Bookkeeping is the foundation for a successful business in New York. Maintaining accurate records is the first step toward creating compliant records and making informed decisions. Reports illustrate that the hourly wage for an average bookkeeper in New York is $26.60/hr, and full-time bookkeepers reported average salaries between $44,900 and $62,900, depending on experience level and growth opportunities.
Online bookkeepers and accounting platforms allow for workflow efficiency, lower infrastructure costs, and often faster turnaround. Today's decision-makers must assess the advantages and disadvantages of hiring a bookkeeper online in New York as well as using a traditional local accountant or bookkeeper to make the right decision for their New York company.
What Does a Bookkeeper in New York Do?
The Fino Partners’ bookkeeper in New York do essential financial recordkeeping and reporting, which typically looks like this:
- Tracking and categorizing revenues and expenses
- Preparing reports for monthly, quarterly, or annual submission
- Managing accounts payable and receivable, collections
- Processing payroll and applicable deductions
- Reconcile suppliers' accounts, bank statements, or credit card statements
A bookkeeper's work aims to assist low-financial-literacy business owners in complying with their tax and legal financial formalities, as well as to operate their business at low risk for cash flow.
Is Online Bookkeeper in New York The Future?
Online bookkeeping services are increasingly trending in New York. All bookkeeping services have qualified professionals who work remotely and enjoy the increased use of digital accounting tools to complete bookkeeping services. For businesses, the attractive features of using online services include:
- Access 24/7 to accounting records with secure dashboards
- Complete automated accounting, tracking, and reporting for accounting compliance.
- Reduced cost due to no on-site office overhead
Online bookkeeper services are an attractive combination of convenience and expertise, if relied on for business compliance report outcomes with the same (or more) reliability than an on-site support.
In-Person Bookkeeper in New York: The Original Approach
Traditional (local) bookkeepers, who offer in-person, client-direct sourcing of the client experience, still have a place in the marketplace, while their guidance remains unique, and monitored business owners want face-to-face meetings, many for the comfort of trusted/client in-person contact.
Benefits of in-person bookkeeping services:
- Directly communicating, cross-supporting, and trusting the relationship manager
- Industry-specific advice is unique to a specific sector or occupation
- Full on-site support for audits or other specific engagements or assignments
While this approach is often more costly, it brings peace of mind to business owners who value personal interaction.
Pros & Cons: Hire a Bookkeeper Online vs. In-Person in New York
Understand the pros and cons of online and in-house bookkeepers in New York with The Fino Partners:
Online Bookkeeper in New York - Pros
- Affordable: Usually, online bookkeepers will charge lower fees because of lower office overhead, and their work process is streamlined.
- Convenient scheduling: Work is completed after business hours and without limits on where the work is done.
- Timely turnaround: With automation software, transactions and reporting can happen quickly.
- Scalable: As your business grows, you can easily adjust the services you need from basic bookkeeping to a full payroll.
- Secure remote solutions: Cloud systems can provide encrypted storage and ease of sharing.
Online Bookkeeper in New York - Cons
- Less physical presence: May not be an appropriate fit for anyone whose job is hands-on or entails secure tasks that must be done in person.
- Possible breakdown of communication: The reliance on online channels may impact the quality of communication in complex discussions.
- May not have local knowledge of regulations: Some tasks require knowledge of New York-specific mandates and laws; confirm your online provider is either local or qualified.
In-House Bookkeeper in New York - Pros
- Personal connections: Meeting face to face helps with trust and understanding.
- Industry specializations: Many in-person bookkeepers train and develop further knowledge of special needs for the region (New York City taxes, state payroll).
- On-Site assistance: Providing immediacy when there are office events, audits, or a need for assistance with more complex reconciliations.
In-House Bookkeeper in New York - Cons
- Higher costs: This option can be more expensive for work that will be ongoing due to office visits, travel, and local rates.
- Less flexibility: Scheduling and return times are tied to location and availability.
- Slower technology integration: Connect to the previous point, some local bookkeepers may use older systems that could limit faster workflow.
Project vs. Monthly Payment Structures
Many bookkeepers in New York provide flexible payment terms:
- Monthly retainer: Useful for businesses that have ongoing requirements, for which they do not know the time requirements at the time of the monthly agreement; covers only the number of hours per month, which is agreed upon in the plan.
- Per project: Good for audits, tax filings, or one-off financial engagement; depends on complexity and duration of the project. Most online bookkeepers prefer a monthly flat fee for ongoing requirements.
Local bookkeepers can be a bit flexible with payment terms, especially for one-off projects or seasonal work.
Are Online Bookkeepers Cheaper?
In general, hire a bookkeeper online in New York at low-cost because they do not incur travel, real estate, and other hidden expenses. Billable hours from in-person bookkeeping chargeable to the client's account for travel and real estate, plus profitability. Online bookkeeping can also scale quickly up or down for larger or smaller client counts and can offer low-bookkeeping rates while maintaining good service.
How Technology is Impacting Bookkeeping in New York?
Currently, online bookkeeper in New York uses QuickBooks Online, Xero, FreshBooks, and other similar accounting software to not only track clients' income and expenses through saved invoices, expenses, and receipts, but can now:
- Track their clients' paid/validated expenses with automated expenses from bank data to books.
- Utilize payroll systems or payroll integration software (Gusto, ADP) to complete simple payroll tasks.
- Provide online secure dashboards for client access to real-time viewing of their bookkeeping.
- Provide clients with mobile access to their records and reports anywhere in New York.
Technology is creating opportunities to ease accounting experiences and timelines to make it a lot faster and safer.
How to Decide: What’s Best for Your New York Business?
Consider the size of your company, your industry, your budget for bookkeeping, and the complexity of the bookkeeping you need:
- Small, startup companies: Generally good candidates to use online bookkeepers because of cost and flexibility
- Established companies: Might prefer to work with in-person providers, especially when the sector is regulated or if there is local payroll complexity
- Growth stage companies: Are increasingly utilizing hybrid bookkeeping solutions (some online and some local).
Before you hire a bookkeeper online in New York, evaluate their credentials online, ask about past experience in your local area, and verify that their technology systems will work for your needs.
Compliance & Security: Why It Matters
Whether you hire an online or local bookkeeper, make sure to ask:
- Are you in compliance with IRS Audits and New York state compliance?
- Do you use encrypted financial systems for sensitive information security?
- Do you use transparent reporting and record keeping?
- Do you carry your professional certifications?
These policies will protect business owners and, in the end, will make audits and funding easier down the road.
The ultimate question of whether to hire a bookkeeper online in New York or local bookkeeper is a key decision to make for your NY business. Online bookkeeping services are popular because they provide speed, scalability, savings, and convenience, and work well for many businesses with modern needs and wants.
Related Resources
- The Rise of Virtual Bookkeepers in New York: Trends and Insights
- Top Mistakes to Avoid When Hiring a Bookkeeper Online in New York
- Should You Hire a Personal Bookkeeper in New York? Managing Finances Made Simple
Traditional local bookkeepers, on the other hand, provide small businesses a personal business relationship, a local feel, and support focused on the people, rather than on the technology of bookkeeping. At the end of the day, you need to consider your company's needs, budget, and preferred level of service when you choose a bookkeeper in New York.
Contact The Fino Partners to hire online bookkeepers in New York for your needs.
