Outsourcing bookkeeping is something that most entrepreneurs fail to consider. In running a business, they employ regular bookkeepers. If they will only realize the advantages of outsourcing, they will probably make the switch. Outsourcing bookkeeping to a professional is worth investing for. Remember that a bookkeeper plays a very important role in the boom or doom of your business.
The crucial role of bookkeepers
There is no doubt that bookkeepers play a major role in the success of your business. They are the ones who keep a comprehensive, updated and precise record of your accounts and financial ledgers. They are the ones who scrutinize every bit of information for entering into your computer. Some double check before uploading them to your database. They do not only balance financial statements. They compile reports and records of cash coming in and out.
Bookkeepers deal with your check books and balance them with your monthly bank statements. They compute salary and wages paid to employees. In so doing, they mind the time cards before issuing a payroll check.
Other miscellaneous activities include posting accounts payable and receivable, preparing bank deposits, making an inventory, acquiring supplies and preparing reports. They take different job titles across various industries such as payroll clerk, accounts payable clerk, accounts receivable clerk, assistant bookkeeper etc.
Cost of Keeping a Bookkeeper
Outsourcing bookkeeping is becoming a trend. This is mostly due to the fact that keeping a regular bookkeeper in your employ can be costly. The salary rate would of course depend on several factors. These include skills, experience, job responsibilities etc. The average wage is from $ 15 to $ 20 per hour. Usually, a bookkeeper who have stayed in the same company for 3 years, gets $ 25 per hour.
Why shift to Outsourcing Bookkeeping
Outsourcing bookkeeping offers many advantages over hiring a regular employee for the job. Here are just some of the reasons why you should consider outsourcing your bookkeeping now:
- Outsourcing your bookkeeping will cut down costs. If you want to save more, go for outsourcing bookkeeping. It will save you from employer payroll tax expense, general liability insurance, health insurance, workman’s compensation etc. You don’t have to pay for vacation leaves, sick leaves, and other benefits due to a full-time bookkeeper. However, in outsourcing bookkeeping to get professional services, expect to pay 3x the salary of a regular employee. How do you save then? Remember that when you shift to outsourcing your bookkeeping, there will be no recruitment, interview and training expenses. Should your bookkeeper resigned or get fired, there will again be no recruitment, interview and training expenses to hire a new one.
- Outsourcing bookkeeping can keep you away from lawsuits. You will not be side-tracked by sexual harassment, illegal dismissal and discrimination suits.
- Outsourcing will save you from office expenses. No need to furnish an office or small space for your bookkeeper. A lot of professional bookkeepers have their own. Imagine the time, money and effort you’ll save in buying desk, chairs, lights, computer, calculator etc.
- Outsourcing bookkeeping means no need for software updates, maintenance and professional training expense.
- Outsourcing saves you from office supplies expense. Pens, papers – these are provided for by your professional bookkeeper. Usually, you will just drop off your papers at their office then pick them up once done.
With all these, you really will be amazed at what outsourcing bookkeeping can do to your business. Perhaps the most convincing reason is that you get quality service. You are assured of the level of professionalism of your bookkeeper. On top of that, you are assured that your bookkeeper spends all his time doing your work since you have a deadline. No need to discipline employees who do the job while chitchatting and munching on snacks.
These are the wonders of outsourcing bookkeeping. Entrust your business to a professional now and see for yourself.