What does a good bookkeeper cost?

Contractors 36 Replies

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This thread is super duper old but I feel the need to comment. 

I frequently come across many business owners that want cheap bookkeepers. If that's what you want go for it. I personally charge $35 to $60 per hour. I can command that rate because I have been in the accounting profession for over 14 years and I am a CPA candidate in Florida. That means I have the educational credentials to become a CPA in the state. I am very capable of doing what CPAs do except auditing(no experience in it). I used to do taxes but I found no joy in it. I prefer to do the bookkeeping, prepare financial statements, and analyze them. I also enjoy explaining to owners why their statements look the way they do.

I know the OP stated what the BLS considers a rate for a bookkeeper, $16. That is for an employee and not a contractor. Keep in mind, a freelance accountant has to pay their own taxes which is 15.3% for medicare/FICA in addition to the tax liability. So if a freelance accountant is charging you $16/hr or even $25 per hour, they are grossly undercharging. 

I just wanted to throw that out there. If you want a bookkeeper that mindlessly enters in data without a second thought, then just find a data entry bookkeeper. But if you want someone who can tell you the meaning behind the numbers in addition to processing your financial information, you will need to pay for it.

Even property management firms that outsource their accounting department pays big bucks. I know of one that's pays $100k a year. Yes a year and it's not even much work they are doing. 

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I would strongly advise NOT hiring a bookkeeper off of Craigslist. Been there and spent a few thousand correcting that mess. Ask for a referral from other local investors. There are lots of bookkeepers that know diddly squat about real estate transactions. You need someone with that kind of specific knowledge. The average bookkeeper hasn't handled too many... or any HUDs before. 

A good referral will go a long way. I got mine from a fellow landlord. She is exceptional, comes to my office for a few hours a month and charges $30/hour. She understand both the management and the flipping side of the business. 

Aaron Mazzrillo, Advanced Home Sales, Inc. | http://www.aaronthehousebuyer.com | Podcast Guest on Show #37

I spend about $125 per duplex per year on taxes.  I use quickbooks and do all the journal entries myself to save money.  It's also good to keep a eye on the numbers in real time throughout the year.  Only tricky things can be depreciation if you are not familiar with rental property accounting.

Many virtual assistants specialize in bookkeeping and can assist you for a fraction of the costs you're associating with these services. 

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Here are some rules about QuickBooks:

- No journal entries except for Depreciation

- other to come...

Gita Faust

Medium 2017 02 13 14 36 18Gita Faust, Fast Trac Consulting | [email protected] | 866‑645‑3356 | http://www.RealEstateAccounting.com

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