Skip to main content

How Much Should You Be Paying for Accounting Each Month?

The process of accounting forms the thrust of every business functioning and is perhaps considered one of the most important finance-related administrative work that a management undertakes.
Talking specifically about small and medium businesses, the accounting needs for such businesses vary greatly.
For instance, a small business that has just started its operations may only need to undertake basic bookkeeping while a business that is beginning to expand its operations might require an advanced accounting system.
In this article, we give you a gist of the prices of different types of accounting services that small or medium enterprises incur.

Cost of Accounting Services

When considering accounting services for a firm, there is a range of options to choose from. If you require only basic bookkeeping, you can hire a part-time bookkeeper. Bookkeepers are essentially in charge of maintaining your accounts including but not restricted to payment of routine bills, maintaining ledgers, and recording everyday financial transactions in the account books. In case you feel that your accounts need to be managed with greater precision, opt for a full-time employee or for that matter, outsource the accounting operations, depending on your budget.

Part-time Accounting

The cost of accounting services charged by part-time accountant’s ranges around $20/hour and varies depending on the location of your business and the expected job profile. Such accountants are capable of undertaking basic accounting jobs such as tracking daily transactions, managing billable and the like.

Full-time Accounting

Full-time accountants charge anything between $35,000 to $55,000 per annum along with perks and a permanent office space. If a small or medium business is operating from a big city in the USA like New York, the salary expected could be as high as $70,000. It is, therefore, advisable to hire a full-time accountant only when your accounting needs are complex and require constant attention.

Outsource Accounting

For small and medium businesses that cannot manage a big office space or who find it difficult to accommodate a permanent accountant, there is always an option to outsource their accounting needs. While the price that accounts outsourcing firms charge varies from location to location, the setup and the experience level. The average price could be between $600 to $2,500 per month.
It is no surprise that most small or medium-sized enterprises opt for outsourcing their accounting jobs since the cost of accounting services is quite affordable along with several other benefits that come attached with outsourcing, some of them being:
  • Professional accounting and bookkeeping by highly skilled workers
  • Advanced tools and programs to analyze business finances
  • Saving of operational cost of the business with respect to salaries of accountants or managing additional space for accountants
  • Helping small businesses to focus on their core operations and policy-making

Choose the right fit for your needs

There is no single best option to manage accounting. Figure out which type of accounting works best for you by examining your business needs and suitability to maximize your utility.

Source : https://www.outsourcinghubindia.com/much-paying-accounting-month/

Comments

Post a Comment

Popular posts from this blog

Why Should One Outsource the Accounts Management Processes of a Business?

W ell, for one reason that it means one less thing to bother about for the business! Not having to keep track of all the transactions – be it small or big – keeping the books updated is one hell of a task to do on a regular basis. But, as is obvious, outsourcing comes at a price and one needs to be convinced that it is worth for one’s business. On that note, let us now go about some advantages of outsourcing the accounts maintenance of the business. Here’s why there is an immense need for  outsourcing accounting  in today’s corporate world – Big, medium or small – whatever the scale of a business is, today’s customization accounting software can be effectively implemented for any of them. Outsourcing the manually processes to automation is an intelligent step because it means a onetime investment and lifetime’s benefits. Also automation means less manpower costs, fewer human errors and standardization Accounting practices can be murky and this only means lower visibility ...
Post a Comment
Read more

Hiring a Property Management Company

Owners with numerous properties and rental units are often stumped with the burden of managing incomes from them. It becomes a time-consuming and a daunting task to handle the various aspects of property management like handling rental incomes, owner’s funds and filing tax returns to name a few. Hiring a competent  Property Management Company  ensures an effective way to manage incomes from various let-outs, security deposits, reserve funds and even writing checks on owner’s behalf. Property managers exercise extensive skill and care into marketing rentals, retaining tenancy, maintenance and repairs thus saving your time and efforts! How an efficient Property Management Company handles your funds? An expert property management firm can become one of your greatest assets, if chosen wisely! So before you hire one, here are some features a management company should inherently possess to handle tenant and owner funds proficiently. 1. On-time Payment to Owners Proper...
Post a Comment
Read more

List of Accounting Outsourcing Companies

When it comes to running a business, Small and Medium Enterprises (SMEs) have to deal with a number of activities such as executing their core functions, dealing with clients, managing accounts, etc. However, all these can get taxing on the business operations in the long run. To help such businesses manage their routine workload, accounts outsourcing companies help in a great way. Accounts outsourcing involves hiring an external party to carry out activities such as rendering professional accounting services to clients within the time-limits, helping businesses to maintain their accounts database, etc. List of Accounting Outsourcing Companies Here is a list of the 5 best outsourcing companies that you can look out for. 1. OHI- OutsourcingHubIndia OHI specializes in  accounting outsourcing services . Started in 2006, it has created a niche for itself in the outsourcing sector with its top-notch working systems, excellent infrastructure and ethical work practices. Their ...
Post a Comment
Read more