Basic Bookwork

(For Simple Bookkeeping Needs)

Do You Need Both?

For most businesses, the answer is yes, but timing matters:

1. Small businesses under $500K revenue: Start with a bookkeeper for your daily financial tasks. Bring in an accountant once a year for tax preparation and planning.

2. Growing businesses ($500K-$2M revenue): Keep your bookkeeper on board for ongoing financial tasks and schedule quarterly reviews with your accountant for strategic guidance.

3. Established businesses over $2M revenue: You’ll need a full accounting team, bookkeepers maintaining daily records, and accountants offering more complex tax strategy and compliance.

How Hiring a Bookkeeper Delivers ROI

Hiring a bookkeeper delivers immediate ROI by saving you time, reducing financial errors, and improving the accuracy of your financial data. Instead of spending hours every month on categorizing transactions, reconciling accounts, or chasing overdue invoices, you gain back valuable time that can be redirected toward revenue-generating work. 

Professional bookkeeping also prevents costly mistakes, such as missed tax deductions, inaccurate reporting, or compliance issues, that commonly occur with DIY bookkeeping. Clean and timely financial records lead to faster invoicing, quicker customer payments, and stronger cash flow. 

Most importantly, consistent, accurate bookkeeping gives you clear financial visibility, helping you make better decisions about spending, hiring, pricing, and growth. In short, a bookkeeper doesn’t just “do your books”, they help your business operate more efficiently, avoid financial risks, and maximize profitability.

In-House Bookkeepers: A Consistent But Costly Solution

Hiring an in-house bookkeeper may be the way to go if you want someone dedicated to your business’s finances. This option provides real-time access to financial information and ensures you have help when issues arise. 

According to the U.S. Bureau of Labor Statistics, the average salary for a full-time bookkeeper is around $47,440 per year, or about $3,950 per month. Remember, this doesn’t include the cost of:

• Employee benefits

• Payroll taxes

• Equipment

• Office space

Outsourced Bookkeeping: Flexible and Affordable

Outsourcing your bookkeeping to a third-party firm is one of the most popular options for small businesses, especially those looking to balance quality with cost. On average, outsourced bookkeeping services range from $300 to $2,000 per month, depending on the size of your business, the number of monthly transactions, and the services you need. 

The appeal of outsourcing lies in flexibility and expertise. You’re essentially gaining access to a team of professionals without the overhead of hiring full-time staff.  

Freelance Bookkeepers

Freelance bookkeepers offer another flexible and often affordable option. Their rates vary, but the U.S. Bureau of Labor Statistics lists the average hourly rate for bookkeepers at around $22.81 per hour. Freelancers often set their rates, so depending on experience and location, you could pay anywhere from $20 to $75 per hour. 

Hiring a freelancer can be smart if you don’t need full-time help but still want someone skilled to manage your books on a part-time or project basis. The bottom line is that how much bookkeeping will cost your business depends on your:

• Needs

• Preferences

• Growth plans

Whether managing the basics or stepping into more complex financial planning, understanding these options and what you’re getting for the price can help you choose the right path forward.