In these cases the owner has to determine the value of his or her time, the value placed on receiving meaningful accurate financial records and the stress alleviated by hiring a bookkeeping service. Needless to say It becomes the lowest task on his or her priority list and is usually months and in some cases years behind. Other will rely on a spouse that works full time and is busy raising children to complete the bookkeeping. Is it any surprise, since most owners have no experience or background in bookkeeping? Often times the ones that attempt to keep up with the books are terrible at it. Most procrastinate or totally ignore them altogether. In fact, almost all would rather be poked in the eye than have to endure the task of keeping up with the books. Most business owners, (unless it is an accounting and bookkeeping business) do not go into business to do bookkeeping. While other will try and have a spouse that also works full time try and do the bookkeeping between all the other family responsibilities. They assume it is just a few hours a week and will not take too much time away from their business and will save them the bookkeeping expense. When starting out, many business owners will want to maintain their own bookkeeping records. What does the business have in place for oversight of the bookkeeper to prevent fraud?Īfter taking these factors into consideration and comparing it to outsourcing the bookkeeping functions, many companies find they can save money by outsourcing part or all of their bookkeeping requirements.Ĭost of a Business Owner Maintaining the Bookkeeping Records.What happens when the bookkeeper is not available such as out sick or on vacation?.What are the additional costs incurred such as purchasing bookkeeping software, setting up the company in the software, training requirements, support of the bookkeeping software, etc?.In addition to the direct costs a company has to consider they should all consider the following: Often times companies that have an in-house bookkeeper will use them for administrative tasks as well. The value a bookkeeper provides an in-house presence to the company to help maintain daily records. If you factor in the direct cost of salary, benefits, taxes and workers compensation, the total cost for hiring an in-house bookkeeper will be on average north of $45,000. This salary does not include any benefits, or additional costs to the employer such as the employer’s payroll taxes or workers compensation. As you can see hiring a bookkeeper will cost a company in the Charlotte region an average annual salary in the high $30’s. Cost of a Bookkeeperīelow is the average annual salary for a bookkeeper in Charlotte. The management team, charged with making this decision, will have to consider total cost of hiring a bookkeeper verses hiring a bookkeeping services and the additional valued added services a bookkeeping service can deliver. I break this subject down into two parts: This first article reviews in-house bookkeeping solutions and in the second part, that will be published next week, I cover outsourced bookkeeping solutions.īookkeeping costs will vary from company to company and will depend on the work required. You want to know a fair price to pay a bookkeeping company so you can compare it to the cost to that of hiring a bookkeeper. Bookkeeping Costs How Much Should I Pay A Popular Question: Bookkeeping Costs How Much Should I Pay?Īs a CPA firm offering, bookkeeping services in Charlotte, NC the one of the most frequently asked questions we hear from business owners is: Bookkeeping costs how much should I pay? If you are a business owner or manager and want to manage your expenses it is a good question.
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