Frequently Asked Questions

Q. What is a bookkeeper?

 

Bookkeepers are not necessarily the same as accountants. While an accountant's job is to provide financial advice and recommendations, a bookkeeper's job entails things like recording income and expenses, reconciling bank statements, processing invoices, and administering payroll.

 

Q. Do I need a bookkeeper if I am familiar with my accounting software?

 

There is more to bookkeeping than just inputting data, you must know how to   post the items correctly. For example, an item may be classified as an asset and depreciated, or it may be classified as an expense against income. A bookkeeper will know how to post these items correctly; actually saving you money.

 

Most business owners who do their own books contend that they want to maintain privacy of their financial matters. However, most of them spend far too much time focusing on keeping their books in order and therefore, forfeit time that could be spent on other tasks or with family, friends, or even relaxing.

 

Q. What does a bookkeeper charge?

 

If you are planning to outsource your bookkeeping needs, expect to pay between $25 - $50 an hour, depending on the complexity and volume of work your business requires.

 

If your books aren't in order for tax season, you risk having your accountant (who can charge as much as $150/hour) having to organize them prior to doing your taxes. By having them ready to go and properly prepared, you can save valuable time and money.