![]() Instead, the only thing you’re responsible for paying is a flat hourly or monthly rate. There’s no need to provide any staff training, bonuses, raises or insurance all of that is overseen by the third-party company. ![]() Finally, you have to provide health insurance and help them cover the premiums, as well as pay for their worker’s compensation.īy contrast, when you outsource, you don’t have to pay a yearly salary. Īnd that doesn’t include holiday bonuses or account for raises. The average base salary for a bookkeeper in the United States is around $42,000 per year. Think about it: When you hire someone new on your staff, you have to spend money on job board posts, interviews, onboarding and training. Outsourcing to a third party is far less costly than hiring someone in-house. There are several benefits to outsourcing bookkeeping services instead of hiring someone in-house or doing it yourself. What are the benefits of outsourcing bookkeeping services? In addition, a virtual bookkeeping service may also provide extra services such as developing a financial strategy using planning and analysis, paying out your business expenses (rent, credit card bills etc.) and optimizing your accounts receivable entries and invoicing process. They will also organize and prepare your files for audits, as well as make them easy for you to access should you ever want or need to see them yourself. The main tasks they perform include tracking your business transactions, generating financial reports and keeping a record of all your financial dealings. Outsourced bookkeeping is when you hire a third-party company to keep your books and manage your accounts for you. ![]() But not every small business owner can afford that.įor that reason, and many others, a better choice is to outsource your bookkeeping services to a third party. You can always hire someone in-house and pay them a salary to oversee your bookkeeping for you. They cause chaos and confusion at every level of your company and can even cost you thousands of dollars in lost sales or misplaced funds. ![]() Bookkeeping mistakes are the worst kind to make. The reason they hate it is that, in many cases, they try to tackle this tedious chore by themselves.īut because they aren’t CPAs and don’t have any kind of formal education in accounting, they usually make mistakes. Bookkeeping is like going to the dentist: small business and startup owners hate it, but it has to be done. ![]()
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