Employing a bookkeeper in-house can be expensive. That cost is not just comprised of salary (see chart below), but the other direct costs such as employer payroll taxes, workers compensation insurance, medical insurance, retirement plans and other benefits such as paid time off. Don’t forget the time and expense involved to place classified ads, as well as interview, screen, test and train an employee.
Don’t forget the time and expense involved to place classified ads, as well as interview, screen, test and train and employee. Office space and furniture used for in-house bookkeeper can now be used for other core operations. Purchases of software and equipment needed for bookkeeping functions.
The median expected salary for a typical bookkeeper in the United States is $39,036. This basic market pricing report was prepared using a Certified Compensation Professionals’ analysis of survey data collected from thousands of HR departments at employers of all sizes, industries and geographies.
A company must consider federally mandated costs for employees, such as Social Security, unemployment insurance, worker’s compensation and Medicare. For each employee, a company should plan to spend 8.3 percent of the employee’s salary on these legally required expenses. $39,036 x .083 = $3,239.99.
Employers pay workers for vacations, sick time and holidays, which cost the company a day’s pay for each employee. The Bureau of Labor Statistics (BLR) reports that in private companies, paid time off accounts for 6.7 percent of an annual salary. $39,036 x .067 = $2,615.41.
Employers offer health insurance to attract and retain skilled and talented workers. In addition to health insurance, companies may offer life insurance and disability insurance, as well. The cost to employers for insurance is 8 percent of the employee’s annual salary, according to the BLR. For a worker making $50,000, the cost of insurance to the employer is $8,000. $39,036 x .08 = $3,122.88.
Employers offer retirement benefits, such as 401(k) or pension plans. The cost to the employer for retirement benefits is 3.6 percent of an annual salary. Also, companies may match an employee’s contribution to a retirement savings plan. $39,036 x .036= $1,405.30.
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