How much monthly bookkeeping services cost?

Monthly bookkeeping is the ongoing financial record-keeping and management service performed on a monthly basis to track and organize income, expenses, and financial transactions. Monthly bookkeeping services are a crucial aspect of maintaining financial orderliness, whether for individuals or businesses. These services encompass tasks like tracking income and expenses, reconciling accounts, and preparing financial statements. But how does one determine the monthly bookkeeping services cost and what factors influence it?

How much do monthly bookkeeping services cost?

Monthly bookkeeping services can cost anywhere from $100 to $1,000 per month, depending on the size and complexity of your business, the number of transactions you have, and the level of service you need.

Here is a breakdown of the average cost of monthly bookkeeping services by business size:

• Small businesses: $200-$500 per month
• Medium-sized businesses: $500-$1,000 per month
• Large businesses: Over $1,000 per month

If you are on a tight budget, you may want to consider hiring a part-time bookkeeper or outsourcing your bookkeeping to a third-party provider. Part-time bookkeepers typically charge between $20 and $30 per hour, while outsourcing providers typically charge between $50 and $100 per hour.

Factors Impacting Monthly Bookkeeping Services Cost

Several key factors influence the cost of monthly bookkeeping services

1. Complexity of Financial Transactions:

The intricacy of your financial transactions can significantly affect costs. Businesses with multifaceted income streams, expenses, and investments often incur higher expenses for more extensive bookkeeping requirements.

2. Frequency of Services:

Typically, monthly bookkeeping services are performed on a monthly basis. However, some businesses may necessitate more frequent assistance, such as weekly or bi-weekly services, which can lead to higher monthly expenditures.

3. Scope of Services:

Beyond standard monthly bookkeeping, additional services like tax preparation, financial analysis, or payroll management can contribute to the overall cost.

4. Software and Technology:

The utilization of specialized accounting software or tools can impact pricing. Some firms include software expenses in their service fee, while others may charge separately.

In addition to the above factors, the location of your business and the experience of the bookkeeper can also affect the cost of monthly bookkeeping

Benefits of monthly bookkeeping services:

There are many benefits to hiring a monthly bookkeeper, including:              

1. Precision:

Bookkeepers ensure precise financial transaction recording, preventing costly errors.

2. Efficient Time Management:

Bookkeeping, especially for small businesses, can be time-intensive. Hiring a bookkeeper allows you to allocate your time to other business priorities.

3. Assurance:

Entrusting your finances to a bookkeeper provides peace of mind.

If you are serious about growing your business, hiring a monthly bookkeeper is a wise investment. Meru Accounting is a leading accounting firm that provides streamlined cloud-based monthly bookkeeping services to all sizes of businesses. We can help you with all aspects of your bookkeeping, including data entry, account reconciliation, financial reporting, payroll, and tax preparation.

We use the latest accounting software and offer a variety of cloud-based add-ons to automate your monthly bookkeeping and save you time and money. Our team of experienced and certified bookkeepers will keep your books up-to-date and accurate, providing you with valuable insights into your business’s financial performance. Visit Meru Accounting today to learn more about our services and pricing!