Passion, freedom, and the satisfaction of creating something new are the top reasons most individuals start a business. Unfortunately, down the line, they often realize that administrative and accounting tasks eat into their time and that they need to focus on their passion. Studies show businesses spend anywhere from 70 to 240 days on administrative tasks such as taxes, bookkeeping, and accounting. Outsourced bookkeeping services will handle the tedious tasks of bookkeeping services for small businesses enabling you to retain your focus on what matters to you.
4 Benefits Your Business Can Receive from Outsourced Bookkeeping Services
Apart from freeing up your time, outsourcing bookkeeping offers you numerous advantages. These include the following:
1. Save on Labor Costs
While an in-house bookkeeper’s salary varies based on experience, education, additional skills, and certifications, the average pay ranges between $44,000 and $50,398. The pay can also vary based on the city in which your business is located. In addition, the cost-to-hire will include overheads such as life insurance, health, and dental insurance, paid time off, bonuses, and retirement plans. You also need to factor in the cost of hiring, which includes expenses related to placing ads, conducting background checks, and interviewing and training employees.
A key benefit of outsourced bookkeeping services is that your business will not incur hiring and overhead costs. The hourly charge of outsourced bookkeeping services through an accounting company ranges from $125 per hour to $165. Bookkeeping For You offers these services at a much lower rate for basic bookkeeping. Even if you need to pay $3,000 monthly for outsourced bookkeeping services, you will pay $36,000 a year. This amount is substantially lower than hiring an in-house expert.
2. Benefit from the Best Talent
When you outsource your bookkeeping to the right provider, you gain access to a larger pool of talent instead of relying on the expertise of the solo in-house bookkeeper. As the outsourced bookkeeper handles bookkeeping for a diverse array of clients, they stay current with the latest regulatory changes that can impact your business.
At Bookkeeping For You, for instance, we have a team of highly experienced specialists who are well-versed in multiple aspects of bookkeeping as well as certain aspects of payroll. We also offer business growth consulting and small business advising tailored to streamline your business financials and growth.
An in-house bookkeeper may need more experience and expertise to support your business’s evolving needs. Apart from experience and knowledge, we use the latest accounting software to efficiently handle bookkeeping tasks and meet your growing business’s demands.
3. Streamline Your Taxes
Outsourced bookkeeping services will handle all your tax bookkeeping and prepare all the information you need to file your taxes accurately and on time. A lack of up-to-date data on finances can increase the risk of overpaying or underpaying your taxes while missing deadlines. The bookkeeper liaises with your accountant or tax preparer to streamline the process of filing your taxes.
4. Scale Up or Down with Ease
Every business faces a lean period and sudden peaks in demand. Your in-house bookkeeper cannot keep pace with sudden increases in demand, nor can you avoid paying them during lean periods.
The flexibility of scaling up and down is a key advantage you receive with outsourced bookkeeping services. You can engage them during peak season and cut back during lean periods when you only need basic bookkeeping tasks.
Experience the Bookkeeping for Your Advantage
In-house bookkeeping can be burdensome, expensive, and time-consuming. Outsourcing bookkeeping to Bookkeeping For You is an easy way to enjoy cost and money savings, enhanced accuracy and efficiency of financial records, and streamlined cash flow. Contact our small business bookkeeping experts to experience the rich benefits of outsourced bookkeeping services.