All businesses require bookkeeping services and have two ways to get them. You can either hire an in-house staff to perform the work or you can outsource it to another company and pay them to do it for you. Using outsourced bookkeepers can be beneficial and attractive, especially for owners of smaller businesses. If you do choose to outsource, Tax Matters can provide you with bookkeeping services.
How Outsourcing Your Bookkeeping Can Help Your Business
Bookkeeping work includes accounts payable and accounts receivable, as well as logging receipts and expenditures, and tracking profits and losses. Hiring an employee to do this work can be costly. However, if you choose to outsource your bookkeeping, you can save up to 20 percent as you do not have to pay for health insurance and the other extras that go along with the hourly rate of pay. A company that specializes in bookkeeping may choose to charge an hourly fee or they may set a weekly, biweekly, or monthly rate. The period for a set rate often depends on your business’ payroll system, the size of your business, and the depth of your bookkeeping needs. Additionally, some bookkeeping contractors can charge a rate that is dependent on the number of deposits or invoices, checks written, vendor invoices or the number of people you employ.
This is especially important if you have a small business that does not have enough bookkeeping work to keep a regular employee occupied in-office. In addition, using outsourced bookkeeping can enable you to use someone with more advanced accounting skills and he or she can perform their work more diligently because they understand that there is competition in the outsourcing field and want to continue servicing the contracts they have. In addition, if the contracted bookkeeper does not perform to your requirements, you can terminate the contract much more easily than you can fire standard employees.
Other Reasons to Outsource Your Bookkeeping
In addition to costing less and improving services rendered, outsourced bookkeeping can also improve your business by allowing you to actually concentrate on the business at hand and not on the books and record keeping. Therefore, you can do what you love and be more productive, as well. Moreover, should your company fall into hard financial times, tough decisions will need to be made and an outsourced bookkeeper will be more impartial than an in-house person. He or she is also more apt to give you unbiased advice. Not only that, but you will have a team of professionals at your disposal, instead of just one person.
If your business is in the El Paso area and is in need bookkeeping services, contact Tax Matters for a free estimate.