to take care of, such as getting payment on time, paying bills on time, installments of loans, paying employees on time and following the rules and regulation declared by the government. Once the business picks up the speed, you will surely need accurate solution for bookkeeping. Once you have all your financial data in an organized manner, it can be used intelligently to make good decisions for the company.
Now when you go for full accounting services, the benefits are clearly better, but having a full accounting services is also costly. But, one should consider the full accounting services as the first priority as most business having a full accounting services from expert have seen good return on investment.
What Can You Get From a Bookkeeper?
When you hire a bookkeeper, you can maintain your accounts with precision. A bookkeeper makes entry into accounts with the use of advanced software. You get the best result with tracking financial transactions and creating financial reports. Along with these, you get following services:
- Making payment of bills, make their entry and coding the bills.
- Preparing invoices and sending them to the customers.
- Keep perfect records of bank and credit card accounts.
- Maintaining Accounts Payable and Accounts Receivable.
- Proper analysis of accounts.
- Preparing work papers for month closing and audit report.
- Scanning and attaching documents for Tax and Audit purposes.
Cost For Basic Bookkeeping Services:
There are three ways to get basic bookkeeping services and the cost is also depend on your choice. If you are in the early stage of your business and you don’t have to take care of so many financial transactions then you can go for the part time bookkeeping service. And for taking care of more number of transactions, you should hire a full time in house bookkeeper. The third option is that you outsource your work.
Outsourcing Bookkeeping For Small Businesses:
Many companies are now inclining towards outsourcing bookkeeping as it is cost effective, accurate and also safe. The cost depends on number of transactions per month and complexity of the job. Around average, it can cost you from $500 to $2,500 a month. The main benefit of outsourcing to bookkeeping company like Harbour is that you can customize the services you receive. If your business is growing and you need more accurate and safe result then you need to consider graduating to full accrual based accounting. Outsourcing bookkeeping services was never this easier. There are many benefits that you cannot get it from hiring an in house bookkeeper.