Keeping up with the books is more than mere paperwork. Maintaining clear financial records can keep your business running smoothly and efficiently, all while providing you with a clear picture of the health of your business.
Chances are that your time is too valuable to spend clicking around in QuickBooks. But can you really afford the cost of modern bookkeeping services? Today, we’ll take a closer look at common bookkeeping services rates, so you can find the best fit for the needs of your business.
How Bookkeeping Services Rates Are Calculated
Small business bookkeeping costs can depend on the education and experience of your bookkeeper. The services of a bookkeeper cost between $18 to $23 per hour for an in-house bookkeeper, while the services of a CPA range from $40 to $60 per hour.
The cost of online bookkeeping services tends to be cheaper overall, but the final price will be impacted by three critical factors:
Bookkeeping costs usually reflect the amount of work involved. Basic bookkeeping services tend to be the simplest, and therefore, they might be the most cost-effective.
More complex services, such as tax planning and catch-up services, will require additional time and attention. The more time spent, the more expensive these services tend to be.
Advanced services such as tax planning and preparation also tend to be cyclical. You may find that you have a greater need for a CPA during particular seasons of the year, which can make it slightly more challenging to budget appropriately.
Online bookkeeping services offer flat-rate packages, which means that you’ll be able to connect with a professional team that can provide these financial services with the utmost skill.
You won’t have to worry about the complexity of the task or the time needed for completion. Instead, you can simply match the size of your business to the appropriate package, and your bookkeeping team will handle the rest.
Bookkeeping and accounting costs are influenced by the type of service being performed. Online accounting firms can provide a full range of financial services, including:
- Catch-up services
- Business tax preparation
- Tax filing
- Personal tax preparation
The simplicity of basic bookkeeping makes it the most cost-effective option. But if you rely on an online accounting firm to assist with your tax documents, you can still save a considerable sum, since your bookkeeping team and CPA will be working hand in hand.
Catch-up services will vary in cost. The exact price will depend on how many months you’re behind. But the true value of these services is the peace of mind that comes from knowing your books are up to date.
Modern business owners may also have specialized needs that require the attention of an industry professional. eCommerce, for example, can represent a sizable portion of a company’s revenue. For this reason, ideally, you’ll want to partner with a professional who specializes in eCommerce accounting—but again, finding the right person can be costly!
Outsourcing these services is often less expensive than relying on traditional, in-person employees. Online accounting costs can vary, but small business owners can often find flat rates and packages tailored to the size and needs of their small business.
Even if you only need basic bookkeeping, a flat-rate approach can be much more affordable than hiring a traditional employee. If you want additional services (such as tax preparation), an online firm can easily provide supplemental services.
The real value of online bookkeeping services, of course, is that small business owners get to spend less time on administrative tasks, devoting more time to the revenue-generating activities of their business. Partnering with an online firm can take basic financial tasks off your plate without expanding your workforce.
As a business owner, it’s important to have direct access to your financial data and your bookkeeping team at all times. The frequency and quality of your communication will have considerable bearing on your bookkeeping services rates.
Unfortunately, in this department, you get what you pay for. Small business owners may feel frustrated after hiring an accounting firm if they find that their online team is hard to reach for questions or concerns.
The best accounting firms will provide three important things. First, their online financial software will offer total transparency so that business owners have access to their business data anytime, anywhere.
Secondly, an online financial team should be able to adapt to your communication style, whether that be a phone call, email, or a standing appointment for a teleconference call.
Third, outsourced accounting firms will provide regular reports regarding your cash flow and the overall health of your business. The best firms will make these reports available on both mobile and desktop platforms, so you’ll never be out of the loop when it comes to the financial strength of your company.
The Different Xendoo Packages
Xendoo offers a total of five core packages, each of which depends on your company’s total revenue:
- Hustle ($195/mo): Bookkeeping for less than $20,000 in monthly expenses
- Boost ($295/mo): Bookkeeping for less than $40,000 in monthly expenses
- Flight ($395/mo): Bookkeeping for less than $60,000 in monthly expenses
- Thrive ($495/mo): Bookkeeping for less than $100,000 in monthly expenses
- Venture ($995/mo): Bookkeeping for more than $100,000 in monthly expenses
Discounted rates are also available for annual subscribers.
Each package includes a dedicated team and monthly bookkeeping services, as well as the following features:
- Cash basis bookkeeping
- Modified accrual bookkeeping
- Xero accounting software
- Profit and loss statements
- Balance sheets
- Monthly trend graphs
- Mobile apps
- Standard chart of accounts
Select plans also include services for tax consulting and filing. For more information about these plans, visit our pricing page.
Flat-rate plans will be more cost-effective than hiring your own team. A bookkeeper will generally run about $20 per hour, depending on their skill level. If you hired a part-time employee to spend 20 hours a week handling your books, you’d be spending $400 per week!
Even if you could cut this time in half, you’d be looking at $800 a month in bookkeeping costs alone.
Do you need advanced services, such as tax preparation and filing? Today, a typical CPA costs $40 per hour, according to the U.S. Bureau of Labor Statistics. In 2017, the Journal of Accountancy claimed that a CPA costs as much as $60 per hour.
Compare these hourly rates to Xendoo’s prices, and you’ll see why small business owners have come to rely on Xendoo for quality and affordability. Our online bookkeeping services rates can provide your small business with industry-leading services at a price that’s perfect for your small business.
Affordable Bookkeeping Services with Xendoo
The advantages of Xendoo couldn’t be clearer. Even our most advanced package will cost significantly less than hiring a part-time bookkeeper!
By partnering with Xendoo, you’ll have access to some of the best minds in the financial industry, including those who specialize in eCommerce and other common business niches.
Our customers have come to rely on us for everything from bookkeeping to tax preparation. We can even lend a hand if you’re behind in your books!
Sign up today for a free trial and explore all of the features that Xendoo can offer you and your business.