A good bookkeeper can quickly pay for themselves in their ability to help protect you from fraud, loss, fines, and compliance issues.
However, what’s the ROI of finding a bookkeeper, and exactly how much will it cost?
Cost Factor #1: What do you desire a bookkeeper to do, as well as for how long?
Clients often scan documents like receipts and tax forms with a smartphone or scanning device, and this information is then categorized in a central repository for reporting purposes. Do you need price and income tracking like this, or something more complicated like paying distributors and monthly tax filings?
Determine types of services you will need.
If you need a bookkeeper for ongoing services, you may want to consult your recruiting spouse or another consultant to validate the worker’s classification. Various other questions to consider:
- Is this for an Ad Hoc job or continuous accounting functions?
- If it is ongoing, for how much time? Daily, weekly, every month, quarterly?
- What services will they perform?
- What areas of the work will you delegate to them vs. continue to do by yourself?
- Is any specific system gain access to required?
- Do they have to have any advanced accounting skills?
- Do they need to know a specific software?
Cost Factor #2: Experience and expertise
Like we mentioned above, many bookkeepers overlap with accountants, increasing more high-level know-how via documentation and on-the-job experience. The nature of the work you need those to do will most likely demand a higher cost.
Do you need a bookkeeper with advanced training, specific experience, or an advanced degree? This can also affect their rate, as well as your budget. Some bookkeepers may have advanced training or a diploma in a field such as accounting, money, or business administration. Others may specialize in certain job sectors such as legislation, health care, or motor vehicle, which would provide them with certain insights that will make them a great fit for assembling your project.
Cost Factor #3: Complexity of your business’s finances and taxes
Besides keeping business documents planned and generating records, bookkeepers can handle a number of each day clerical and accounting duties. In case your business’s tax situation is more technical, for example with numerous vendors, contractors, locations in different states, you might need someone with more advanced skills to navigate them, that could get more costly. Will you need single-entry or double-entry accounting?
Since bookkeepers can have a multitude of skills and specializations, it is critical to know the types of experience your ideal professional must have. Click here.
Cost Factor #4: Are they experienced in the program and systems that you presently use?
Just about any accounting software package on the marketplace was made to help with the most basic bookkeeping jobs you will need–and many are incredibly affordable if your requirements are simple enough. Will the bookkeeper require access to any specific systems? Does indeed the freelancer need to have expertise in specific non-standard software customized to your company? If you are choosing a new software package plus a bookkeeper, remember that more complex packages may need more knowledge, and command a higher hourly rate as a result.
Cost Factor #5: Location
When given all the necessary access and documents, bookkeepers could work remotely from other own location–and that location can impact their rate vs. other places with differing costs of living.
When searching for a bookkeeper outside of your region, one of the most important factors to keep in mind is how location make a difference real-time communication–especially if your accounting needs are time-sensitive or up against a deadline. See more about bookkeeperco.com.au.