Hiring a full-time bookkeeper in this situation could be the right answer for you. Keeping your books in order and up-to-date is the foundation of the financial strength of your business. In addition, you’ll need to add around 20% on top of salary for benefits and overhead including office space.Ī full-time bookkeeper handles the day-to-day accounting functions for your office. According to Glassdoor, current listings in high cost of living cities like New York or L.A. The current average full charge bookkeeper's salary fluctuates between $35,000 to $55,000 per year plus benefits and overhead, depending on your location. Full-Time Bookkeeping for Small to Medium Businesses And the cost of oversight, usually in the business owner’s time, can be significant. While this can work and is often the least expensive option on paper, there are risks associated if the part time employee’s or office manager’s output does not measure up to standards. Often businesses try to train an office manager or other employee with capacity to become the part time bookkeeper. When hiring a part-time bookkeeper, management still needs to have someone reviewing the work of the bookkeeper. They can do work such as inputting receipts and tracking employee timesheets, accounts receivable and accounts payable. If you can manage your job and some of the accounting each month but need a little extra help, a part-time bookkeeper might be a good fit for your business. They typically are performing basic bookkeeping duties and will need to be supervised and managed. Hourly rates for internal, part-time average around $20/hour depending on job description and location. The cost of a part-time bookkeeper can vary widely. Part-Time Bookkeeping for Small to Medium Businesses Let’s look into three different options your company could consider to fill this need. If you decide to outsource, there are a few ways to go including local bookkeeping services, local CPA firms that offer bookkeeping services and specialized, national outsourced bookkeeping firms. If you decide to hire and manage a bookkeeper you’ll also have to decide whether the position is part-time or requires full time. If basic bookkeeping is all that your company needs at this stage, you’ll need to decide whether to do the bookkeeping in-house or if you should outsource.
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