The Cost of Hiring a Part-Time Accountant Bookkeeper for a Small Nonprofit
If you run a small nonprofit organization, you know the importance of maintaining accurate financial records. However, if you don’t have the expertise or time to handle your organization’s accounting and bookkeeping needs, hiring a part-time accountant/bookkeeper may be the solution. But how much does it cost to hire such a professional for your nonprofit? Let’s take a closer look at the factors that can impact the cost.
Factors Affecting the Cost
Several factors can affect the cost of hiring a part-time accountant/bookkeeper for a small nonprofit. The complexity of your organization’s financial needs, the location of your nonprofit, the experience and expertise of the accountant/bookkeeper, and the number of hours needed each week are all factors that can impact the cost.
In general, part-time accountants/bookkeepers charge hourly rates for their services. According to the Bureau of Labor Statistics, the median hourly wage for bookkeeping, accounting, and auditing clerks is around $20.35. However, this rate can vary significantly depending on the accountant/bookkeeper’s experience, location, and the specific services they provide.
Experience and Expertise
The experience and expertise of the accountant/bookkeeper you hire will also impact the cost. A professional with advanced certifications and years of experience may charge a higher hourly rate than someone who is just starting out in the field. However, it’s important to remember that the expertise of the accountant/bookkeeper can have a direct impact on the accuracy and quality of your organization’s financial records.
The location of your nonprofit can also affect the cost of hiring a part-time accountant/bookkeeper. In general, professionals in larger cities may charge higher rates than those in smaller towns or rural areas. It’s important to consider the cost of living in your area when budgeting for accounting and bookkeeping services.
The specific services that your nonprofit needs will also impact the cost of hiring a part-time accountant/bookkeeper. For example, if your organization requires more complex financial reporting or assistance with budgeting and forecasting, you may need to hire a professional with specialized expertise, which can increase the cost.
Number of Hours
Finally, the number of hours per week that you require the accountant/bookkeeper to work will impact the overall cost. Some organizations may only need a few hours of assistance each week, while others may require a more substantial time commitment. It’s important to clearly communicate your organization’s needs and expectations with the accountant/bookkeeper to ensure that the cost is aligned with the services provided.
Hiring a part-time accountant/bookkeeper for your small nonprofit can be a valuable investment in the financial health and stability of your organization. While the cost of these services can vary depending on several factors, it’s important to consider the expertise, location, and specific needs of your nonprofit when budgeting for these services. By carefully evaluating the cost and benefits of hiring a part-time accountant/bookkeeper, you can ensure that your nonprofit’s financial records are accurate and up to date, allowing you to focus on your organization’s mission and impact.