Updated: Feb 21
I once had a prospect tell me, "I can get a bookkeeper for $12/hr." That is true. However, if that's what you are looking for, this is not the working relationship for you. You will be thinking you are saving money when actually you are wasting it.
Over the last ten years, I've done a lot of research on pricing and costs of service. This research was prompted by my communication with clients and prospects in regards to how much they thought we should cost. Here is the real data based on online research.
The first thing you should understand is, employee costs and outsourced contractor costs are different. Each has their pros and cons. You should also take into account, that hourly employee rates will include payroll taxes.
The Cost of Employee Bookkeepers:
You can search for average costs of bookkeepers on Indeed. Ensure that you compare apples to apples though. Smaller companies are not going to pay the same hourly rate as a larger company. Also, it depends on the experience level of the person. Last time I researched this, it was $12-$15/hr in Florida. Don't forget to add the payroll expenses on top of this. On average, taxes are 15% of an employee’s wages. You will have to pay Social Security, Medicare, Federal & State Unemployment Insurance Tax, Workman’s Compensation Insurance, local payroll taxes, etc. Then add on the fees for each employee as some payroll processing companies do. Therefore, let's say you paid your employee $15/hour for the Bookkeeper position, it could cost you $18/hour TOTAL. (Always double check with your payroll company, they can give you an estimate specific to your business.)
The Cost of Outsourced Bookkeepers:
An outsourced bookkeeper averages $20-$50/hr depending on skill level. If one is certified, the hourly rate goes up. The average in Florida is $71/hr which includes ability to troubleshoot like an Accountant. You could also assume $500-$2500 a month depending on skills needed and workload. One Pro to an outsourced bookkeeper is they are not in your office and there is not a liability of friending other employees and giving them confidential data or knowing your expenses that you do not want them to know.
Employee Vs Outsourced Bookkeeper
If you take $18/hr times it by 40 hrs a week, it equals $720. Then take $720 times 4 weeks and it equals $2880. You could be saving quite a bit of money with the outsourced Bookkeeper. Not to mention that the rate for the employee could be higher than $18 depending on the person's experience.
The Cost of Consultants:
Since we also offer CFO Consulting, we wanted to cover the costs of consulting. When you pay for our service, you get the benefit of both!
Quickbooks Consulting and troubleshooting can range from $73 - $106/hr. Figuring out what someone else did wrong and then fixing it, is a strategic task. Quickbooks Training ranges in a comparative price frame.
Business Consulting ranges between $75 - $200/hr. This is also comparative to Life Coaching which funny enough, seems to enter in with our services. Handling client's money challenges often goes into the personal life area.
What Do We Cost:
We do offer the Basic Bookkeeping service for those just starting out. Our best bang for your buck though is our CFO Consulting. It's a specialized service of bookkeeping + organizing + consulting, therefore our prices are different than the average Bookkeeper. We understand that money is a very personal thing and a very stressful subject to face. We don't just enter data or tell you what the numbers look like.
We offer a one-stop-shop where you get bookkeeping, finance analysis and solutions on how to increase income and achieve personal and business goals. We also discuss how to overcome challenges in those areas. Our clients are those who want money management, accountability, a professional to talk to and advise on how to overcome their confusions and barriers.
Our prices depend on the size of your business and which service you want. We do not charge hourly but by a monthly rate. The monthly rate is calculated by how much work, expertise and training is needed to provide you with the type of service you need to get your business and/or personal finances to the next level. I will tell you that we have taken into consideration budgets of all types and have designed our services around those.
Schedule a FREE CONSULT to see what the estimate would be to get your finances in order and to maintain them on our maintenance mode program. It is our experience that once a client starts working with us, they find more money and make more money. However, we do not guarantee this.