One of the most frequently asked questions we receive is, “how much does an OJO bookkeeper cost?” It’s a completely valid concern, and we hate to give you a wishy-washy answer, but it really, truly depends.
Just as every client is unique, there are many different variables that come into play when calculating their bookkeeping needs.
And aside from the actual cost, we know that the underlying question is, “Is this worth my investment?”
Let’s dive deeper into what constitutes an OJO bookkeeping experience so that you have a clear understanding of where your hard-earned money is going, and why it’s worth every penny!
More than just data entry
OJO Bookkeeping goes way beyond simple “data entry.” Of course, it’s a necessary part of the job, and may be billable for “X” number of hours, but it’s just one small aspect of our work. Your OJO bookkeeper becomes an extended part of your team, learning the ins and outs of your properties, owners, tenants, and processes.
Additionally, our bookkeepers are not just generalists. They are extremely experienced in all aspects of property management and know the specific nuances of how to best service this industry. Plus, as pros with Appfolio, Buildium Rentvine, and Quickbooks, our bookkeepers can do your books as fast or faster than you can.
Customized services for your business
From day one, your bookkeeper is ready to hit the ground running. Therefore, you may have them doing things like financial reporting, recording payroll transactions, paying utilities, etc.
Our service is not a “black hole” that you drop standardized paperwork into and hope the right answer comes out the other side. Your bookkeeper uses their experience along with the knowledge they gain about your processes and procedures to be a fully-functional member of your team.
That being said, you’ll need to determine what the scope of your work will be.
In order to estimate how much time your OJO Bookkeeper will spend working for you, many factors must be considered.
You may consider some or all of the following:
- 3-way bank reconciliations for state regulatory compliance
- Inputting & paying bills
- Recording rent receipts and bank deposits
- Owner statement processing
- Research bookkeeping issues with vendors, HOAs, etc
- Create new properties in Appfolio/Buildium/Rentvine
- Process tenant move-ins and move-outs
- Process tenant late letters
- Process tenant NSF
- Record bank deposits
- Initiate and do initial review of owner statements
- Process year end transactions, including owner & vendor 1099s
- Process and review management & leasing fees
- Process rent increase letters to tenants
The sky’s the limit in what an OJO Bookkeeper can do for your company! Customize away!
Within each of the above, there may be many variables from company to company.
For example, let’s look at bill processing alone.
- Will all bills come to OJO combined in a single PDF that must be broken apart into individual PDFs, or will each bill already be in individual PDFs?
- Do all of the bills align with existing work orders in Appfolio/Buildium/Rentvine?
- Does your OJO Bookkeeper need to occasionally create a work order to match the bill that was received? If so, does your OJO Bookkeeper need to communicate with the property manager to be sure it’s a real/approved bill?
- Is each bill clearly labeled (if it’s also to be billed to the tenant)? If not, your bookkeeper needs to research the responsibility of many bills.
- For example, when a utility bill is received, does it overlap a tenant’s occupancy? How many days does it overlap? Your OJO Bookkeeper may need to divide the bill between the tenant and owner. Did the tenant flush marbles down the toilet or was there a problem with the main plumbing line?
- Does the bill have a previous balance? Many times utility bills arrive with a previous balance and therefore your OJO Bookkeeper will need to research what the actual amount due is. This may require calling the utility or vendor for clarification and/or research, and let’s not forget how long we can be put on hold with the utility companies!
- Is your OJO Bookkeeper paying bills in Appfolio/Buildium?Rentvine or just entering the data into the software?
- Is your OJO bookkeeper authorized to pay all of the bills as needed or do they need to coordinate with the property manager for approval?
- How often do you pay bills from Appfolio/Buildium/Rentvine? Weekly? Every 2 weeks? Each payment batch takes additional time to process.
- Are you paying bills with physical check stock or through Appfolio/Buildium/Rentvine’s e-check system,.or via ACH? Each has a different process with OJO and takes a different time to process.
This is just the tip of the iceberg, there’s so many more things to consider!
Summing it all up
As you can see, no two property management companies’ processes work the same, or even close to the same. And, therefore, your company’s bookkeeper will take a completely different amount of time to complete work based upon your particular way of doing things. We hope our examples will give you a jumping-off point, though. Our goal is to make this easy for you by removing your bookkeeping work load. When you let the OJO bookkeeper flex their expertise, it allows you to focus on yours – property management! Plus, having the peace of mind that your bookkeeping is being done with meticulous care and attention to detail is worth its weight in gold. We offer free consultation calls to take a deeper dive into your specific bookkeeping needs. From there, we can give you a more concrete idea on pricing and scope of work. Schedule yours today!