How much is bookeeping usually?

Question

For those of who have/use a bookeeper, how much are you paying? If you could indicate how many doors you have and how much you pay that would be awesome and very much appreciated. I'm looking to get a range from the responses. Thank you.

Cliff Benner · Answer

I charge around $70/hour, I set my clients up on a flat amount per month though. So I take what you have and what you expect, estimate the time it would take in a whole year of work and create my flat rate.

I notice short term rentals are about 1 hour a month of work per property, since we need to track each property's Profit & Loss for Tax time, this is also tracking a mortgage and depreciation as well for that property. LTR are about 40minutes a month each for the same tracking.

Fix and Flips are different, you are running more of a product based business and needs to be tracked a different way, that one is more of 2 hours a month/flip to make sure we are classifying it correctly and tracking it as a project.

Abel is correct that you will pay about $65/month for the software as well, assuming you have more than one property. With just a quick estimation Jon K's bookkeeping is under what I would estimate with only the info he gave me, seeing a bank statement and asking more questions would give me a better idea.

I am more than happy to hop on a call with you and see how I could help and give any opinions.

Markus Shobe · Answer

It depends there are a lot of factors that were left out. Are there mortgages? Short term or long term? Are there other loans? How many bank/credit cards? For example if you have 10 different bank accounts with 6 different loans than it would cost more than a business with 4 bank accounts and no loans. We start at $250 per month. That's for a straightforward real estate business.

Abel Curiel · Answer

Hello Carlo,

I've used Quickbooks virtual bookkeeping services to manage 4 bank accounts for 2 companies.

My stuff is pretty straight forward, not too complicated.

I pay $300/month + an additional $65 for using the software.

All the best!

Abel

Jon K. · Answer

Flat rate of $800/month to a bookkeeper that specializes in real estate. I have 19 long term rentals and do some wholesaling/flips as well.

Jake Baker · Answer

@Carlo D.

Finding a reliable real estate bookkeeper usually costs between $300 and $800 per month, depending on your portfolio's complexity and the number of bank accounts involved. For a small portfolio of 5 to 10 doors, you can expect to pay on the lower end, while larger portfolios with 20+ units or active flips often command higher flat rates. Professional rates often hover around $50 to $100 per hour if they aren't on a fixed monthly retainer.

Simon W. · Answer

It really depends the type of work and the volume.

This is why accountants/bookkeepers do not have a flat-rate that they charge to every client.

Sarita Scherpereel · Answer

I use and hate quickbooks. I pay my accountant an addition 1200 or 1500 for the year to manage that end as well.

Jon K. · Answer

My last bookkeeper cost a lot more per month and did a much worse job. I feel pretty fortunate with my current arrangement.

Bryce Andrews · Answer

Hi @Carlo D.,

The short answer is it depends. To give a ballpark: Aside from clean-up and set up fees, for CPA reviewed bookkeeping you can expect to pay $100+ per month (per property) for an LTR, probably 20-30% more for an MTR or STR. Depending on how many properties you have with a bookkeeper, those prices go down with economies of scale.

Basit Siddiqi · Answer

I think a more appropriate question to get a better quote

1) Instead of doors, it should be properties.
If you are okay with tracking by the overall property.
If you also want further tracking by unit, it would be more work and likely a larger bill.

2) How many Accounts do you have(Bank Accounts, Credit Cards and mortgages)
3) How many transactions do you have per account, 50 transactions will take more time/work than an 5 monthly transactions.

How much is bookeeping usually?

How much is bookeeping usually?

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