Calculating the cost and value of bookkeeping services in Milwaukee
Many small business owners pay a part-time or freelance bookkeeper an hourly rate of $25. Freelance bookkeepers are often former accounting firm employees with limited experience and resources. For an hourly rate of $25 you are not getting the benefits of professional bookkeeping.
At the other end of the spectrum are large bookkeeping firms who charge an average of $75-$100 per hour. Small enterprise bookkeeping is an annoyance for big firms, and you won’t get the level of service you deserve.
Jump to a topic:
- How much should I pay for bookkeeping services?
- Why is the Giersch Group approach a better value?
- What our clients think of our pricing & service
- Cost of a business review & board services
What’s the average cost of bookkeeping services for a small business?
Accounting fees, bookkeeping rates, consulting costs - it all comes down to your money. We offer invaluable services for a reasonable price.
The Giersch Group bookkeeping services cost (on average) $50/hour to evaluate your books and fix the problems we find. Going forward, we’ll work with you to establish an affordable monthly fee for services tailored to fit your business needs.
The Giersch Group is passionate about helping small and family-owned businesses succeed. We work with small business owners all the time. They can afford our bookkeeping services and so you can you.
Contact the Giersch Group today for a free initial consultation and discover the best value in Milwaukee bookkeeping.
How much should I pay for bookkeeping services?
Is your freelance or in-house bookkeeper meeting your needs? Our bookkeeping service delivers consistent quality & enterprise-level financial reporting (& never takes a vacation).
Our clients often ask us: how much should a small business spend on accounting and bookkeeping services?
It’s a difficult question, and there’s no direct answer when it comes to the small business side of things; while one client may request payroll services, others may want help with bill pay, invoicing, or tax compliance.
Basic bookkeeping services for a privately held, owner-operated business under $3M in annual revenue can cost anywhere in the range of $5000 to $40,000 per year depending upon the amount and types of services required.
The most important variables are whether you need full time or part time bookkeeping and whether or not your bookkeeper is being hired as an office manager and administrator. Full-time bookkeepers who perform other office duties can range from $30,000 to $50,000 annual salary (plus benefits).
Many entrepreneurs will outsource their bookkeeping because of the technical nature of financial accounting. Hiring an individual bookkeeper or using a temporary placement service is common, but turnover can be detrimental to the integrity of financial statements. In addition, low cost, hourly bookkeepers often do not have the technical expertise to handle more sophisticated issues like sales tax filings and certain audit procedures.
Every business is unique. We look beyond the average cost of bookkeeping services & create a package with the greatest value for YOUR business.
We surveyed college professors and compiled the research to help our clients budget for bookkeeping services.
Starting with the concept of a business model, you should have an idea of what percentage of revenue you can spend on key areas and still make a profit. Our article What should my business model be? explains how to create a business model and determine what percentage of revenue should be spent on bookkeeping.
Accounting costs for corporations
For corporate businesses, their costs are between 1-2%; many have an in-house accounting/bookkeeping team. Their total accounting costs can vary depending on the number of employees on the team, but each full-time salary can start at $55,000.1
Accounting costs for small businesses
According to accounting and finance professors at the University of Wisconsin-Milwaukee, small businesses can spend anywhere from 5-10% of revenue on bookkeeping, with some spending even more.
For small businesses, they are likely to spend a higher percentage of revenue on bookkeeping and financial consulting costs. Starting with 5-10% of revenue is a good first pass.
Fixing bad bookkeeping
It’s also important to consider how much you’ll need to spend to clean up your books. Often times people come to us after years of neglect.
As an example, if a reasonable monthly payment for doing your books is $500, then cleaning up an entire year of neglect could be in the $5000 range.
The Value of outsourcing
Outsource your bookkeeping & free up time for work only you can do.
It’s crucial to consider the time you save by outsourcing your bookkeeping, as well. According to one survey, the majority of small business owners said they spend more than 41 hours on tax preparation each year.2
Say that you spend 20 hours preparing your annual tax return. If you value your (or your employee’s) time at $50 an hour, the total cost of preparing the return would be:
Cost of preparing tax return = $50 x 20 hours = $1,000 per year
Preparing tax returns is only one piece of the puzzle, and valuable time must be spent on other accounting tasks such as payroll, invoicing, bill pay, and reconciling bank accounts.
Additionally, it’s crucial to monitor your financial statements on a monthly basis, giving you a clear picture of where your business is financially. Spending even 10 hours per month on these items would cost you $500 monthly using the same model above.
Outsourced bookkeeping rates are a worthy investment because it gives your small business a greater chance of success and prosperity. At the Giersch Group, we offer a variety of services in addition to preparing our monthly bookkeeping packages, including business model comparisons and financial statements.
