How Much Do Accounting Services Cost For My Small Business?
When you started your business, nobody mentioned that most of your time would be spent tracking down receipts, processing payroll, and filing taxes. Hiring an accounting professional can fix all that and give you back your time, but it shouldn’t be exclusive to big businesses.
Here are scalable bookkeeping options for small to medium businesses.
Hire a Part-time Bookkeeper
If this is your first move to a professional accountant, then the best option may be a part-time bookkeeper. They will manage your payroll and keep track of company expenses. Someone from your office management will still need to review their work and you will retain some bookkeeping responsibilities such as account management and bill payment and collections.
What Does A Part-Time Bookkeeper Do?
- Maintain and update financial records
- Balance & update bank accounts
- Payment Remittal
- Submit and record payments
- Process payments received
- Collect company purchase receipts
- Employee purchase reimbursement
- Petty cash and travel vouchers
The full scope of a bookkeeper’s responsibilities depends on the size and complexity of the company.
You know it can be a full-time job to track down your employees for things like time cards. Your part-time bookkeeper can take over some of those responsibilities for you, but your company may need to scale up to a full-time bookkeeper.
Hire a Full-time Bookkeeper
A full-time bookkeeper can manage timesheets, payroll, billing, collection, and process your financial statements at the end of each month.
You will still need to account for bank deposits and look over their work to make sure your company is on the right financial track, as well as, to avoid any account discrepancies.
A full-time employee brings higher costs such as their yearly salary, health insurance, payroll taxes, and office supplies, like a computer, desk, and phone.
What Does A Full-time Bookkeeper Do?
- Manage all employee expenses & petty cash
- Put costs, as well as, income into bookkeeping software
- Manage accounts payable and accounts receivable
- Create reports, balance sheets, income statements, and totals by account
- Check all accounts for accuracy
- Reconcile, note, or report account differences
- Track and maintain inventory records
- Prepare and process payroll
- Prepare company budget
- Assist with audits
- Calculate and prepare company taxes
You can let someone else shoulder the heavy burden of spreadsheets, billing, and taxes. A full-time bookkeeper can take over your accounting systems. They will be able to completely focus on your processes and the ins-and-outs of your company finances.
Issues can arise if your company is too complex or large for a single bookkeeper to manage correctly. In this case, it is important to consult with a third-party bookkeeping service for company audits, this can help keep your records accurate.
Outsourcing Your Accounting Services
As one of the fastest growing solutions for small to medium business, outsourcing your accounting services may be the best solution for your company. Services range from single projects to flat monthly fees.
You get an entire team managing your account and you get access to services that a single accountant wouldn’t be able to specialize in. You also have higher account security because of agency protocols.
Outsourcing Accounting & Bookkeeping
- Monthly flat rates not hourly
- Cost: $150-$2,500 for an entire team of bookkeepers & accountants
- Create custom service packages to fit your company
- Broader scope of services and specialization
An entire bookkeeping agency can manage all your accounting needs and take it completely off your shoulders. You’ll wonder what to do with all your free-time.
Briggs’ Business and Tax Services is equipped to help you with any accounting and tax needs, including QuickBooks and payroll processing. Call us today for a consultation and let’s find the best solution for your business, so you can focus on the areas of your business that make you money.