The ordeal of handling finances is stressful and daunting to anyone who is not skilled and trained in bookkeeping. Managing each financial transaction can become tedious and time-consuming for individuals who’s skills could be better put to use doing something else for a company. Hiring a bookkeeper has been most businesses’ automatic go-to solution when financial details get in the way of running a productive and profitable company. Fortunately the technological era brought new developments and benefits that are helping companies around the world thrive like never before. Now services such as bookkeeping can be outsourced, saving businesses money, time, and dedication to financial intricacies that are better left to trained professionals in the field. Outsourcing bookkeeping is far more beneficial to businesses, and hiring an in-house bookkeeper is now simply a waste of money. The goal of every business is to make smart choices with funding and get the most for every dollar spent; an outsourced bookkeeping service saves business-owners the money it costs to have an on-staff bookkeeper in addition to offering much more than a single individual ever could. With the knowledge and expertise of an entire staff, outsourced bookkeeping is the new future of financial business dealings.
High investment in in-house bookkeeper
If you consider hiring an in-house bookkeeper, you must think about at least the following factors you will be dealing with: full-time wages, vacation days, sick days, health benefits, and all the risks that encompass hiring any new employee. When you crunch the numbers, at minimum an on-staff bookkeeper will be paid nearly 40,000 dollars per year—which can be an astronomical fee, especially for smaller businesses who simply do not have the funds to do so. When the whole point, and basic goal, of any business is to make more money than is spent, it does not seem to make much sense to pay a single individual more money to perform lower than it does to pay an outsourced staff of experts who can genuinely take your business farther in any competitive market. Not only will your business save money, but in the long run it will make more—the expertise that an outsource bookkeeping service can add to your company will be evident in the profit of the business.
Outsourced bookkeepers perform more
In-house bookkeepers are no longer a commodity of successful businesses—now outsourced bookkeepers have more technology and information available to them than a single individual. At a comparably lower cost, outsourced bookkeepers perform the tasks of any in-house employee but at an exponentially more beneficial level. They have a team of experts behind them whom you do not have to pay hourly in order to get the job done. Furthermore, the responsibilities of a single employee to maintain the security of financial information is no longer an issue; outsourced bookkeeping services must abide by a set of rules that govern the handling of a business’s financial details and ensure the safety of your financial data. In addition to having entrusted professionals handle your finances, bookkeeping services are required to backup data and insure them.
In addition to streamlining your finances and handling all the gritty details for you, bookkeeping services outperform a single, in-house bookkeeper simply because of the number of experts that have their hand in making your company a success. There is an old saying that “two heads are better than one;” when it comes to the success of a company, this could not be closer to the truth. Relying on a single employee to elevate your business is simply unrealistic, and unfair to expect. However, having a team of professionals behind you who can offer tangible advice, projections, and summaries that are based on evidence regarding your company’s own financial figures, is an asset that is more valuable than any single person could ever offer. The level of efficiency when hiring an outsourced bookkeeping service is raised exponentially; they will help bring your business past the competition based on hard facts. The liability in hiring an on-staff bookkeeper far outweighs the benefits of having the same responsibilities outsourced. It is because of this fact that most businesses are now following suit and outsourcing for many duties of their company.