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This is when you’ll need more advanced bookkeeping, accrual-based accounting, and management and board reporting to help you make data-driven decisions that drive your mission forward. In addition to paying employees, office & equipment expenses, and technology costs, nonprofits also need the right processes and procedures in place for audit readiness and mitigating watchdogs. You can have one person handle your accounting and bookkeeping, such as in the case of a CPA, but you might also only need the assistance of a bookkeeper at this point or might have a limited budget. In that case, just make sure that you’re hiring someone who can handle the books, regardless of what their certifications might be. Our bookkeepers will give you a clear overview of your business’s financial situation. They will generate precise financial statements, such as income statements, balance sheets, and cash flow statements, giving you all the necessary information.
Like so many jobs, experience influences hourly rates for bookkeepers. New bookkeepers will enter at a lower rate than those with years of experience under their belt. According to Indeed.com, entry-level bookkeepers make an average of $18.34 https://simple-accounting.org/virtual-accounting-making-the-switch/ per hour. While many self-employed bookkeepers work remotely, if you’re providing services locally, hourly rates vary state-by-state. States like Massachusetts and Washington have the highest hourly rates for bookkeepers at $40+/hour.
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If you outsource your bookkeeping, the traditional structure is to charge bookkeeping fees per hour. However, some modern finance firms like Zeni offer bookkeeping price packages with a fixed monthly fee based on the types of services you need and the size of your business. With hourly rates, the complexity of your business finances makes a significant difference in the price you pay.
It’s worth mentioning that you have to start working as a bookkeeper before you can apply for certification programs, and as we said, you need at least 2,000 to 3,000 hours to qualify. And just because you can afford a bookkeeper, doesn’t mean you need to hire one. But lack of cash is a real constraint that might mean you can’t afford a bookkeeper.
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Part time bookkeepers will charge between $400 and $800 per month for basic bookkeeping, excluding the benefits. For full time services, expect to pay from $3,000 to $4,500 per month without the benefits. For outsourced bookkeeping, the price is from $500 to $2,500 per month for basic bookkeeping tasks. Many small business owners turn to Professional Bookkeeping Online Bookkeeping Services an outsourced accounting firm to manage their bookkeeping. Outsourced bookkeeping rates are similar to those that a contract bookkeeper charges, with an average monthly fee that ranges from $250-$2,000, depending on the complexity and transaction volume. The use of a remote bookkeeping service also eliminates a lot of costs for a company.