Welcome to In the Trenches MBA! In this video, we’re gonna talk about bookkeeping. What does it entail, what does it cost and what is your true cost of doing it yourself.
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How do I know It’s time to get help with bookkeeping?
What Does Bookkeeping Entail? (0:13)
• Systems
• Invoicing
• Collections
• Receipts
• Payroll
• Getting Ready for Taxes
• Knowing Where Your Money Goes
• Budgeting
• Reconciliation
• Categorizing Income and Expenses
What Does Bookkeeping Cost? (0:36)
• 45$ per hour and u Depending on the needs for your business.
• Monthly Plans are Available
• Setup fees are so a company can learn your needs.
• Cleanup fees are used to get you up to date and start clean with your new person.
Opportunity Cost…(1:28)
Example and Formula
• What is your hourly billable rate? _____
• How many hours do you spend on bookkeeping monthly? _____
• How many new clients or prospects could you get if you spent that time prospecting? _____
• Billable Rate x Hours = Cost
• Prospect x 12 months = Lost Clients
Doing your own bookkeeping is costing you how much?
Cost + Lost Clients = It’s time to hire your paying a non-professional how much?
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