Outsourced Accounting and Bookkeeping Services for Your Business

Outsourced bookkeeping and accounting services are a rapidly growing trend nationwide. The economy has changed over the past many years and companies are searching for ways to eliminate expensive administrative overhead expenses. 

Business owners are downsizing their offices to decrease rental fees; more and more employees are being hired to a part-time foundation. Companies are now trying to work with outsourced companies that can provide professional business accounting services in half to a third of the price it charges a company to employ workers in-house.

One of these outsourced services includes the outsourcing of bookkeeping and accounting services. There is a significant reason behind this shift, overhead costs. As an example, companies pay an average salary of $15 per hour to $30 per hour depending on one’s expertise for most accounting tasks.

If a company pays $15 per hour, times 40 hours per week, it is going to cost that company $600.00 a week. Take $600.00 a week times 52 weeks in a year that equals $31,200 annually. Divide $31,200 each year by 12 months in a year and you’ll discover that it costs the company $2,600 a month to pay that employee.

The list continues and it frequently increases overhead costs appreciably.

By outsourcing accounting and accounting solutions with a specialist accounting and accounting firm, you will eliminate all these prices and cut hourly prices in half. Instead of paying $31,200 annually, your prices might be cut as much as $15,600 each year on just the hourly prices. When you include a worker’s total overhead costs and matching taxation, outsourcing the accounting functions may end up saving a business an additional $800 to more than $1,000 per month.

As you can see, outsourcing the bookkeeping and accounting functions plays a major role in eliminating overhead expenses. Yet many small companies still need the support of a secretary that may answer the phones professionally and handle administrative duties. To keep the secretary busy, many businesses may decide to get their secretaries to care of all of the bookkeeping and accounting purposes.

Regrettably, turning a secretary to some bookkeeper is a big mistake; it causes problems, errors, and generates inaccuracies. The accounting and accounting functions have to be accurate for reporting and management functions. The expense of training a secretary for a bookkeeper is another additional expense a little business might not have the ability to handle.

Frequently, when the secretary is educated they will then seek employment elsewhere.

They are also legally responsible to behave by the laws regulating the handling of companies’ financials.

What about outsourcing those services to a third world country? Even though this might look like a fantastic idea at first, companies repeatedly encounter several difficulties surrounding the transport of information and the security of their financials.

Outsourcing bookkeeping and accounting functions to third world countries might save businesses money at first; however, businesses take a lot greater risk and it might wind up costing them later on. When errors are made and also a company needs an accurate set of books fast and a person they can talk to right away, outsourcing these services to another country becomes a real problem.

Hiring an outsourced bookkeeping and accounting service supplier within the United States eliminates these problems. Businesses can nevertheless operate online liberally but with higher degrees of security, that if compromised, can be prosecuted inside the legal boundaries of our U.S. Government.

If your business is looking for ways to decrease costs without losing the expert services that you expect and trust, look at using qualified bookkeeping and accounting services as an alternative approach in today’s market.

Discover how to lower overhead costs by outsourcing the bookkeeping and accounting functions today. As long as you have access to the internet, we can support businesses from any location in the world.

Whether you’re a big business, a small family business, or a growing startup, your own bookkeeping — and making sure it’s all correct, on-time and secure — things. Irrespective of your business’s size or your industry, if you are looking for business accounting in Guelph, our specialist team can help. Learn more about our services right here.