Should You Consider Hiring a Bookkeeper for Personal Financial Organization?
As the title suggests, I’m pondering whether it’s excessive to hire a bookkeeper for personal financial and tax organization, even if I don’t run a business.
I struggle with administrative tasks due to my ADHD. Could a bookkeeper help me establish a straightforward system to keep track and prepare for financial or tax-related events?
Additionally, what’s the typical cost range for this type of service?
One response
Hiring a bookkeeper can certainly be beneficial even if you don’t own a business, especially if you struggle with managing your finances due to ADHD or other reasons. Here’s a breakdown of how a bookkeeper can assist you and what you might expect to pay for such services:
Benefits of Hiring a Bookkeeper:
A bookkeeper can help you maintain organized records of your income, expenses, and any other financial transactions. This can make it much easier to track your financial situation and ensure nothing is overlooked.
Tax Preparation Assistance:
While a bookkeeper does not replace a certified tax professional or CPA, they can help you gather and organize the necessary paperwork and documentation needed for tax preparation. This can include tracking deductible expenses and ensuring you have all necessary receipts and records for tax filing.
Budgeting and Financial Planning:
They can assist in creating a budget that reflects your financial goals and provide regular updates on your spending so you understand where your money goes every month.
System Development:
Bookkeepers can establish simple systems tailored to your needs for tracking finances, such as setting up and managing spreadsheets or using financial software for easier tracking of expenses and income.
Regular Financial Reviews:
You can schedule regular check-ins with your bookkeeper to review your financial situation and adjust your plans as needed, which can help alleviate anxiety or confusion over your financial standing.
Supporting ADHD Challenges:
Costs of Bookkeeping Services:
The cost for Bookkeeping services can vary depending on several factors including location, the complexity of the work needed, and the experience of the bookkeeper. Below is a general range to consider:
Flat-Fee Services: Some bookkeepers offer flat-fee packages for basic services such as creating a financial system or setting up initial records, which might range from $200 to $500 as a one-time service.
Hourly Rates: Bookkeepers often charge hourly rates, typically ranging from $20 to $60 per hour depending on experience and location. Experienced bookkeepers in urban areas may charge more than those in rural areas.
Retainer or Monthly Fee: If you require ongoing support, you might find bookkeepers who offer a monthly