How Much Do Bookkeeping Services Cost
Bookkeeping is an essential component of any successful business, big or small. Proper bookkeeping ensures that financial transactions are recorded accurately and on time, making it easier to budget, plan, and make decisions.
Fortunately, when it comes to bookkeeping, you have choices. You can hire a bookkeeper if your budget allows, outsource if it suits your requirements, or do it yourself if you have the time and knowledge. The first two options are the best, but they come at a cost.
In this post, we will explore the different factors that impact the cost of bookkeeping services and show you what you can expect to pay when you hire a bookkeeper.
Which Factors Impact Bookkeeping Costs?
Before looking at what bookkeeping services cost in both the UK, let’s first consider some factors that might impact how much you’ll pay for bookkeeping services. These are:
A Further Note on Bookkeeping Costs
Before we go on, there’s a final aspect you should consider when looking for bookkeeping services for your business – value. In other words, you should consider what services and support you’re getting for the price you’re paying.
You should also consider how the services might impact your business’s bottom line. For example, an experienced bookkeeper should be able to point out areas where you’re generating unnecessary costs.
And while you may presume that expensive bookkeeping services offer more value, that isn’t necessarily the case. For example, Outmin combines the best of automated accounting with a personal touch to take administrative bookkeeping tasks off your plate while pairing you with accountancy and financial experts, all starting from £199/month.
How Much Do Bookkeeping Services Cost in the UK?
Considering the above-mentioned factors, let’s consider what bookkeeping services cost in the UK.
As mentioned earlier, these costs will depend on whether you hire a bookkeeper full-time or part-time or outsource your bookkeeping to an external firm. When outsourcing, you’ll pay anything from £500 to about £2,500.
Keep in mind, however, that these costs are an approximation and might differ based on the size and nature of your business.
Moving on to hiring a part-time bookkeeper, you’ll pay between £300 and £600 per month, excluding any benefits. When hiring a full-time bookkeeper, you can expect to pay a salary of £25,000 to £45,000, excluding any benefits.
In the same vein, you’ll pay a part-time bookkeeper anything between £10 and £20 per hour. When it comes to outsourcing, you should budget for an average of about £40 per hour in a range between £20 and £50.
Is There an Alternative to Bookkeeping Services?
Now that we’ve seen the more traditional bookkeeping options, let’s look at a fantastic alternative. With a team of finance professionals dedicated to supporting small and medium businesses (SMBs), Outmin is leading the way at the intersection of technology and human finance. The platform provides an automated solution for all your bookkeeping and accounting needs with a dedicated support team.
Here’s how it works:
Through automation, Outmin eliminates most of the routine tasks that traditional bookkeepers encounter and which increase bookkeeping costs significantly. At the same time, expert skills are on hand when necessary.
Ultimately, Outmin removes the burden of bookkeeping from you while at the same time eliminating accounting stress, keeping you compliant at all times, and providing you with key financial data and insights into your business when you need it.
Considering that Outmin’s pricing starts at only £199 per month, which is much lower than traditional accountancy, you’ll not only save a lot on the running costs but get exceptional service.
It doesn’t stop there, however. In addition to providing accounting software, Outmin also offers an extensive outsourced CFO service. Small businesses often hire a full-time CFO at an enormous salary, but these professionals tend to spend most of their time on menial, straightforward tasks for which they are overqualified. Outmin’s service provides a solution by allowing clients to have an experienced CFO in-house on a part-time basis. The CFO will take full responsibility for the finance side of the business, allowing you to focus on what you do best.
To learn more about Outmin and how it can help you, register for a free demo today.