It depends. Are you just starting out? are you looking to have your books cleaned up? have you been in business for a while? How much volume is there in terms of transactions? What’s your company size? All of this can go into pricing Bookkeeping Services.
Aside from measuring the volume of work you should also consider what other needs you may have, such as what metrics do you want to measure in your reporting? Do you run a construction company where you need Job Cost Reports, Work in Progress, Progress Billing? what procedures do you need your accounting department to perform?
All of these are questions an Accounting Firm can help answer through an Exploratory Meeting. From there you and the Accountant can talk about your business, your pain points, your frustrations, your goals, and your needs.
The Cost of In House Bookkeeping Services
Typically the average wage for a Bookkeeper is $20/hour depending on the job description and location. Most Bookkeepers enter receipts, time cards, bills, invoice customers, and balance the checkbook. It isn’t very often that they also know how to run and read financial reports. Typically that falls under the responsibility of an accountant.
If the Bookkeeper isn’t well versed in your Financial Reporting needs then it could cost you a lot more than $20/hour. You could be losing money with the wrong people and/or systems in place.
The Cost of Hiring an Outsourced Bookkeeper
The cost of an Outsourced Bookkeeper is entirely dependent on the volume of work involved. The benefit of bringing on an Accounting Firm is you don’t only get a Bookkeeper, but also an Accountant for your Financial Reporting needs. Both of these services are priced independently and are entirely based on your needs.
The average cost I’ve seen floating around for bookkeeping and accounting services ranges from $500 to $2,500 a month. Keep in mind that’s based on volume and the $2,500 a month is still cheaper than hiring someone full-time.