You may have heard of companies outsourcing their bookkeeping and accounting to cut costs and are interested in the other benefits that outsourcing accounting and bookkeeping services can provide.
Outsourcing your accounting and booking can not only allow you to save money by not having to cover full-time salaries, but it can also allow you to save time by avoiding the constant recruiting and hiring nightmare. Not to mention, it allows you to maintain– if not improve– the quality of work by getting a specialized team of bookkeepers and CPAs on your team, and allows for easy growth.
If you’re interested in learning if outsourcing may be the right move for you— spoiler alert: if you want to save roughly $39,000 a year, then it probably is!— keep reading to learn 5 of the biggest reasons why we recommend it.
Prefer to skip the reading and jump right to a free consultation? We’ve got you covered. Book your appointment today to learn if outsourcing is the right move for your business!
Why You Should Outsource Your Bookkeeping
Most small and medium sized businesses don’t have enough tasks to fill the day-to-day of an in-house accountant or bookkeeper— even if they’re only part-time.
Meaning, you’re probably paying waaaayyy too much for these services. We’re not saying outsourcing is the best option for every company, but it’s always worth exploring. Below we’ve outlined five of the biggest benefits and reasons we suggest small to medium-sized businesses consider outsourcing their bookkeeping and accounting services.
#1 Lower Operational Costs
Cutting ties with your in-house bookkeeper/accountant means saying goodbye to paying an annual salary that you have to pay regardless of how busy your bookkeeper/accountant is. You’ll also save on other fees that come with having an employee, such as Canada Pension Plan, EI, Vacation Pay, and Benefits, to name a few.
The best part of it all? You get to reduce your expenses without compromising on the quality of the day-to-day work.
#2 Continuity Of Work
I’m sure we’ve all dealt with the pain of hiring, training, and onboarding a new employee just to offboard them a year (or a few months!) later and start the process all over again. Not only does this process cost a lot of money, but recruiting takes a lot of time to manage, select, and interview applicants!
Sure, moving to an outsourcing model does mean going through this process one more time. But, unlike a new employee, we’ve done this numerous times before and can walk you through the process. We also already know the job, so we can start performing on day one!
And you can say goodbye to scrambling or planning around sick days or time off. If someone from our team is out, we get someone else on our team to cover, so you can focus on other things that need your attention and leave the accounting logistics to us.
#3 Higher Quality Of Work
When hiring a new bookkeeper or accountant, most people fear how well their new employee will perform. You need to be able to trust that your accounting department knows what they are doing, especially when they are handling your books.
Bookkeepers do not have any required certifications or designations. That’s not to say you can’t find a remarkable bookkeeper– we sure have. But it does mean the quality of work will vary widely depending on the person. Plus, even if this new employee starts as a top performer, it doesn’t mean this trend will continue as time progresses.
Contractors are constantly working to impress. They don’t have the same level of security employees do. Working with an outsourcing company means working with a team of specialists who use each other to better problem solve. Meaning you can have more confidence that you’ll get the level of quality and knowledge you need and should expect.
#4 Access To A CPA
The reality is that not all businesses can afford to have a CPA on their internal team. And although you don’t need access to a CPA to run your business, it can make a massive difference if you do.
It means having someone who is truly a financial expert on your team. They are trained and know how to help you devise financial strategies to increase profits. Plus, they are an excellent resource for questions you have– especially around tax time.
Paying for a full-time CPA is expensive. It doesn’t make sense for most companies. This is why outsourcing your bookkeeping and accounting services to a company with designated CPAs on their team can give you a massive edge over your competitors and help you make better business decisions.
#5 Easy Scalability
Outsourcing your accounting and bookkeeping services is a solution that grows with you, not against you!
As your company grows, so will your accounting and bookkeeping needs. Having this department outsourced enables you to easily add additional support from a team that already understands your business.
So when you’re ready to grow, you don’t need to go through another daunting recruitment process or worry about reorganizing or restructuring your financial team.
FAQs About Outsourcing Your Bookkeeping
How Much Does Outsourcing Your Bookkeeping Normally Cost?
Outsourcing your bookkeeping needs can vary in price depending on the size and requirements of your team. However, this usually runs from $21,600 to $48,000 a year. The best way to get an accurate quote is to contact us! That way, we can discuss your specific needs and provide you with a more detailed and personalized quote.
How Much Would I Save By Transitioning To An Outsourced Accounting Team?
Once again, the amount you save depends on many factors, such as how much you currently pay your team and your company’s special financial requirements. Typically, our clients see cost savings of approximately $39,000 per year.
Let’s Save You Some Money!
Outsourcing your business’s accounting and booking keeping is not only cost-effective, but it can help save you valuable time, allow you to gain a team of experts, and scale your business easier than ever before!
If your business doesn’t need a dedicated team of three or more people working on accounting and bookkeeping tasks at all times, then outsourcing with an accounting firm is probably the right move.
At Rocket Accounting, we’ve seen it all. No matter the problem or your business needs, we are up for the challenge and are excited to help. When you bring us on, you get a team of dedicated bookkeepers and CPAs to handle all your accounting and bookkeeping needs.
So what are you waiting for? Book your commitment (and cost) free consult today, where we can learn if we are the right fit for you and your business’s needs!