Bookkeeping is one of the basic requirements for running a company, but it is also one of the most complex and challenging aspects of business ownership. Understanding your options for bookkeeping services and their costs will help you tremendously in ensuring the long-term growth of your company. For example, a bookkeeper that does routine data entry charges less than a CPA (Certified Public Accountant) who’s highly qualified to advise on business strategy, tax planning, and more. Traditionally, bookkeepers have charged an hourly rate; the more time they spend on your books, the more you have to pay – $30-90/hour.

The actual hourly fee of part-time bookkeeping can vary according to location, duration, and daily responsibilities. Get any time access to up-to-date and accurate online accounting information with virtual accounting services that add value to your company. You can save on thousands of dollars as compared to the cost of hiring, training, and maintaining in-house accountants. Our services help you generate more revenue, grow your business, and eliminate the need for maintaining an accounting department to supervise to and fro with the systematic virtual platform. While online bookkeeping will help you to generate meaningful reports, accountants may be able to take this a step further. Through manipulating data, accountants can offer more complex and sophisticated advice.

How to Choose Your Online Bookkeeping Services

Accountants have the title of Certified Public Accountant (CPA) and offer a higher level of financial analysis and can prepare and file taxes. You’ll want to consider the bookkeepers’ expertise level, types of services they offer, technology integration offerings, and what industries or niches they serve. The bookkeeper might take into consideration details like what technology you’re already set up with if you’re running on an accrual or a cash basis, and the legal structure of your business. A bookkeeper is someone who records the day-to-day financial transactions of a business. Single-entry bookkeeping typically consists of a cash sales journal, a cash disbursement journal, and bank statements.

It also includes more advanced tasks such as the preparation of yearly statements, required quarterly reporting and tax materials. When an effective bookkeeping system is in place, businesses have the knowledge and information that allows them to make the best financial decisions. Tasks, such as establishing a budget, planning for the next fiscal year and preparing for tax time, are easier when financial records are accurate. It might be confusing whether you need a bookkeeping service or accounting software, but the answer depends on the size and scope of your business. The Essential Plan offers cash-basis accounting and starts at $300 a month.

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When you hire an in-house bookkeeper, you’re putting all of your bookkeeping tasks in the hands of one person. As your business grows, hiring new employees to handle additional business and manage operations is a natural step. However, bookkeeping for startups it’s crucial to think strategically about which functions require in-house employees—and which you can save on while receiving valuable perks. Bookkeepers handle the day-to-day recording and implementation of financial transactions.