Finding the right bookkeeper will be a piece of cake if you follow our recommendations. This article will reveal the top 10 things to know about New Mexico bookkeepers and bookkeeping, so let’s get into it.
1. How Much Do New Mexico Bookkeepers Cost?
The costs vary depending on your bookkeeper’s expertise, services, hiring duration, or the software’s price if you’re looking for software to help you with your bookkeeping.
Depending on the type of software you need, you can go with a free-of-charge option or a comprehensive software solution costing a few hundred dollars. We’ll go into more detail on bookkeeping software platforms in the sections below.
Hiring a bookkeeper in New Mexico through Upwork will cost you between $15 and $125. When hiring a bookkeeper online, read the reviews to ensure you receive the best service possible.
The next option would be to hire a professional bookkeeping company and pay them by the hour. The prices will vary based on which company you hire, so work with a company whose services fit your budget.
If you need help with your bookkeeping regularly, you could also hire an in-house bookkeeper, although you’ll have to pay them a monthly bookkeeper’s salary.
2. What Are Typical Bookkeeper Hourly Rates in New Mexico?
The typical hourly bookkeeper rates in New Mexico based on the information from several salary websites are the following:
- Indeed: Average: $18.81 per hour
- Payscale: Average: $16.00 per hour
- Glassdoor: Average: $21.82 per hour
- Bookkeepers Average: $18.06 per hour
- Pilot: Average: $18.08 per hour
On the other hand, based on the 2021 statistics by the Bureau of Labor, the hourly median for bookkeepers in New Mexico is $19.52. However, this number only refers to the base salary and doesn’t include taxes, health insurance, and other expenses.
3. What Is The Average Bookkeeper Salary in New Mexico?
Suppose you want to hire a full-time bookkeeper in New Mexico. In that case, your annual costs will be:
- Indeed: Average: $38,350 per year
- Salary: Average: $38,958 per year
- Zippia: Average: $30,599 per year
- Talent: Average: $47,074 per year
Based on the 2021 statistics by the Bureau of Labor, the yearly average salary for bookkeepers in New Mexico is $40,600, which doesn’t include benefits or taxes.
4. What Does a New Mexico Bookkeeper Do?
According to the information provided on the U.S Bureau of Labor Statistics website, bookkeepers, accountants, and auditing clerks do the following:
- Use bookkeeping software, spreadsheets, and databases
- Enter financial transactions into the appropriate computer software
- Receive and record cash, checks, and vouchers
- Put costs (debits) and income (credits) into the software, assigning each to an appropriate account
- Produce reports, such as balance sheets (costs compared with income), income statements, and totals by account
- Check for accuracy in figures, postings, and reports
- Reconcile or note and report any differences they find in the records
Bookkeepers are specifically responsible for the following:
- Ledger the organization’s accounts
- Record all the transactions
- Produce financial statements
- Prepare bank deposits and send payments
- Verify receipts
- Handle payroll
- Prepare invoices
- Keep track of overdue accounts
5. How To Become A Bookkeeper in New Mexico?
To become a bookkeeper in New Mexico, you must satisfy the following criteria.
1. Firstly, you’ll need to complete a bachelor’s degree and 120 semester hours to be able to sit the CPA examination. However, to be able to get your license, you’ll need to finish your full 150 semester hours. The program you’re studying should be fully accredited by an agency that the New Mexico Public Accountancy Board recognizes.
2. After finishing 120 coursework hours, you can submit your transcripts to the National Association of State Boards of Accountancy’s examination services office.
3. Next, you’ll receive a Notice to Schedule from the NASBA, after which you have 6 months to schedule and sit for your examination and pay the fee.
4. The test is divided into four parts, and once you finish the first part, you have about 18 months to finish the other parts. The four parts include:
- Financial Accounting and Reporting
- Auditing and Attestation
- Business Environment, and Concepts
5. The next part is finishing the ethics examination to become fully licensed. To pass it, you’ll need to study the 11-hour self-study course and pass it with a minimum score of 90.
6. Last but not least, you’ll need to provide proof of practical experience and demonstrate competency in the following skills and practice areas:
- Management Advisory
- Financial Advisory
- Preparation of financial reports and statements
- Business consulting
- Information Systems
To do that, you’ll need to complete and submit a Work Experience Verification Form to the board. After you’ve completed all these steps, you can start working and gaining more experience.
6. Do You Need To Be Certified or Licensed To Be a New Mexico Bookkeeper?
You need to be certified to become a bookkeeper in New Mexico. The procedure for how to get certified is explained in the previous paragraph.
7. Can I Take Any Bookkeeping Classes in New Mexico?
If you want to deepen your knowledge of bookkeeping, you can take accounting and bookkeeping courses. The following universities offer accounting and bookkeeping courses:
- Northern New Mexico College
- Central New Mexico Community College
- University of New Mexico, Continuing Education Division
8. What Software Can I Use For Bookkeeping in New Mexico?
There are many bookkeeping software options available if you want to do your own bookkeeping.
The most popular software platforms include:
QuickBooks is one of the best bookkeeping software on the market. It includes features such as creating income and expense sheets, generating invoices from estimates, payments, general reports, tax deductions, receipts, tracking mileage with smartphone GPS, and many other features. The monthly plans start from $17 for the Simple Start plan, $26 for the Essentials plan, and $36 for the Plus plan.
One of the best software for invoicing, bookkeeping, and accounting is FreshBooks. Their most useful features include setting up recurring billing and client retainers, a self-service portal for clients, the feature of getting paid with invoice check-out links, and much more. The monthly plans start from $15 for the Lite version, $30 for the plus version, and $55 for the premium version.
Yet another affordable software option for bookkeeping is Zoho. The software can easily integrate with 16 apps, track timesheets and project expenses, and automate payment reminders. Additional features include end-to-end accounting, sales, and tax reports. To use this software, you have the following plans:
- Free plan – for businesses with revenue lower than 50K USD
- Standard plan – $10
- Professional plan – $20
- Premium plan – $30
- Elite plan $100
- Ultimate plan – $200 per month to take advantage of all available features and have up to 15 users
Xero is becoming increasingly popular due to its low price tag and advanced features. It has features such as bulk reconcile transactions, bills, and receipts capturing, as well as short-term cash flow tracking. With Xero, you can also manage your spending and submit reimbursement expense claims. The early monthly plan starts at just $13, the growing at $37, while the established one costs only $70.
The Sage Accounting software allows you to get cash flow statements, reconcile bank transactions automatically, manage purchase invoices, connect to clients’ bank feeds to import transactions, and automate invoices. The AutoEntry feature scans invoices and receipts. You can try this software for just $10 monthly for the Sage Accounting Start plan and the Sage Accounting $25 plan.
9. How Many Bookkeepers Are There in New Mexico?
According to the New Mexico Department of Labor, there were 8,400 bookkeepers in the state based on 2021 data.
10. Where Can I Find The Best New Mexico Bookkeepers?
Find the best bookkeepers in New Mexico near you by clicking on your city from the list below: