Looking to save money for your business? Of course you are. Bookkeeping can be expensive, but outsourcing it should save you almost immediately.
Key Takeaways
- Having an in house accountant can be prohibitively expensive for small businesses
- Outsourcing saves you money by allowing the bookkeeping company to operate at scale
- Using outsourcing can level the playing field with larger companies that have more resources
- Even modest savings can add up in a big way over time
Finding every opportunity to save money is a key responsibility of a business owner. When you save money, you automatically boost your profits on the other side and you open up the possibility of investing that money in other areas. No amount of money is too small to save, but outsourced accounting services have more than the ability to save a bit of money – they can save a lot of money when leveraged correctly.
Let’s use the article below to talk about how you can save money with an outsourced accounting firm like Swiftbooks. Our bookkeeping services might be one of the best things to happen to your business in a long time, especially if you have been spending a lot of money on an in house accounting team. Contact us right away to find out how our bookkeeping services can help your business live up to its full potential.
First, the Cost of an In House Accountant
It doesn’t make much sense to look at the cost of outsourced bookkeeping before looking at the cost of an in house accountant. This is really the comparison that matters, because this is the alternative you have available to you as a business owner. And, if you already have in house bookkeeping, you know just how expensive this type of service can be.
The problem with small businesses hiring an individual or a team to handle the books in the office is that the costs just keep adding up. First, there are the wages, either on an hourly or monthly basis. Then, you’ll likely have to pay at least some benefits to those employees if they work full-time, and you will need to consider the cost of taxes. When you add it all up, the total number can be shocking, and it will leave you looking for another solution.
It’s true that an accountant working in your office can do a good job, but so too can accounting services that are provided remotely, and an outsourced accounting team is just going to be so much more affordable.
Why Is It So Much Cheaper?
It’s fair to ask exactly why availing on outsourced bookkeeping service provider would be so much less expensive than doing it on your own. After all, the people doing the work still need to be paid, regardless of whether they work for you or another company. So, why do outsourcing accounting services tend to cost so much less?
As a starting point, think about economies of scale. As a small business, you probably don’t have that much of one type of work for a bookkeeper to do. Your accounting team will record transactions, manage accounts payable, and keep up with everything that the financial reporting demands. That means your employee is jumping around all over the place and never locking in on one single task.
The story is different when the work is done by an outsourced accounting team. In this case, there are plenty of people working for the outsourcing company, and they can put together an efficient process that will account for every transaction that needs to be shown in the accounting system. The smooth, hassle-free process cuts down on waste and makes the whole thing far more efficient. And, when efficiency goes up, costs almost always go down.
Small Businesses Deserve This Advantage
The owners of small businesses are inherently at a disadvantage in most markets. Without the buying power, manpower, or any of the advantages held by the major players in a given industry, it’s always going to be an uphill battle. Using an outsourcing provider to manage bookkeeping services certainly doesn’t level the playing field entirely, but it’s a start.
Do you feel like you are constantly battling against the tide and trying to find professional services that you can actually afford? Unlike many other things, which just don’t fit into the cash flow restrictions of small businesses, outsourcing bookkeeping is something that almost every company can afford. In fact, if you are already paying for an accounting department, you’ll find that it’s easier to afford an outsourcing provider than it is to pay those employees.
Swiftbooks loves standing up for small businesses and helping them get the assistance that they need. An outsourced team will be there for you when needed, but they won’t be racking up the charges that would be seen when hiring someone to work in house. Even if it is just the basics like processing customer invoices, getting ahead of bookkeeping tasks will feel great and help you strive for more growth.
Outsourced Bookkeeping Services Just Keep Getting Better
The cost savings that you experience early on by getting rid of your accounting department will be a great relief, but that’s only the beginning of what should be a long, valuable relationship. Over time, your chosen finance team will get to know your business even better, and will be able to fine-tune the services they provide to make them as efficient as possible. It might be cost savings that motivate you to take that first step, but there will be many other advantages that reveal themselves in the years to come.
With this in mind, it makes sense to get started with a service provider as soon as possible. Since the relationship is going to grow, change, and evolve, you basically want to start the clock on that growth immediately so you can start getting into the even more productive part of the partnership right away. Whether it’s more advanced work like tax preparation or advisory services, you can look forward to having a knowledgeable partner on your side once you get the ball rolling.
We'd Love to Save You Money
Accurate financial reporting is not something that you can afford to sacrifice just because you need to save some money. In fact, you should be able to save money by switching to professional bookkeeping services like those offered by Swiftbooks. Don’t break the bank with an in house accountant when you can use our outsourcing accounting services to get everything you need completed for just a fraction of the price. Now is the time to get started!
