Understandably, you’re tired of managing your business expenses. Things will only get more complicated as your daycare startup continues to expand. There is immense potential for daycare centers and preschool childcare setups because people are busier than ever, but parents still want the best for their kids. This is where your invaluable services come into play.

You should be focused entirely on providing the best daycare services possible.

Leave the expense management stuff for those who’re trained in this regard. But before hiring a bookkeeper for your business, it is important to understand the prevalent market trends in this regard. In this article, you’ll learn the cost of a bookkeeper for their services and what your options are in this regard.

Carefully weigh the pros and cons of hiring an in-house professional or outsourcing the work to a freelancer before you decide.

Cost Of a Bookkeeper For Your Daycare Business

The exact cost of a bookkeeper varies among businesses depending on the nature of operations, the size of the company, and the extent of the services required. Usually, professionals can charge $20 per hour on average for their services. An in-house bookkeeper may cost you anywhere between $18 to 23 per hour. But this is merely a general estimate.

If you decide to outsource your finance management, the cost may be as little as $99 per month (minimum) but is usually more than this base rate. However, you will have to give up on several perks that only an in-house professional can deliver. Both options are solid, and businesses choose one or the other based on their position and requirements.

How Much Do In-House Bookkeepers Cost?

An in-house professional, as mentioned earlier, will charge $20 per hour on average, but the exact rate will depend on the education level of the bookkeeper, experience, the extent of work needed, and the nature of your business. Plus, you will also have to decide whether you want a permanent bookkeeper or a part-time employee.

On top of the basic pay, you’ll also have to deal with some extra expenses such as training them (if they are inexperienced or unacquainted with your industry-specific details), employee benefits, and paid-time-off (sick leaves, etc.)

Business owners seeking more extensive services are usually willing to cover these costs.

How Much Do Outsourced Bookkeepers Cost?

For low work volume, however, business owners look for freelancers to outsource finance management. A minimum of $99 per month, but more likely, a bigger sum, will get you an accounting team, complete access to your financial records, and monthly reconciliations.

This option works best if the work volume is low and note that the rate will also depend on the amount of work you have for the bookkeepers.

Bottom Line

Your decision should be based on the needs of your business. You need a professional who is well acquainted with the type of financial software you use, if you do already have one, be aware of the industry-specific information for daycare businesses and be able to secure tax concessions for you to boost revenue.

Be sure to ask industry-specific questions during the interview process to screen candidates. Click here for a list of questions.