Cost of A Bookkeeping in North Carolina
- June 14, 2018
- Category: Business, Markets
Below is the average annual salary for bookkeeping services in North Carolina. As you can see hiring a bookkeeper will cost a company in the Charlotte region an average annual salary in the high $30’s. This salary does not include any benefits or additional costs to the employer such as the employer’s payroll taxes or workers compensation. If you factor in the direct cost of salary, benefits, fees and workers compensation, the total cost of hiring an in-house bookkeeper will be on average of $45,000.
The value a bookkeeper provides an in-house presence to the company to help maintain daily records. Often times companies that have an in-house bookkeeper will use them for administrative tasks as well. In addition to the direct costs a company has to consider they should all consider the following:
- What are the additional expenses incurred such as purchasing bookkeeping software, setting up the company in the software, training requirements, support of the bookkeeping software, etc.?
- What happens when the bookkeeper is not available such as out sick or on vacation?
- What does the business have in place for oversight of the bookkeeper to prevent fraud?
Cost of a Business Owner Maintaining the Bookkeeping Records
When starting out, many business owners will want to maintain their own bookkeeping records. They assume it is just a few hours a week and will not take too much time away from their business and will save them the bookkeeping expense. While other will try and have a spouse that also works full time try and provides the bookkeeping services in Noth Carolina with all the other family responsibilities.
Most business owners, (unless it is an accounting and bookkeeping business) do not go into business to do bookkeeping. In fact, almost all would rather be poked in the eye than have to endure the task of keeping up with the books. Most procrastinate or entirely ignore them altogether. Often times the ones that attempt to keep up with the books are terrible at it. Is it any surprise, since most owners have no experience or background in bookkeeping?
The other will rely on a spouse that works full time and is busy raising children to complete the bookkeeping. Needless to say, It becomes the lowest task on his or her priority list and is usually months and in some cases years behind.
In these cases, the owner has to determine the value of his or her time, the value placed on receiving meaningful, accurate financial records and the stress alleviated by hiring bookkeeping services in North Carolina. For example, if a lawyer charges $200 per hour and is spending 5 hours per month on bookkeeping, isn’t it less expensive to outsource accounting at $500 per month. The question of Bookkeeping Costs How Much Should I pay needs to be posted as What monetary value does my time create?
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