Bookkeeping Pricing Packages & Plans Bench Accounting

We’re happy to have a chat to scope out the services that would best suit your business and provide a quote. We usually see this scenario with organizations that are growing and have revenue between $750k and $2million who employ between 10 and 20 people. For these growing organizations, we can act as an outsourced accounting department either indefinitely, or until the business grows large enough to hire an internal accountant. In cases where the business grows into needing an internal accountant, we are there to help with training and transition to make sure things go smoothly. To understand pricing, it’s helpful to know the difference between bookkeeping and accounting. These two terms are often used interchangeably, but there is a significant difference between bookkeeping and accounting services.

Now, let’s lay the argument of in-house vs. outsourced bookkeeping squarely on what this looks like in application – with real dollars-and-cents. But when it comes to bookkeeping, hiring an employee to handle it may not be realistic – at least not yet. But bookkeeping how much does bookkeeping cost is much like going to the dentist – no one actually wants to do it, but not doing it simply isn’t an option, either. If you’re a small-to-medium business, the thought of hiring a bookkeeper seems lofty at best, and decadently impossible at worst.

Professional Bookkeeping    Services For Your Small Business

These services are a cost-effective way to tackle the day-to-day bookkeeping so that business owners can focus on what they do best, operating the business. For business owners who don’t mind doing the data entry, accounting software helps to simplify the process. You no longer need to worry about entering the double-entry data into two accounts.

• We’ve put together this guide to help you understand the basics of small business bookkeeping.
• For example, the process is similar to hiring an in-house bookkeeper but you don’t have to add overhead costs for employees on the payroll.
• Whether you’re a church, nonprofit, or small business, managing your bottom line is the difference between success and failure.
• Our partners cannot pay us to guarantee favorable reviews of their products or services.
• The costs of hiring an accountant are not as straightforward as you may think.

With up to date bookkeeping, you will be prepared to make well informed business decisions and have tax preparation. Accounting software can streamline your bookkeeping process and make your financial management more efficient. It’s useful for business owners looking to save time and avoid common accounting errors. The first step you’ll need is a business bank account, which allows you to keep your personal and business expenses separate. Bank accounts allow businesses to safely store their money and make transactions easily.

Which financial records should you keep?

There is a number of key advantages to outsourcing your bookkeeping, including lesser costs, greater value for every dollar spent, and other tangible business-related factors. Full-time employees also tend to be more involved with the company for which they work, and you should receive greater long-term benefit from working with someone who knows your business thoroughly. Hiring a full-time bookkeeper at 40 hours per week at a rate of $14 dollar per hour (the low end of the average hourly cost cited above) will cost you $560 total for the week.

More commonly, entrepreneurs use comprehensive accounting software like QuickBooks that can handle a larger volume of transactions and provide a deeper analysis. QuickBooks Live Bookkeepers can help you streamline your workflow, generate reports, and answer questions related to your business along the way. Hiring a bookkeeper that totally understands your industry and its regulations is an important distinction to make when you’re looking for the right person or team to fill the job. Businesses in the hospitality or property management industries may need different financial services than business owners of a restaurant franchise.

Best Practices for Small Business Accounting

The bottom line is that your cost will ultimately depend on your business volume. For example, balancing a bank account that has thousands of transactions will take more time and cost you more than an account with 100 transactions. By the time your business reaches the size where you may want to consider a full-time bookkeeper, you may find that your best bet is to outsource to a firm or larger company. There are plenty of options out there to find a bookkeeping package that will meet your needs no matter how big or small your business is. Depending on how much work you have and how long you need services, a contracted worker might be a better option. There is no magic number to know when you’re ready to take on a bookkeeper for additional support.

This fee compensates for the time it takes to connect your bank accounts and credit cards to our accounting software, as well as your bank statements. It includes the time for setting up your chart of accounts, monthly reports, and integrating your financials to our system. Ideally, hire part time bookkeepers when you can do some of the accounting yourself, and could use extra help for employee timesheets, accounts payable, and accounts receivable tracking. Even if you hire a part time bookkeeper, your management would still have to review their work.

Tax Savings and Revenue Growth

Ultimately, these are all different ways bookkeepers help drive profitability and growth. Jesus Morales is an Enrolled Agent and has 7 years of bookkeeping and tax experience. One of the best things you can do to ensure your books balance properly is to follow the three golden bookkeeping rules. To uncover errors, check whether you forgot to record an entry in either column of your accounting ledger. Balancing your books allows you to catch any errors or mistakes in your bookkeeping.

• If you run a start-up you can save time by recording all transactions as they come up.
• As a responsible small business owner or bookkeeper, you should be aware of your company’s revenue streams.
• If not done at the time of the transaction, the bookkeeper will create and send invoices for funds that need to be collected by the company.
• Note that certain companies, such as those in service-based industries, may not have a lot of equity or may have negative equity.
• An in-house bookkeeper will cost you anywhere between $40k-$50k annually.