Running a small business in a big city like Chicago involves juggling clients, workers and budgets. Among the biggest questions small business proprietors ask is - "How much to hire a bookkeeper in Chicago?" The answer is dependent upon your business size, services you require and whether you require somebody in-house or online.
The cost of bookkeeping services is among the top concerns when selecting bookkeeping support, and here at The Fino Partners we understand that. In this article, we will discuss what determines the cost of bookkeeping services in Chicago and the way to determine what is best for your company.
What Does a Bookkeeper in Chicago Actually Do?
Before we get into the cost, first let's discuss what a bookkeeper does. A bookkeeper records and organizes your financial data, such as:
- Income or expenses.
- Invoices & bills.
- Payroll processing.
- Bank or credit card transactions.
- Monthly reconciliations.
They get your books correct and clean for your accountant at tax time. In case you operate a small business, a good bookkeeper understands where your cash is going and just how your finances are operating.
At The Fino Partners, our clients frequently ask us how to hire a bookkeeper and we always tell them that, look for someone who understands numbers and your business type clearly.
How Much Does It Cost to Hire a Bookkeeper In Chicago?
Let us now understand how much bookkeeping costs in Chicago :
1. Hourly Rates
Hourly rate bookkeeper charges on average:
- Freelance bookkeepers charge $25-$50 for basic bookkeeping and $60-$100 for advanced services.
- Certified bookkeepers or those with experience charge $75 or more an hour.
For instance, a 10 hour part-time bookkeeper at $40/hour would cost $ 400 monthly.
But keep in mind, seasoned bookkeepers generally perform quicker and make less errors, saving you cash in the end.
2. Monthly Packages
Some bookkeeping services provide fixed monthly packages based on your business. Bookkeeping packages Chicago might include:
- Basic services - $300 to $800 per month.
- For much more complex businesses - $800 to $1,500 a month.
The monthly packages are popular because they're predictable. You are aware of how much you will pay every month, making budgeting less difficult.
3. In-House Bookkeepers
Hiring a full time, in-house bookkeeper costs much more but might be needed for bigger companies. The typical wage of a full time bookkeeper in Chicago is:
- Around $40,000 and $60,000 yearly.
- Plus health & wellness, paid leave & office space.
Most small businesses don't require a full time bookkeeper, which is the reason outsourced bookkeeping is very popular.
Comparing Costs: Chicago vs Other Cities
Chicago’s rates are fairly average compared to other major U.S cities. For instance:
- Bookkeeping cost New York: Often $100+ per hour due to higher living expenses.
- Smaller U.S cities: $20–$40 per hour for basic services.
Chicago sits in the middle, offering competitive rates but also a wide pool of qualified professionals.
What Affects the Cost of Hiring a Bookkeeper?
Why is the price range so huge? The primary factors that impact the price of employing a bookkeeper:
1. Size of Your Business
More transactions = more time = greater expense. A bakery with 30 monthly transactions will pay less than an online store taking hundreds of orders.
2. Type of Industry
Some industries (like law, construction, or medical) have special regulations and compliance requirements. A bookkeeper with industry experience may charge more but give greater value.
3. Services You Need
Do you simply need basic data entry & categorization? Or do you additionally need payroll, billing, bill payments and monthly reports? More services mean more cost.
At The Fino Partners, we ask business owners how much assistance they're comfortable with before we suggest how to employ a bookkeeper.
4. Software Used
If you currently use QuickBooks online , Xero or Zoho Books this can make things easier. But when everything's still on paper and in Excel, your bookkeeper might charge more to clean your books.
5. Frequency of Service
Need weekly, bi-weekly or monthly updates? More frequent service means more work, expect to pay accordingly.
In-House vs Outsourced Bookkeeping - Which Is Better?
Most small businesses do not require somebody full-time. Outsourced services are cheaper and more flexible. By hiring a bookkeeper from The Fino Partners, you could :
- Scale up or down as your small business grows.
- Avoid paying payroll taxes or benefits.
- Get access to experts without signing a full time contract.
- Pay for all the services you utilize.
And as your business grows, we can modify your bookkeeping package without needing a full hiring procedure.
DIY vs Professional Bookkeeping
Some business owners attempt to do the books by hand with software like QuickBooks or Wave. This works for a short while but can result in:
- Missed tax deductions.
- Financial reports being confused.
- Errors which are expensive.
- Stress & wasted time.
Think of your hourly rate. If your time may be worth $50/hour and you do 10 hours per month bookkeeping, that is $500 of your time. Hiring a pro may cost exactly the same, however the job is completed quicker, more precisely and with less anxiety.
Signs You Need to Hire A Bookkeeper in Chicago
Still unsure how you can employ a bookkeeper or if you require one in Chicago? These are indications you should quit doing it yourself and hire an expert:
- You're behind on taxes or books.
- You do not know your monthly profit/loss.
- You're wasting time on admin stuff.
- Your accountant says your books are messy.
- You would like to grow or take a loan.
If all of these seem familiar, you may want to contact The Fino Partners.
Why Choose The Fino Partners
We at The Fino Partners provide Chicago small businesses low-cost bookkeeping services. We develop services for you to match your requirements whether you're just getting started or even currently scaling.
We offer:
- Bookkeeping packages at a reasonable cost.
- Online access for convenience.
- Local knowledge on Chicago small business regulations.
If you have been looking for "How much to hire bookkeeper Chicago" we have the answers & assistance you require.
So if you are thinking, “How much will it cost to hire a bookkeeper in Chicago?” The answer depends on your business size, requirements and whether you go with an in-house or online service.
Related Resources
- How to Hire a Bookkeeper For a Small Business in Chicago
- Hiring a Bookkeeper for Personal Finances in Chicago: Is It Worth It?
- Signs Your Chicago Business Needs to Hire a Bookkeeper Now
The trick for small companies would be balancing quality and cost. Explore online solutions like these from The Fino Partners to save money and keep your books in great shape.
