Have you recently launched your own small business? Do you currently own a startup or a small business and have trouble managing your finances and keeping track of the incoming and outgoing money? At Caballero, Fierman, Llerena & Garcia, LLP, we have professional accountants on board with us. We know how payroll accounting and bookkeeping are essential to any business and are the backbone of a robust financial standing.
If you think it is about time to hire someone to take care of your account books and are wondering how much it will cost you, we have compiled some of the things you should know.
Are our Bookkeeping and Accounting the same?
Before we dive into how much bookkeeping and accounting services may cost you, it is a good idea to see the difference between bookkeeping and accounting. While accounting is more focused on adjusting the entries in your books, crafting and analyzing financial reports and statements, planning taxes, completing your income tax returns, and business advisory, bookkeeping is slightly different. Bookkeeping is more centered on recording the transactions that have occurred, paying bills timely, issuing and creating invoices, tracking sales, etc.
Traditional costs associated with Bookkeeping and Accounting
These charges are usually applicable on an hourly basis. The bookkeeper or accountant you hire will charge you for the amount of time they spend working for you. This means that the longer they work, the higher will be your cost of hiring them. Currently speaking, on average, bookkeepers’ rates range from $25 per hour to $90 per hour, whereas accountants charge between $150 per hour to $450 per hour. Depending on your needs, you can hire a bookkeeper or accountant accordingly.
Size of your Business
The size of your business is also directly proportional to the cost associated with the bookkeeping and accounting services. For small businesses, these costs are lower, whereas for bigger businesses, as things get complicated and more detailed, the costs increase. The accounting costs are also dependent on the kind of services that you want to avail. For instance, if you plan on availing of auditing and corporate tax return services, your bill could easily exceed $4000.
How much will it cost?
Keeping the factors mentioned above in mind, some available packages are designed to suit your budget. When it comes to allocating a particular chunk of your finances towards bookkeeping and accounting services, there is always the risk that more work could come up than what you initially predicted. This means that your overall costs could exceed your allocated budget, and these costs are usually termed as surprise costs.
When making a budget for payroll accounting and bookkeeping services, make sure you leave some room for these surprise costs, or else they could derail your budget. Other costs associated with hiring an accountant or a bookkeeper include:
- Getting the right software for your system.
- Getting monthly subscriptions.
- Setting up the system.
- Other things.
You can always opt for the available packages, which will help you better manage your budget and have some monetary advantages over the traditional costing system.
If you want to efficiently manage your finances and keep track of them for a more comprehensive approach towards budgeting, contact us! We offer the most trustworthy payroll accounting and bookkeeping services in Palm Beach. Hire an accountant today and say goodbye to unorganized and disoriented account books. We will break down the details of your finances for you to have a better grip of where your small business stands and how you can proceed.