Comparing Bookkeeping Rates
Small Business owners searching for a bookkeeper tend to focus on the hourly rate charged by the bookkeeper and base their decision on what they anticipate will give them the best savings rather than looking or considering other factors that may influence what they will actually receive per hour for their investment.
The hourly rate can differ significantly between a sole subcontract bookkeeper to a dedicated bookkeeping company. You can expect to pay anywhere from $30 per hour to $60 per hour and should consider other factors and other benefits you may receive before deciding who would best suit your company.
If your Business requires an onsite bookkeeper then you can expect to pay a little more than an offsite bookkeeper. Is the service a one off assignment or ongoing, are your records adequately sorted or in despair.
Business Owners should beware that there could be a number of reasons that a bookkeeper is charging lower fees such as inexperience or lack of industry knowledge.
Some important factors to consider when considering comparing a lower rate to a higher rate would be the following.
* Will the bookkeeping be completed in the same time frame. A person who will charge $30 but be inexperienced may take 5 hours to do a 2 hour job and therefore your costs are higher. Consideration : A Bookkeeping Company or Administration Support Company who will package your service with a lower rate for data entry and a higher rate for the bookkeeping.
* A dedicated Bookkeeping Service Company can prove to be much more cost effective to your business in the long term and can even reduce many more of your overheads. Business owners should consider if there business is a fit for outsourcing their entire administration and bookkeeping needs. They could potentially add thousands to their bottom line in expenses such as rent, wages, stationary, downtime, phones, electricity and many more.
* Reliability and Accountability are important factors to consider. Bookkeeping Companies are usually fully insured and invest in cross training and back up staff to make sure you are always with service. Whereas most subcontract bookkeepers will have no back up if they are sick or unable to work and this could leave your business exposed and without critical support.
* Training and Ongoing Education. By investing in a Bookkeeping Company and paying a slightly higher fee you are also investing in your business. Bookkeeping Companies constantly educate and train their staff on the latest news and releases in the market. This can mean that your business will be getting all the deductions and tax offsets.
Business Owners should now be able to see that by considering all other factors that by employing the cheapest bookkeeper may not be saving their business but actually costing their business more. Considering in investing in quality service from a Bookkeeping Company will ensure they are doing the best for business.
Learn more about bookkeeping. Stop by Michelle Carr’s site where you can find out all about bookkeeping services and what it can do for you.
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