As a small business owner, you will eventually need to get your books in order. Ideally, you’re thinking about this from Day 1. However, chances are that you may not have built a budget around professional services such as bookkeeping. A quick Google search shows us that the average salary for an in-house bookkeeper in Canada is roughly $44000/year.
Besides in-house bookkeeping, there are other bookkeeping options to explore. Here are some things to consider when canvassing for how much bookkeeping will cost for your small business:
A. DIY using Cloud-based accounting
If you’re an accounting whiz or have a propensity for DIY financials, you could look at buying and managing a cloud-based accounting ecosystem that can handle all you need: bookkeeping, payables, receivables, and payroll. You should know that that software can cost anywhere from $15 to $200+/month depending on needs. This is most definitely a cost-effective alternative to hiring in-house when there is no need for part-time or full-time hours.
B. Outsourcing a bookkeeper
The next step in analyzing your current situation revolves around needs, complexity, and volume of transactions. This is where many small businesses prefer to outsource to cloud accounting firms like Blueprint as they are looking to pay for only the help they need. Additionally, the expertise and years of experience and customer care that goes along with the monthly fees.
Outsourcing your bookkeeping needs is a cost-effective way to ensure that your books are in order, that your sales tax filings are compliant, and that your payroll is done on time with no surprise penalties or reviews from the CRA. Typically, this is what most clients are seeking in the first place: to get organized, and on track with numerous government deadlines.
C. Hourly vs Monthly Fee
While bookkeepers may charge hourly, many more charge a flat monthly fee based on an agreed upon scope of work. Depending on the skills needed to properly manage your small business finances. Looking for simple data entry and monthly financials is different than looking for a firm that can handle at least that plus payables, receivables, and payroll – not to mention tax & business strategy. In all cases, you should expect an agreed upon fixed fee for different services – this way, there are no unexpected costs or bills, you can budget better, and the outsourced cloud bookkeeping firm can build the capacity to better serve you.
An advantage of working with a cloud bookkeeping firm is that you can adapt the services to your needs as your company grows, or scales back.
Blueprint Accounting’s commitment to help
We at Blueprint Accounting will do everything we can to ensure that businesses like yours have the accurate and up-to-date bookkeeping and financial records you need in order to speed your applications for benefits, financing, and lines of credit.
We understand running a small business is complicated. Your financials shouldn’t be. Take the guesswork out of the accounting and let us help you build your blueprint for success!
Contact us today for your free consultation to find out how Blueprint Accounting can support your business.