FAQs – BENEFITS OF OUTSOURCING YOUR BOOKKEEPING
Cost: Bookkeeping outsourcing can save you between 30% to 60% versus maintaining an in-house bookkeeper. For example, an average salary of a bookkeeper in the U.S. is $32,000 plus overhead cost, payroll taxes, and other miscellaneous benefits (medical, conveyance etc.) All included everything will cost you around $40,000-$50,000.
Reduce Your Overhead: Hiring an in-house bookkeeper involves a multitude of recurring expenses such as salary, benefits, training, recruiting, rent/space, payroll taxes, workers comp., computers and software. When you use Small Business Bookkeepers, you free yourself from all of these expenses!
Hire, Train, and Manage Staff: For an in-house bookkeeper, hiring and training a full-time bookkeeping staff or temps can be very expensive and time consuming. Whereas, with outsourcing services you do not have to bother with hiring or training the individuals. Such human resources issues are the duty and responsibility of the outsource company.
Focus on What You Do Best: Because someone else is thinking about the numbers, you’ll be freed to do what you do best!
FAQs – ACCOUNTANT VS BOOKKEEPER
What is the difference between a bookkeeper and an accountant? A bookkeeper handles the day- in and day-out financial record keeping and reporting. An accountant specializes in the preparation and filing of taxes. Having a good bookkeeper is just as important to growing the business as having a good accountant.
Another big difference between an accountant and a bookkeeper is usually “About $140 per hour.” For this reason it is very important that you allocate your resources efficiently. You do not want to pay your accountant to perform bookkeeping functions.
Fact: Accountants do not have the time to handle day-in and day-out financial record keeping and reporting. What do they do? They hire Bookkeepers. Bookkeepers perform a critical function for the firms and organizations they serve. Regularly challenged to maintain precise and accurate records, bookkeepers produce the vital reports that keep management up to date on the financial condition of their company.
Both bookkeepers and accountants are important to your business. Knowing the difference between them can not only assure you of receiving the best information on which to base your financial decisions, but can save you hundreds of dollars per year in fees!