The cost of a bookkeeper will vary depending on the needs of your business and the scope of work.
There are also different types of bookkeepers that will cost much different amounts based on your unique situation.
In this article we will discuss the different types of bookkeepers and how much they cost.
How Much Does a Bookkeeper Cost?
The cost of a bookkeeper will depend mainly on the type of bookkeeper you work with and the needs of your business.
If you are looking to hire a full-time, certified bookkeeper to work as an employee within your business, then you can expect to pay them a salary ranging from $29,120 to $61,980 per year depending on experience.
Hiring a full-time in-house bookkeeper will definitely be your most expensive and time consuming option.
The next type of bookkeeper you can hire is an outsourced bookkeeper with a cost that can range from $250 to $2000 per month, or $3,000 to $24,000 per year depending on the size of your business.
Outsourced bookkeepers are great because they require no training and you also don't need to worry about paying them benefits as they aren't actually your employee.
The final type of bookkeeper you can hire is a freelance bookkeeper, with the median hourly rate for a freelance bookkeeper on Upwork sitting at $11 to $25 per hour.
The main determining factor for the price of a freelance bookkeeper is their experience and the amount of time they will spend on your business each week.
Although freelance bookkeepers are the cheapest option, there are downsides to going this route as well.
How Much Does a Full-Time Bookkeeper Cost?
A full-time, in-house bookkeeper is paid an average yearly salary of $29,000 to $69,000 according to the Bureau of Labor Statistics.
Hiring a full-time bookkeeper will be your most expensive option by far due to all the costs associated with a full-time employee.
Further, you will need to spend your time training this new employee which will ultimately take your time away from other business responsibilities.
How Much Does an Outsourced Bookkeeper Cost?
An outsourced bookkeeper will cost $250 to $2,000 per month on average and will save you a great deal of time compared to hiring a full-time employee as well.
Outsourced bookkeepers don't require extensive training as they are already certified bookkeeping experts ready to tackle any challenge, or at least that is true for our bookkeepers at Noon.
Further, our outsourced bookkeepers can save you up to 20 hours per month by handling all of the tedious bookkeeping tasks so that you can solely focus on running your business.
How Much Does a Freelance Bookkeeper Cost?
According to Upwork, the average freelance bookkeeper charges $11 and $25 per hour.
Although hiring a freelance bookkeeper can be a cheap option, there are many drawbacks as well.
One of the major drawbacks being lack of consistency.
You will most likely need to interview many candidates in order to find a few that actually know what they are doing and are able to communicate well.
Cost of Hiring a Bookkeeper: Conclusion
Hiring a bookkeeper is a necessary part of your business journey.
As your business grows it just makes sense to outsource responsibilities that take up too much of your time or have become too complex for you to handle on your own.
When it comes to hiring a bookkeeper, you essentially have three options: a full-time employee, an outsourced bookkeeping firm, or a freelance contract bookkeeper.
A full-time bookkeeper will cost the most money and take up the most of your time compared to the other two options since you will have to train the employee and also pay for employee benefits.
An outsourced bookkeeper will be able to jump right into action and begin immediately having a positive impact on your business.
At Noon, our outsourced bookkeepers are all certified bookkeeping experts that are ready to face any bookkeeping challenge that comes their way.
Our outsourced bookkeeping services also operate on a flat monthly fee so that there are no surprise costs at the end of the month.
The final type of bookkeeper you can hire is a freelance bookkeeper.
Although this may be your cheapest option, beware of the pitfalls of hiring a freelance contractor.
At the end of the day, you are the only person that will know what is best for your business.
How Noon Can Help Your Business Thrive
Noon Bookkeeping is an outsourced bookkeeping solution for business owners consisting of a team of certified, expert bookkeepers ready to help you organize the finances of your business.
Noon can handle all of your bookkeeping in one place so that you can focus on running and growing your unique business knowing that we’ve got your finances handled.
Learn more about how Noon can help you take control of your finances.