Bookkeepers generally charge between $30 and $100 per hour for reconciliation services, with many averaging $25–$60 per hour for basic, small-business tasks. Monthly, this service often falls into packages ranging from $150–$300 for solo entrepreneurs to $300–$2,000+ for larger, more complex businesses needing frequent, detailed reconciliations.
That's why your firm needs to know exactly what you are going to record and track. To do that, ask your clients questions like how many accounts they have and how many deposits they make per month. With this approach, you should ideally charge anywhere between $0.50 to $1.25 for each transaction.
Bookkeepers and small business owners managing their own books need to accurately record each expense and source of income to understand their true financial situation. Bank reconciliation is one of the key processes of effective bookkeeping that requires attention to detail.
Many bookkeepers charge an hourly rate. This averages around $25 to $100 per hour. This all depends on things like their education, work experience, and the tasks they are expected to perform on the job, in addition to standard accounting functions.
That kind of policing is not possible without routine checks on the balance of the account as well as investigation into any transactions that do not reconcile properly. In general, all businesses should do bank reconciliations at least once a month.
Among the most important tasks of a financial bookkeeper is maintaining your essential reports. The types of financial statements you'll assign to a bookkeeper include: income statements, balance sheets, cash flow statements, and statements of owner's equity.
How to reconcile a general ledger: Step-by-step guide
The term "full charge" means that these bookkeepers manage all of the business's accounting needs. Besides the typical task of maintaining the business ledger, these bookkeepers prepare financial statements and tax returns, record complex transactions and process timesheets and payroll.
Bookkeepers normally reconcile accounts such as accounts receivable and accounts payable. Receivables are reconciled to individual customer accounts, and payables are reconciled to individual vendor amounts. But if such reconciliations aren't performed every month, perform this procedure before closing your records.
The 4 key steps of successful expense reconciliation
A bookkeeper primarily records and organizes financial transactions (like data entry, invoicing, payroll setup), but cannot provide strategic financial analysis, offer tax advice, conduct official audits, make financial decisions for the business, or file taxes (unless they have special certifications like an EA or CPA). Their role ends at data compilation, whereas accountants interpret that data for bigger picture strategy, forecasting, and high-level compliance.
Not Chasing Late Payments. Failing to Keep Relevant Receipts. Carelessness When Bookkeeping. Combining Business And Personal Expenses. Using Manual Accounting Systems.
13 Things Bookkeepers Do For Small Businesses
The three golden rules of accounting are to (1) debit the receiver and credit the giver, (2) debit what comes in and credit what goes out, and (3) debit expenses and losses, credit income and gains. What are the three types of accounts? The three golden rules of accounting apply to real, personal, and nominal accounts.
After all, as a busy entrepreneur or SME owner, you have more urgent priorities demanding your attention. However, skipping reconciliation or putting it off until “later” can result in costly consequences that affect your profitability, compliance, and overall business growth.