If you don’t have the time to handle your own company accounts and want to hire an expert to do it for you, you may be wondering how much this will cost you. Hiring someone to manage your accounts is not only essential for ensuring your VAT and tax liability is accurately assessed but it can also give you the extra time you need to focus on other areas of your business. Whether you need someone full-time or part-time, there are plenty of options available for those looking to hire a bookkeeper.
It all depends on your requirements
It might be difficult to hear when you simply want a clear answer, but the monthly cost of an accountant will all depend on the amount of work required of them. If you are a running a very busy chain of retail stores and you hire a full-time bookkeeper, this will cost considerably more than a small company who only needs a bookkeeper to prepare cash flow statements once a month.
How much would a full-time bookkeeper cost?
An entry-level bookkeeper can command an annual salary of between £12,000 and £15,000. A more experienced bookkeeper can earn anything up to £20,000 and £25,000, depending on their skills. As you might expect, an entry-level bookkeeper won’t have much on the job experience. However, if they recently completed their bookkeeping training, they will be well-versed in the latest best practice.
How much would a part-time bookkeeper cost?
This will all depend on how many days a month you require the bookkeeper and their annual salary. If you are saving money by only having a bookkeeper a few days a month, you may be able to afford a more experienced bookkeeper. It’s important to work with the bookkeeper to decide how many hours per month you will require. You might only want to pay for someone for 2 days a month, but in reality, you may have 4 days worth of work to be completed.
What about a freelance bookkeeper?
If you would rather head down the freelancer route, you can keep your costs low and only pay for what you need every month. Freelance bookkeepers will usually charge between £15 and £30 per hour. The freelancer could be based in a different part of the country and may not work from your premises. While this is preferable for some companies, others may struggle to trust someone if they have never met them or don’t regularly work with them.