How Much Does it Cost to Outsource Accounting?
Unknown costs can hinder you from investing in services your business truly needs to find success. What is the difference between cheap and affordable when it comes to outsourced accounting? When looking for an outsourced accounting firm, some of the first questions you might search for are “What is the average hourly rate for a bookkeeper?” or “How much does a cpa cost per month?” These questions are smart, because they can help you determine the expectations you should set for yourself when finding an excellent accounting firm that fits into your price range. The cost of accounting, a CPA, and bookkeeping services for small businesses is actually relatively affordable, if you know how to find the right option for your business.
You might have seen some ads for $10 an hour bookkeepers or companies that provide their services for $99 a month. While those might seem appealing at first, remember, you get what you pay for. Many of those outsourced options ship their services overseas. If you have a question about your books, calling their number may send you straight to a call center instead of a true representative for your account that can help you with your exact needs.
Instead of finding the cheapest option, look for outsource accounting companies that offer you the services you need for your company to succeed while being in the price range you can afford. Let’s review the average rates for outsourced accounting services and how to find what you need in an accounting firm.
What is the cost of monthly bookkeeping services?
The standard cost of outsourcing your bookkeeping can be about $50-$100 an hour for a quality service. An average monthly fee for bookkeeping services could range from $250-$2,000, depending on the complexity and transaction volume of your business.
How much does an accountant cost?
The next step up from bookkeeping is accounting. Although bookkeepers can make sure all your transactions and finances are documented and in order, an accountant will interpret what the data mean and can help you design the flow of transactions that best suits your business. The standard cost of outsourcing your accounting can be anywhere from $100-$250 an hour for a high-quality service. You can expect to pay anywhere from $750-$5,000 a month for a service that is going to take your accounting to the next level and focus on the future of your business.
How much does a CPA cost per month?
While all CPAs are accountants, not all accountants are CPAs. A CPA is a certified public accountant who has met specific state and education licensing requirements and passed the CPA exam. Because of their higher education, it is reasonable to assume that a CPA will cost somewhere between $100 and $500 per hour, depending on the market. For example, a CPA in Kansas will charge a different account than a CPA in New York. Likewise, the average monthly outsourced CPA services cost can range between $1,000 to $12,000 per month, depending on the functions you are looking to outsource and the time involved.
CPAs often specialize in tax accounting. For most business owners that need help with their books, what they are really looking for is someone that can help them prepare meaningful financials that support decision making. In this case, it’s often unnecessary to have an accountant with a CPA credential. It’s more important to find the right outsourced accounting firm or fractional accountant that has industry experience and has worked with companies like yours in the past. Great outsourced accounting firms will often recommend best in class technology that allows your business to run more efficiently.
Excellent and Affordable Accounting with Milestone
Did you Google, “affordable accounting services near me?” Well then, there is no need to look any further. Milestone Business Solutions is an Indianapolis-based outsourced accounting services firm with a national footprint. Milestone offers a reimagined back office that provides you with expertise for the entrepreneurial journey.
We provide outsourced accounting services, specializing in bookkeeping and monthly accounting, fractional CFO support, cash flow forecasting, and other operational consulting services. Many of our accountants are CPA certified and are ready to help you lead your business in financial success with a strong partnership.
Wherever your business is today, and wherever you want to go tomorrow, Milestone is here to help you take the right steps forward. Click here to learn more about the Milestone difference and unleash your back office.
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