Outsourced bookkeeping and accounting services are a fast-growing trend nationwide. The market has changed over the past many years and businesses are searching for methods to get rid of expensive administrative overhead expenses.
Business owners are downsizing their offices to reduce rental prices; more and more employees are being hired on a part-time basis. Companies are currently seeking to utilize outsourced companies which can provide professional services in half to a third of the cost it charges a company to hire workers in-house.
One one of those outsourced services comprises the outsourcing of bookkeeping and accounting services. There’s a major reason behind this shift, overhead costs. As an instance, businesses pay an average salary of $15 per hour to $30 per hour based on one’s experience for many accounting jobs.
If a company pays $15 per hour times 40 hours each week, it will cost that company $600.00 per week. Now take $600.00 per week times 52 weeks in a year which equals $31,200 annually. Divide $31,200 each year by 12 months in a year and you will find that it costs the organization $2,600 a month to pay that worker.
The list continues and it often increases overhead costs significantly.
By outsourcing accounting and accounting solutions with a specialist accounting and bookkeeping firm, you will eliminate these costs and reduce hourly costs in half. Rather than paying $31,200 per year, your prices may well be cut by as much as $15,600 each year on just the hourly prices alone. When you add a worker’s total overhead expenses and matching taxes, outsourcing the accounting functions may wind up saving a company 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 require the support of a secretary who can answer the phones professionally and handle administrative duties. To be able to maintain the secretary busy, many companies may opt to have their secretaries take care of all the bookkeeping and accounting functions.
Unfortunately, turning a secretary to some bookkeeper is a significant mistake; it causes problems, mistakes, and generates inaccuracies. The accounting and accounting functions have to be true for reporting and management functions. The cost of training a secretary to be a bookkeeper is another extra expense a small company may not be able to handle.
Often, once the secretary is educated they will then look for employment elsewhere. Outsourcing the bookkeeping and accounting functions to a company that has been trained in this subject eliminates the problems associated with hiring, training, and rehiring a new employee.
A company that offers outsourced bookkeeping and accounting solutions needs to keep an accurate set of books. They are also legally responsible to behave in accord with the laws regulating the handling of companies’ financials.
What about outsourcing these services to a third-world nation? Even though this might look like a fantastic idea at first, companies repeatedly encounter several issues surrounding the transport of information and the security of their financials. Communication is also a contributing element that causes additional strains on the business.
Outsourcing bookkeeping and accounting purposes to third-world countries may save businesses money at first; however, businesses take a lot higher risk and it might end up costing them later on. When mistakes are made and a provider needs an accurate set of books quickly and someone they can talk to right away, outsourcing these services to some other nation becomes a real issue.
Employing an outsourced bookkeeping and business accounting services provider within Canada eliminates these problems. Businesses can nevertheless operate online remotely but with higher levels of security, that if compromised, can be prosecuted within the legal boundaries of our U.S. Government. Communication, timeliness, and accuracy of information will also improve dramatically.
If your business is searching for ways to decrease costs without sacrificing the expert services you expect and trust, consider using outsourced bookkeeping and accounting solutions as an alternate strategy in the present market.
Learn how to reduce overhead costs by outsourcing the bookkeeping and accounting functions now. Provided that you have access to the internet, we can encourage businesses from any location on the planet.
Accounting and Bookkeeping for Guelph Businesses
Whether you are a big business, a small family business, or a growing startup, your own bookkeeping — and ensuring it’s all right, on time, and protected — things. Regardless of your business’s size or your own industry, if you’re looking for business bookkeeping in Guelph, our expert team can help. Visit Dedicated Bookkeeping Solutions for more information.
