The average salary for a full-time bookkeeper is $42,410 per year. The average hourly wage of a part-time bookkeeper is $37 per hour. Business owners can save money and increase efficiency with virtual bookkeepers. A virtual bookkeeper may cost as little as $4.99 per hour.
Being your own boss can be great. It can also be a lot of work, particularly when you run your own business. Not only do you have to provide the goods or services that your company offers, you also have to deal with every aspect of managing the business. From branding and marketing to inventory and tracking financial records, these tasks can quickly become overwhelming.
Smart business owners know that sometimes it makes more sense to outsource certain jobs – such as bookkeeping. But with the average salary of a bookkeeper coming in at more than $40,000 per year (plus benefits), many businesses simply can’t afford to keep a full-time bookkeeper on staff. With a virtual bookkeeper that costs as little as $4.99 per hour, you can keep your financial house in order without breaking your budget.
At Tasks Assistant, we offer a range of services for businesses across the world. Our services – including bookkeeping and accounting – are both reliable and affordable. Reach out today to learn more about how we can help you grow and manage your business.
The Cost of a Full-Time Bookkeeper
A good bookkeeper is essential to the financial well-being of any organization. Among other tasks, a bookkeeper records financial transitions, updates statements, and checks financial records for accuracy. They may also:
- Post financial transactions into the appropriate computer software
- Receive and record cash, checks, and vouchers (accounts receivable, or A/R)
- Pay and manage invoices (accounts payable, or A/P)
- Produce reports, such as income statements or balance sheets
- Reconcile financial records, such as bank and credit card statements
- Input costs (debits) and income (credits) into the appropriate software program
- Manage payroll
Without a doubt, a good bookkeeper is essential to any business. Unfortunately, hiring a full-time bookkeeper is out of reach for many entrepreneurs. According to the Bureau of Labor Statistics, the average salary for a bookkeeper is $42,410 per year.
Of course, this salary doesn’t take into account the various other expenses associated with having a full-time employee – like benefits, paid time off, workers’ compensation insurance, and payroll taxes.
The Cost of a Part-Time Bookkeeper
Even if you don’t hire a full-time bookkeeper, the average hourly rate for a part-time or freelance bookkeeper can still be prohibitive. A Zip Recruiter survey notes that the average hourly wage of a bookkeeper is $37.
This number can increase significantly based on geographic location, with bookkeepers charging over $43 per hour in Massachusetts. Other factors, such as education level, experience, and certifications, can also push a bookkeeper’s hourly rate much higher.
For many businesses, the cost of bringing on a full-time bookkeeper or even hiring an independent bookkeeper is out of reach. That doesn’t mean that small and medium-sized businesses can’t have a bookkeeper, however.
Is There a Better Alternative?
Virtual bookkeeping services are a much more cost-effective way to accomplish the same tasks that a full-time or independent bookkeeper would perform. With a virtual bookkeeper, it’s easy to keep costs down – and still get high-quality work. In contrast to $42,000+ a year – or $37+ an hour – a virtual bookkeeper may cost as little as $4.99 per hour.
Cost is one of the main reasons that many businesses turn to virtual bookkeeping services. Beyond a salary or hourly rate, hiring a bookkeeper as an employee typically means having to devote hours to training, paying insurance and payroll taxes, providing benefits, and absorbing other costs. Many companies simply don’t need a full-time bookkeeper, so the expense of bringing on a salaried employee isn’t justified. With a virtual bookkeeper, you can slash the cost of having a bookkeeper while still benefiting from expert-level services.
Another benefit of using a virtual bookkeeper is that they typically have flexible schedules and can often be available when you need them. In comparison to a traditional bookkeeper, who may only work during regular business hours, a remote bookkeeping professional can work with you in the evenings or over the weekend. This allows you to have the help you need with accounting and bookkeeping when you need it – instead of paying someone to be physically in your office 40 hours a week.
Most virtual bookkeepers use secure and reliable software systems, such as QuickBooks, that keeps your financial records both safe and accessible. These types of software programs are also highly accurate. Instead of inputting data into physical books in your office, your bookkeeper will enter the same information into a software program – which you can then access whenever you need to check something.
Hiring a remote bookkeeper also keeps you in line with current employment trends. In the wake of the COVID-19 pandemic, more businesses than ever before are allowing their employees to work virtually using a range of technological tools to communicate and get work done. Working with a remote bookkeeper isn’t much different from how you may already work with existing employees.
Finally – and perhaps most importantly – a virtual bookkeeper allows you to focus on running your business. Most entrepreneurs are not accountants or otherwise skilled in the mundane tasks associated with bookkeeping. With a virtual bookkeeper, you have complete access to up-to-date financial records and reports that you can use to make decisions about your business – but you won’t have to do the work yourself. In short, a virtual bookkeeper gives you peace of mind in knowing that your day-to-day accounting needs are being attended to – without the cost of hiring a full-time bookkeeper.
Work Smarter with a Virtual Bookkeeper
Having a bookkeeper is a necessity for many businesses – yet the cost is often too much to bear. If you need help with bookkeeping but don’t want to hire a full-time employee or pay high hourly rates, a virtual bookkeeper may be a great choice for your company. With rates as low as $4.99 per hour, a remote bookkeeper is a cost-effective option for businesses.
Based in Texas, Tasks Assistant utilizes a team of experts in India to meet the news of companies throughout the world. We offer personalized virtual services around the clock, from remote assistants to social media management to email and chat support to bookkeeping and accounting. We pride ourselves on our timely, affordable, and high quality services that allow business owners to increase their profits and efficiency.
To learn more, give us a call at 1-888-557-8678. You can also send us an email or Skype us at Support-TA at any time.