A better approach to bookkeeping
Keeping financial records for a company is a complex process involving many steps. In larger companies, these steps are separated into different roles, and even at times different departments. The benefit of The Giersch Group is that you get a team approach to your financial systems needs for a very reasonable price. The Giersch Group approaches each client with the following team:
Controller: Every client of the Giersch Group is assigned a controller. The controller acts as your own personal account manager. He or she will work with you to make sure that your financials are done correctly and that your monthly report focuses on the areas of greatest concern to you with clear, accurate and timely reporting. It is the job of the controller to oversee the Giersch Group bookkeepers and have access to the Giersch Group CFO as needed to solve more complex, strategic issues.
Bookkeepers: The Giersch Group works with local universities to employ finance and accounting majors to take care of client data entry. Our interns are put through a rigorous application process which includes a brief test with questions from the Certified Professional Bookkeeper exam. Our bookkeepers work under the supervision of our controllers and CFOs.
CFO: Giersch Group CFOs have decades of experience in small business financial systems and reporting. They are able to step in as necessary to handle thorny withholding tax issues and complicated payroll and insurance questions, as well as to give strategic business advice as needed.
The Giersch Group bookkeeping services provide full accrual accounting, accurate reporting and a clear picture of the financial health of your business so you can make better decisions. Schedule your free consultation to find out how our experienced professionals can benefit your business.
What our clients are saying
Waukesha Medical Office
"My husband and I have used Giersch Group for our business and they are fantastic! More then just giving you your books, they teach you how to use and interpret them. I can't imagine NOT using them."
Milwaukee Law Firm
"Our firm uses Giersch Group for both bookkeeping and consulting. They are a bit more expensive than using our part timer, but they are WAY cheaper than paying our accountant to FIX our part timer work. Highly, highly recommend."
Wauwatosa Elder Care Consultant
"In our 4 years working with Peter, our business has tripled... Although we weren't sure that we could afford this sort of assistance when our business was so small, we know now that the reality is that we can't afford not to work with The Giersch Group."
Read more of our bookkeeping & consulting testimonials or contact us for a free consultation today.
Giersch Group Business Review Cost
Affordable bookkeeping for every business
No matter what industry you work in, the Giersch Group provides the best value in bookkeeping:
- Bookkeeping for contractors and construction companies
- Bookkeeping for lawyers and law firms
- Bookkeeping for churches and religious organizations
- Bookkeeping for business startups
- Bookkeeping for nonprofits
- Bookkeeping for restaurants & bars
- Bookkeeping for artists
- Bookkeeping for farmers
- Bookkeeping for salons
- Bookkeeping for photographers
- Bookkeeping for dentists
- Bookkeeping for rental properties
- Bookkeeping for yoga studios
- Bookkeeping for funeral homes
- Bookkeeping for gas stations
- Bookkeeping for the automotive industry
Giersch Group business reviews can range from $2,500 to $8,000 depending upon the size, complexity and purpose of the review.
Giersch Group Business Management Consulting Board Services Fee
The typical fee for board services is $1000 per month, plus mileage and expenses. This can vary based upon the complexity of the business and the necessary work between meetings.
Family-Run Business Board Services Pricing
The cost of our next generation board services is $1000 per month, plus mileage and expenses. The monthly fee may vary based on the complexity of the business and work done between meetings.
Wisconsin Bookkeeping and Consulting Firm with Affordable Rates
The Giersch Group has offices in Milwaukee, Brookfield, and Madison, Wisconsin. We provide flexible professional services to small businesses and nonprofit organizations throughout the southeast Wisconsin including Waukesha, New Berlin, Oak Creek, Muskego, Mequon, Menomonee Falls, Port Washington, Monona, Sun Prairie, Waunakee, Middleton, Cottage Grove and the surrounding communities.
We believe in providing excellent accounting services at a reasonable price. The cost of our bookkeeping and consulting help ultimately depends on the depth and breadth of service. While bookkeeping and consulting are at the heart of our operating strategy, we also offer payroll processing, tax compliance, accounting software training and virtual CFO services.
Every type of business and nonprofit deserves and benefits from professional accounting support. We'll work with you to establish an affordable rate for services tailored to meet your business needs.
Contact the Giersch Group online to get a free consultation and personalized quote for our services.
- Payscale - https://www.payscale.com/research/US/Job=Corporate_Accountant/Salary
- Accounting Today - https://www.accountingtoday.com/opinion/the-burden-of-accounting-and-taxes-on-small-business
- CFO - http://ww2.cfo.com/operations/2015/05/metric-month-total-cost-finance-function/