Small businesses should anticipate paying a minimum of $300 per month for bookkeeping services, although prices can vary significantly. This estimate is based on data from the U.S. Bureau of Labor Statistics, quotes from freelancers on Upwork, and an analysis of Reddit comments. The cost of hiring a bookkeeper can depend on factors such as pricing models, types of bookkeepers, and additional services offered.
Bookkeepers may charge either a fixed rate or an hourly rate, with the median hourly rate for bookkeepers in 2024 being $23.66 according to the BLS. Online bookkeeping services typically offer flat monthly subscription pricing, ranging from $250 to $700 or more, covering a variety of tasks. Project-based pricing is also available for specific services like cleanups.
In-house bookkeepers are the most expensive option, while virtual bookkeepers and online bookkeeping services can be more cost-effective. The scope of work, bookkeeper experience, and complexity of the business can all impact bookkeeping prices. It may be time to hire a bookkeeper if you are consistently falling behind on bookkeeping tasks. Establishing a consistent bookkeeping routine is crucial after the initial rush of starting your business. Falling months behind can lead to costly errors, which may be even more expensive if unnoticed during an audit. If you find yourself unable to rely on the accuracy of your reports or are struggling to compare income and expenses over time, it may be time to consider outsourcing bookkeeping tasks.
While hiring a bookkeeper does come with a cost, the potential savings from avoiding errors can outweigh this expense. Additionally, if you are feeling overwhelmed and strapped for time due to bookkeeping responsibilities, outsourcing can free up valuable time for other essential tasks, such as managing employees, focusing on production, or negotiating better deals on supplies.
If you are stressed about taxes or bookkeeping, seeking help from a qualified professional can provide peace of mind and ensure that your financial records are in order. By outsourcing these tasks, you can focus on growing your business and achieving your goals without the added burden of bookkeeping duties.