If you are hoping for a hard and fast guideline here, this section will disappoint you. Bookkeeping needs and financial situations vary widely for every business, so it’s impossible to give a blanket number that businesses can expect to pay for outsourced bookkeeping. But we can give you a few guidelines as to bookkeeping costs. We will try to address the following points.
- How much does it cost to outsource bookkeeping
- How much does it cost to outsource Payroll
In most cases, it’s safe to estimate your outsourced bookkeeping costs will be in the range of $500 to $2,000 per month.
Within that range, your business’ costs will vary depending on the type of bookkeeping support you opt for. Rates hinge on things like:
- Whether the service utilises software, humans, or both
- The scale of your business’ transactions adn expenses (this can be based on the volume of transactions or the dollar amount)
- Whether you are looking for cash or accrual basis bookkeeping
- The number of financial accounts you need to connect
- How frequently you receive financial reports
- The calibre and time investment of support you get access to
- Additional features like accounts payable and receivable, inventory management and more
- The overall complexity of your financial situation (for example, if you need special revenue recognition or support for multiple entities)
The more complex your situation is, the higher your bookkeeping costs will be – and the more likely you are to need a good bookkeeper.
If you are thinking about outsourcing payroll always remember that online payroll processing cost depends upon the number of employees.
Accurate and up to date financial records are a must have for every business – but managing them doesn’t have to eat up your valuable time and patience. If bookkeeping is taking up time you could be spending on growing your business, it’s worth the investment to move the back office off your plate.
That way, you can be confident in the accuracy of your books and get back to doing what you do best.
At iKeep, we have a team of expert bookkeepers, certified in Xero, MYOB and QBO. Let us take the bookkeeping burden off your plate.