Bookkeeping cost?

[cldemott]

Does anyone have a ballpark idea of the cost to have my bookkeeping set up for me on QuickBooks? We have 4 properties, and I have all the reciepts for last year chronologically kept in separate folders, catagorized already. Just wondering what the cost might be to have someone take the job off my hands. Thanks for any ideas !

Linda

 

[Thomas Beyer]

QUOTE (cldemott @ Mar 20 2010, 12:56 PM) Does anyone have a ballpark idea of the cost to have my bookkeeping set up for me on QuickBooks? We have 4 properties, and I have all the reciepts for last year chronologically kept in separate folders, catagorized already. Just wondering what the cost might be to have someone take the job off my hands. Thanks for any ideas !

Linda
$25-$30/h

first time maybe $5000 to $8000 due to setup .. then maybe 1-2 days/month or $300 to $400/month or so ..

As a serious investor (if you intend to grow) you should focus on TWO things only:

a) finding decent deals which is very time consuming, and is hard to delegate
b) finding money partners/investors which is also time consuming and hard to delegate at first

Rest should be done by others i.e. delegated !

Property management, accounting, legal, painting, fixing leaky roofs or toilets, putting ads in etc. falls into that category !

 

[cldemott]

Thanks Thomas! Didnt realize that initial cost would be quite that high.... maybe I should set it up myself, then pass it on.

Linda

 

[Nir]

Thomas is somewhat close, I guess he pays more for good service though (not only on bookkeeping), in line with the size of his business and the fact he delegated finding good deals (on services not properties) to others! hence you can do better price-wise on an individual basis.

here is an estimate you will not get any where else, meaning not to be found in books: bookkeeping cost/mo =~ 3% of the rent/mo. Regards, N.

 

[cldemott]

Thank you so much! I just needed somewhere to start with affording this service and I had no idea how much I would expect to pay. You`ve been a great help! Thanks again!

 

[Thomas Beyer]

QUOTE (cldemott @ Mar 20 2010, 01:22 PM) Thanks Thomas! Didnt realize that initial cost would be quite that high.... maybe I should set it up myself, then pass it on.

Linda
I assumed a one year back log .. if current then maybe 2-3 months average cost ..