Understanding Bookkeeping Rates: How it Impacts Your Budget

Understanding Bookkeeping Rates: How it Impacts Your Budget

What do you do when you can no longer keep track of your accounting books anymore? Even if you know the rules in taxation and in creating financial statements, when your business is on the up, you definitely need some help. That’s when you need to start looking for a freelance bookkeeper.

There are several areas that clients should understand when looking for bookkeeping or accounting services.

Cost Savings

When looking at bookkeeping rates compared to in-house staff, a savings of up to 50% are potentially achieved. When the hourly salary, benefits, overheads, and facilities used are factored in, the cost savings over a period of time becomes significant. Certainly not all bookkeeping rates are available but, in general, the savings are usually significant enough to justify the cost of the outsourced bookkeepers or accountants.

Understanding Bookkeeping Rates: How it Impacts Your Budget

Paying for the Services

Most outsourcing companies allow clients to pay for the bookkeeping rates by wire transfer or check, and many allow credit cards to be used where an automatic transfer is handled on a monthly basis. Because PayPal has become so popular over the past few years, many also allow transfers to be through the PayPal services. It’s convenient and easily done anywhere in the world. Billing is usually done the first week of each month.

Staff Expertise for the Service Required

Since the clients have a wide assortment of both bookkeeping and accounting needs, the bookkeeping rates vary based on the expertise of the personnel required to do the job. If the client needs simple bookkeeping services, just to do transaction entries and basic reconciliation requirements, experienced bookkeeper is generally all that is necessary, and the fees are appropriate and affordable. However, when the needs become more advanced, such as a requirement for bookkeeping, setting up accounts, payroll, and preparation of financial statements a more experienced employee, such as a Junior Accountant is required. The fees are slightly higher; however, they are still more affordable than hiring and additional person in-house.

When companies get into the level of a Senior Accountant, and the needs extend beyond transaction entry and reconciliation, and include account sets ups, payroll, quarterly reports, and tax preparation, the bookkeeping rates are higher, but still affordable. These experts already have the training necessary to come in and begin performing the job the first day. The professions who are working in the preparation of taxes alleviate the headaches and frustration of the in-house staff and allow them to continue their normal routing without getting behind.

There are also fixed monthly rates that can be handled on an individual client basis and the outsourcing company is generally glad to work with the client to meet their financial needs as well.

Workable Solutions

Certainly, the goal of the outsourcing company on the bookkeeping rates is to work with the clients to ensure their needs are met and the price is affordable to the client. With Book2Taxes.com the bookkeepers are always well-trained and professional and the rates are affordable; the interest is on providing the best service at reasonable rates.

Many offshore bookkeeping firms offer good Bookkeeping Rates. There are many reputed and experienced Bookkeeping Outsourcing firms that offer attractive bookkeeping rates and cater to small and medium businesses and CPA firms worldwide.

 

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