Skip to main content

Monily

When you think of the next big idea, and start working on it. Like many others you probably don’t even consider keeping a bookkeeper or utilizing an accounting software. Usually because of the costs that come with having a bookkeeper and also because you feel that the business is way too new to keep a bookkeeper, given the limited number or files, slips and receipts that you would need.
Accountants just like all other consultants are an expensive ordeal to handle, the internet has made everything a lot more affordable. According to many leading researches, bookkeeping is the toughest part of the business for all small business owners. Yet they keep at it solely to save more money, and spend it on other business essentials. The costs of outsourcing a bookkeeper is much lower than keeping an in-house consultant. In order to understand the pricing system for bookkeepers it is first important to understand what they do, and what role they play in a business:

Understanding Bookkeepers

Bookkeepers in a nutshell are accountants that manage ledgers, maintain transaction history, update balance sheets, track cash-flows as well as create financial reports that illustrate your business’s standing at the end of every month.  Bookkeepers also manage documentations for taxation, ensuring a smooth filing process. Along with all of these tasks they also handle the following and many more:
  1. Bill Payments
  2. Maintain Customer record and spending history
  3. Bank Settlements
  4. Account Reconciliations
  5. Identify discrepancies found in the accounts

Bookkeeping Software

If you’re more of the DIY kind of a person, than it is still manageable if you use accounting tools and software such as Monily, which is an automated bookkeepingand ledger maintaining application. It works by simply having bookkeeping information fed into it through pictures, or through manual entry. Such software reduce the hassle and brain-ache associated with bookkeeping.
A good bookkeeping software such as Monily has a minimum subscription, paid annually at $179/m, which includes you adding up to 5 accounts.

Full time Bookkeeping

If you hire a full time, in-house bookkeeper, your expenses are definitely going to increase exponentially, not to mention the added cost of their office space. On an average a full time bookkeeper will cost you roughly around $35,000-$55,000 yearly. However, a fulltime bookkeeper will handle all your business’s day to day transactions.

Out-sourced Bookkeeping

A business’s core function is to make money and to save money, the best option for Small to medium businesses is to outsource their bookkeeping and accounting functions entirely, to online bookkeeping firms. This is the most cost effective and resourceful way to get bookkeeping done.
The benefit of having an outsourced bookkeeping firm such as Monily managing your accounts and books, is that you get the human capital of an entire business catering and safekeeping your financials.
Read Complete Article 

How Much Do Bookkeeping Services for Small Businesses Cost?


Comments

Popular posts from this blog

Monily

It’s important to understand that accounting is an essential part of your business. Rare are the chances that an accountant may end up with committing a mistake; however, human error is unavoidable. All thanks to technology, the market is now filled with a number of accounting applications that benefits medium and small sized organizations effectively. It’s now easier for business owners to keep an accurate record on the structured money flow. Today we are going to discuss the importance of  bookkeeping services for small business  and how a business accountant can easily avoid committing accounting blunders. More than 80% of businesses reviewed by our expert researchers present that the probability of committing an accounting error is high. Therefore, today we are going to discuss on some of the most basic accounting errors observed in accounting and bookkeeping services by entrepreneurs. 9 Basic Accounting Mistakes All Entrepreneurs Have to Face Accounting mistakes c...

Tips Why You Should Keep Receipts Organized for Tax Time

Most American business owners do realize the importance of receipts; however, you can observe most Americans saying “No” when they are offered a receipt for their purchases. Do they wish to collect these receipts and save it because they want to forecast market trends? Not really, they want to avoid tax return perils, therefore they keep them collected in one place. Receipts are audit protection and for some, it is a serious concern. Paul made a number of purchases during the last year and forgot to collect receipts from multiple stores. He went around the world expelling thousands of dollars on travelling, food, entertainment, cellular services and other expenses. What he failed to realize is that he will have to face tax files, paperwork and documentations to financial sectors that they were business related. Sadly, Paul is one of the many individuals who failed to realize the importance of keeping receipts in one place. Now, he is left with questions to ponder and answers to p...

Monily

The leaders of the new generation are millennials. More than 75 million of the overall world population are categorized as one of them. The oldest millennials may range in between the age cycle of early 30s so they are not quite old. These are the business leaders of tomorrow, and as every other business niche have some shining emblems, one such are present in the sphere of financial circle. Having an imperishable impression, the millennials are now becoming the decision makers. They are trying to cultivate organizations that can control economies. Some examples can be seen in accounting firms likewise. Firms that are not good enough to retain these millennials seamlessly result in losing potential clients and jeopardizing their organizational growth opportunities. A Strategic Look Towards the Transforming World of Accounting Firms Millennial business owners of the modern world take a different approach towards performing effective analysis to gain an upper hand among similar b...