How Much Will Bookkeeping and Accounting Cost for My Small Business?

At some point or another, you may have clients of all sizes—aka small, medium, and large clients. And when one client’s size is larger than another client, you’re going to want to price services accordingly. At Keeper, we’re on a mission to help people overcome the complexity of taxes. We’ve provided this information for educational purposes, and it does not constitute tax, legal, or accounting advice.

Cost for a Freelance Bookkeeper

Still, the biggest benefit of hiring a professional is that you’ll save yourself a lot of time. The time you spend pouring over receipts and invoices could be much more valuable doing other things important to your business’s operations. Not to mention, if you want your business to grow and scale, you’ll need to let go of some of these tedious tasks, like balancing the books.

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On the other hand, larger companies with a higher volume of complex transactions will need more hours. An outside bookkeeper will charge them at the higher end of the range. The average base salary of an in-house bookkeeper is ​​$42,000 – $46,000.

If you would like a tax expert to clarify it for you, feel free to sign up for Keeper. By now, you should have an idea of how much a bookkeeper is going to cost you, and how that price tag stacks up against the cost of doing it yourself. Armed with that knowledge, you’re ready to decide whether to bring in a professional or hire outside help.

Scope of services required

• This is a highly recommended method because it tells the company’s financial status based on known incoming and outgoing funds.
• Single-entry bookkeeping is easy to learn and manage but not as accurate as double-entry bookkeeping.
• Ask for references from past clients or employers and check online reviews if available.
• While specific prices depend on your unique business circumstances, below are some overarching averages to use as general benchmarks when budgeting and evaluating options.
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• One of the most fundamental decisions business owners face is whether to outsource bookkeeping tasks or hire an in-house bookkeeper.

Location can play a major role in how much you charge for services. So, it’s important to know how much to charge clients based on location. Hiring an in-house bookkeeper involves several costs beyond just their salary. Additional expenses include benefits such as health insurance, retirement contributions, paid time off, and payroll taxes. Depending on the location and experience level of the bookkeeper, salaries can vary widely.

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They will generate precise financial statements, such as income statements, balance sheets, and cash flow statements, giving you all the necessary information. Below is a chart with data from the 2024 US Bureau of Labor Statistics, showing bookkeepers’ average salary and hourly rate across the United States. Want to learn about the average rates and factors that may influence pricing? In addition to salary, you’ll also need to factor in other costs such as benefits, taxes, and office space.

A junior or less experienced bookkeeper, on the other hand, will likely charge less but may need more supervision or may not be able to handle more complex financial tasks. If your business has straightforward bookkeeping needs, hiring someone with a more basic skill set could be more cost-effective. However, if you require specialized services like tax preparation, payroll management, or advanced financial analysis, investing in a more experienced professional will be worthwhile. The amount charged for bookkeeping services for a small business can vary based on the complexity and volume of the work. On average, hiring a full-time bookkeeper will cost around $5000 a month or $60,000 per year. While part-time bookkeepers would earn around $2000 per month on average.

She is expected to keep my books up to date on QuickBooks and file HST every three months. Kimberlee Leonard has 22 years of experience as a freelance writer. Her work has been featured on US News and World Report, Business.com and Fit Small Business. She brings practical experience as a business owner and insurance agent to her role as a small business writer. We can fully wipe your data, too—at the end of the day, it’s your info and your call. After you sign up to Bench, a member of our bookkeeping team will assist you in connecting all your financial accounts securely to our platform.

An accountant can provide invaluable assistance in this regard and can help save money over the long term. Hiring a freelance bookkeeper typically costs between $25 and $45 per hour, depending on their skill level and the services they provide. The amount of work and nature of your business may also impact the rates. You know what they say—“You get what you pay for.” And, that how much does bookkeeping cost saying holds true for bookkeeping services.

This, in turn, gives you tremendous peace of mind and more time to focus on growing your business. Contact TGG Accounting today to discover how we can streamline your bookkeeping processes and support your financial success. For project bookkeeping services such as financial statement audits or implementing new accounting software, costs are typically in the range of $500 to $7,500 per project. In this case, companies only pay for the specific services utilized, so there are often cost savings versus hourly or monthly fees. Most startups and small businesses cannot afford to spend such high amounts on hiring a bookkeeping firm. This is where virtual bookkeeping services come into the picture.