Hiring a Virtual Bookkeeper
Are you considering hiring a virtual bookkeeper to handle the day-to-day financial operations of your business but feeling uncertain about the costs involved?
At JPC Accounting, we’re committed to providing you with all the information you need to make an informed decision about hiring the right bookkeeper for your business.
What is the Initial Cost?
When outsourcing bookkeeping, there may be upfront costs ranging anywhere from $200 to $5,000. The wide range stems from the varying needs and complexities of different businesses. To provide an accurate estimate, a bookkeeper will assess the current state of your financial records. Here are some key considerations:
Are your books up-to-date?
Are your taxes current?
Is there cleanup work required for your financial records?
Do you already have accounting software, or does it need to be set up?
Does your business have payroll requirements?
If there is significant cleanup required, some initial costs may be spread over several months to ease the financial burden.
What Are the Monthly Costs?
Monthly bookkeeping costs can vary widely based on factors like:
Business size
Number of bank and credit card accounts
Volume of monthly transactions
Number of employees
Complexity of payroll
Volume of invoices and bills
Depending on these factors, monthly costs for an outsourced bookkeeper typically range from $450 to $2,500. While this may seem significant, hiring a skilled bookkeeper often saves more money than it costs. They ensure your finances are accurate and compliant, minimizing stress during tax season and enabling better business decision-making.
Why Hiring a Bookkeeper is Worth It
A good bookkeeper is an invaluable asset, offering benefits such as:
Ensuring compliance with IRS regulations
Organizing financial records to reduce tax-time stress
Preparing critical financial statements
Educating you about what these documents mean for your business
Ultimately, their expertise helps you save money and time, allowing you to focus on growing your business.
What Should Be Included in Monthly Services?
At a minimum, your bookkeeper should provide:
Correct classification and organization of financial transactions
Monthly reconciliation of bank and credit card accounts
Preparation of financial statements (e.g., profit and loss, balance sheet)
These services ensure your business remains financially healthy and compliant.
Takeaways
Hiring a professional bookkeeper can propel your business toward financial success. At JPC Accounting, we specialize in tailored bookkeeping solutions for businesses across industries. If you have any questions after reading this article, feel free to reach out to us.
Let us handle your books while you focus on what you do best—running your business like a pro!