Small Business Dojo ? Benefits to Outsourcing Your Bookkeeping

The people you hire to work for your company provide the services you need to make your business operate. A bookkeeper manages the accounts payable, accounts receivable and general cash flow of a business. Although these are vital processes for the success of your business, explore the benefits to outsourcing your bookkeeping services instead.

Standard Employment

Standard employees cost a significant amount of money when you factor in the expenses connected with employing a worker. You will pay the bookkeeper?s salary, employment benefits and employer payroll taxes. In addition, the cost to hire employees involves advertising, interviewing, testing and training.

Freelance Bookkeepers

By contrast, freelance bookkeepers often fit into your business design effortlessly, costing as much as 10 to 20 percent less than a salaried employee. When you factor in the other savings such as reduced management and training, the yearly savings may be as much as 50 percent over a salaried bookkeeper. In addition, freelancers by nature know that they are expendable. They usually produce a higher quality work product to ensure that you continue their services. An independent contractor may have more experience with a wider variety of applications and clients to enable the delivery of better service.

Pay For What You Need

A salaried bookkeeper probably sits at a desk from 9 to 5 every day doing a little bit of everything. By outsourcing a bookkeeper, you to pay for only bookkeeping services as you need them. When you have very specific bookkeeping needs, an outsourced bookkeeper will work only the time necessary to complete that work. You will pay for only the time spent on your accounting needs and you won?t pay for other unrelated duties.

Distance

A freelance bookkeeper will have a distanced perspective, which can have a positive effect on your business. For example, you will not experience office politics when outsourced employees because they won?t come into real contact with each other. You should receive realistic and honest reports about your business accounting books. Your outsourced bookkeeper will also have less opportunity to steal from you because this person won?t have authority to sign off on bank accounts and won?t process payroll payments.

Tags: Accounting, Bookkeeping, Finance, Outsource

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