How Much Does a Bookkeeper Cost for a Small Business?

When you’re the owner-operator of a small business, there is a lot to keep you occupied throughout the workday or week. Juggling competing responsibilities means that sometimes things fall through the cracks. But when it comes to bookkeeping, payroll, and taxes, missing a deadline can mean stiff penalties and fines. When you weigh how much a bookkeeper may cost for your small business, consider the cost of handling your finances on your own, including missing deadlines. Outsourced bookkeeping and accounting provide your company with the benefits of professional support without the cost of an in-house position.

Find the Right Level of Service for Your Needs

Bookkeeping isn’t a one-size-fits-all service for your business. However, when you hire a professional bookkeeper, the cost is the same regardless of the amount of work they do for your organization. The salary and benefits you pay for an in-house bookkeeper depend on the expertise of the candidate, not the work to be done.

However, when you work with an outsourced bookkeeping firm, the cost depends on the size of your organization, number of employees, vendors, and more. You can also adjust the scale of service you receive depending on if it’s tax season or if you’re scaling your operation to a new location.

Balance the Cost of a Bookkeeper with Tasks You Can Do

When cost is a serious concern, owner-operators can balance daily low-demand tasks with a bookkeeper’s expertise. You can minimize how much the cost of a bookkeeper for your small business by choosing specific tasks for them to complete, such as:

  • Tax strategy and preparation
  • Late tax filing
  • Payroll
  • HSIB filings
  • HST remittances
Working cooperatively with an outsourced bookkeeper can get the help you need to keep your business running efficiently, even during your high-demand season.

Consider the Cost of Your Time

When you balance the cost of a bookkeeper for your business with the cost of your time, it may ultimately save you money by saving your time for where it’s needed. When you’re used to handling all of your bookkeeping and accounting on your own, you may be accustomed to your workday filled with the minutiae of daily operations.

As an owner-operator, your focus is best spent setting and working towards goals for growing your business. Consider the cost of not working towards new product development and expansion because you’re busy with payroll and taxes.

Grow Your Business with the Help of an Outsourced CFO

Going beyond basic bookkeeping and accounting, an outsourced CFO works with you to reach your stretch goals for your business. Leonard Tam Professional Corp invests in your business, developing tax strategies to minimize your tax obligation and help you plan for your financial future.

Gain a 360-degree vision of your business and its potential by partnering with an outsourced CFO. Consider the profit growth potential against the cost of outsourcing your financial management to an experienced firm.

Leonard Tam Professional Corp Helps Small Businesses Wondering How Much a Bookkeeper Will Cost

Leonard Tam Professional Corp specializes in working with small businesses for accounting, taxes, and bookkeeping. We’ve brought the benefits of a bookkeeper to owner-operated businesses since 1990 and understand that every expense has to deliver benefits to be worth the cost. Our focus is always on customer service: returning phone calls, meeting in person, and availability to our clients is our top priority. We provide answers and support with accounting and bookkeeping, taxes and late-filing preparation, and CFO services. When you need dedicated support without the high cost, Leonard Tam Professional Corp can help.

Contact our dedicated Toronto-based team for help with taxes and accounting, and learn how much a bookkeeper will cost your business. Visit our office in downtown Toronto or connect with us through our local number for immediate assistance.

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