How Much Bookkeeping Services for Small Businesses Cost?
Small business owners often handle a couple of tasks on their own. Budget is a major barrier to hire resources for diverse work profiles. Formulating business growth strategies and catering to customers are primary responsibilities of entrepreneurs.
Though it is possible for small business owners to maintain records of financial transactions, it consumes a lot of time. This raises a strong need for bookkeeping services for small business.
If you are wondering how fruitful would bookkeeping services be, following are a set of tasks that could be handed over to responsible person:
- Generate financial reports in electronic format
- Make entry for each financial transaction of company
- Prepare detailed client invoices and much more
The answer to ‘how much does small business bookkeeping cost’ depends on type of service you choose to associate with. Let’s know about different options of bookkeeping services for small business that could help them manage their budget:
Option 1: In-house Bookkeeping – Full time
This is the most reliable option for small businesses that are in search of someone who can take over the entire responsibility of bookkeeping. As per current market rate, salary of an average mid experienced professional for small business bookkeeping cost may vary from anything between $30,000 and $50,000.
This is an ideal option to choose if your business requires a dedicated resource to handle routine accounting tasks including paying bills, calculating client invoice and preparing monthly financial statements.
Hire one or more individuals as per your business requirements, office space and budget for bookkeeping services.
Option 2: In-house Bookkeeping – Part time
How can part-time bookkeepers solve the problem of small business owners? Now that the major hurdle in hiring bookkeeping services is its prohibitively high cost, part time professionals are true saviors in overcoming this challenge.
Sometimes it may happen that managing your company finances is not a big task but you just need a helping hand to get that task done precisely. Part time bookkeeping services for small business is just the right choice in such situations. It perfectly justifies bookkeeping services cost with its limited work.
In this case it is advisable to define set of tasks that part time bookkeeper would undertake. Based on remaining tasks, you can manage your schedule for perfect alignment of bookkeeping services for small business.
Option 3: Outsource Bookkeeping Services
If hiring resources and training them in house is not your first choice, outsourcing bookkeeping services could be exactly what you were in search for! Reputed offshore firms like Falcon Online Services offer cost effective bookkeeping services to clients that are completely reliable. We have disused in detail why your business needs bookkeeping outsourcing?
You could expect to outsource bookkeeping services for small business for $500 to $2000 per month based on the quantity of deliverable work and overall complexity of your business. While is just a tentative rate, consulting such outsourcing companies through email or call could help you explore more opportunities for collaborations that are very much specific to your preferences. As and experience provide we know the reasons to outsource bookkeeping services to India.
These outsourced bookkeeping services for small business are flexible to modify or customize your package and charge rates on hourly, monthly or part time basis.