Select Page

Book-keeping

Exit forum ID Forum Discussion Book-keeping

This topic contains 8 replies, has 2 voices, and was last updated by   Drew Ruebbelke September 26, 2018 at 4:22 pm.

Viewing 9 posts - 1 through 9 (of 9 total)
  • Author
    Posts
  • #4995

    Christopher Stepien
    Participant

      Hi All,

      My book-keeper charges $65/hour. Recently, they’ve been spending about 11 hours on my books.

      Then, a controller, at $165/hour will check the books for 2 hours.

      I’ve been paying about $1000 per month on books.

      This feels like too much.

      Do your book-keepers spend this much time on books?

      Do you have a controller as well?

      #4997

      Ryan Pribble
      Participant

        Chris that seems like way too much. I pay a good accounting company $445/month to do my books, payroll plus other tasks like work comp audits, etc..

        #4998

        Christopher Stepien
        Participant

          Can you give me the contact info for your company Ryan?

          TY for commenting.

          #4999

          William Brady, DC
          Participant

            Huh? Please tell me ‘bookkeeping’ includes some form of insurance billing? What does your bookkeeper for for 4 hours per week?

            We are running a service business. There is no inventory, spoiled goods, large write offs etc. Outside of insurance, the end of each week or month is just total revenue minus total expenses. You probably have a dozen or so recurring expenses (rent, payroll, education, utilities…) none of which require any fancy accounting.

            Your bookkeeper should take your bills, statements and checking info and just do some simple math and put it into general categories. 2-4 hours per month would be about right. You look it over and sign off.

            I’m curious what other providers are doing?

            #5000

            Brandon Cohen DC, CSCS
            Participant

              I do most of it all by myself, I don’t find it too complicated, and like to know where the money is anyhow.

              I use Intuit payroll online (~$34/mo) where I login every two weeks, check over timesheets and make sure people get paid. I get paid on the monthly, but salary, so no timesheets to review. They take care of calculating taxes, forms and what not for employees, I just cut the check and click, “submit forms.” Takes maybe 30 min/mo.

              I pay most expenses off my business credit card, so I have to go through that once a month to put things into categories, maybe an hour. Other payments (rent, utilities, etc.) that don’t go on my card are auto debit.

              I then reconcile my accounts in my accounting software once a month, maybe 2 hours depending on how organized I’ve been throughout the month. All receipts go into an envelope for the credit card pay period, and some of that time is spent printing off receipts for online purchases.

              All income is either through the credit card, cash, or checks that get deposited regularly and posted to the online banking.

              Quickbooks costs something, and the payroll, but otherwise its just my time going through things that are somewhat interesting and valuable for me to know anyway. I meet with my accountant every once in a while and make sure things look legit, but that’s about it.

              #5001

              Ryan Pribble
              Participant

                It’s Root Advisors, Root.com. Gwen would be the person to contact. Gshields@root.com

                #5002

                Eric Lambert, DC
                Participant

                  Dr. Brady has the correct thought on this… “huh?’”

                  What are you doing paying an accountant even $500 a month? What are they doing for you? I’ve been paying my accountant to do my payroll, wc audits, and taxes for years and don’t spend $2000 for this service in 6 months. I pay all my other bills; rent, electric, phones, etc, by check, online deposit, PayPal or credit card. I use a program like quick books to keep track of my expenses and it takes me maybe a couple hours a month to deal with everything.

                  I definitely think you guys are paying too much.

                  #5003

                  Matthew Ellerbrock

                    My brother is a CPA and doesn’t advise doing it yourself (at least payroll and taxes) mainly because of super salty penalties if your a day late on things with our government. So he knows me well enough to know it could happen. Brandon is in the wild west of California where the govt is all loosy Goosy and leaves everyone alone most of the time. (insert sarcasm).

                    I pay a bookkeeper $125/month and she is great. Monthly reports (P and L, balance sheet) and she quickly learned my normals and pretty much leaves me alone as long as I explain any unusual expense.

                    Payroll is another $100/month. They make sure all my W-2’s are done as well as taxes paid and they send in my retirement as well.

                    Of course my brother makes sure my taxes are prepared for the cost of gratis tx for his family, with two state qualifying CC runners and now as he gets older and has sat at a desk for 30 years is looking like a better deal for him all the time.

                    I hope you get really neat color reports with graphs and shit for all that money Chris?

                    Great question though. I always wondered what our normal was since I have heard #’s all over the place.

                    Also it’s worth noting I do have an S-corp in place and pay myself a ‘reasonable’ salary, the rest comes as income as an owner, not subject to FICA taxes. Highly advise that.

                    #5004

                    Drew Ruebbelke
                    Participant

                      That definitely seems high Chris, but I think the problem is that they’re charging hourly instead of the for the result. Also, I’ve never even heard of a controller. That sounds to me like a middle man for a middle man. Not sure if that’s necessary unless required by law in your state. We ran into similar billing issues with our CPA. By charging hourly, some months we had no expenses, some months several hundred dollars. We had a discussion with him that what we’re interested in paying for is the result(everything being categorized in the partnership correctly, P & L’s quarterly, etc.). We came to the agreement that if he wanted to spend 7 hours on something that’s fine, but not on our dime. We now get charged an even $250/month.

                      I do our payroll through Gusto(formerly Zen Payroll). It’s $45/month then $5/month for each person who works there. Total is $60/month. They also make sure we’re compliant with worker’s comp insurance, send reminders for when it’s time to run payroll, and file everything with the government on time for free.

                    Viewing 9 posts - 1 through 9 (of 9 total)

                    You must be logged in to reply to this topic.