It’s pretty much guaranteed that you did not start a business because your passion is bookkeeping. Most business owners dread reconciling their accounts, entering payables and receivables, and trying to manage their cash flow. Before you put out the help wanted sign for a bookkeeper or accountant, take a moment to consider hiring outside help.
- Save money compared to bringing on a full-time employee
An outside bookkeeper can cost significantly less than hiring a full-time employee because you don’t have to worry about supplying a computer and supplies or paying payroll taxes, health insurance, paid time off, or other benefits. The average employer will pay 1.25 to 1.45 times more than a base salary for an employee. For example, an employee earning $50,000 a year would actually cost you $62,500 to $70,000.
2. Never miss a deadline, pay late fees or penalties, or risk being noncompliant
A professional accountant keeps up to dates on filing deadlines for each state that you do business in. This means you no longer have to keep up with any federal or state changes and can rely on your expert to ensure you never have to pay late fees or penalties again. Regulations are also constantly changing. Your bookkeeper will keep an eye on regulations so you’re always in compliance.
Additionally, you can relax when it comes to your audit because your information was kept accurate and up-to-date throughout the year. This means no scrambling to balance your books or locate missing information.
3. Remain consistent even through staff turn-overs or absences
When you have a fee accountant on your team, you can be sure that even when your employees take vacation, have extended leave, or if you have internal turnover, your processes will still go smoothly and you won’t need to worry about anything falling through the cracks.
Plus, when you need to add a new person to your team, you can rely on your outside accountant to train the person on your software system and processes. This means less money spent on formal training classes or conferences.
4. Financial security and accountability
You will be kept in the loop on any incorrect data, missing information, or suspicious transactions because your fee accountant has your best interests in mind and can identify any abnormalities or discrepancies. You can have peace of mind knowing you have an unbiased expert on your side who can identify issues immediately instead of months or years down the road. This person also has advanced industry knowledge and can help guide you to best practices and streamlining your processes.
5. Always have up to date information on your finances
Your fee accountant will always ensure you have your financial statements on time, and because they use your software to balance your books, you’ll always have access to your data and reports. There’s no need to purchase anything more than what you already own.
Hiring a reliable employee can be difficult and costly. Rely on your outside accountant to ensure that no matter what happens, your business will continue to run smoothly and your financial information will remain accurate and up-to-date.
Do you need help with your bookkeeping or accounting? Let us know. We work with businesses across the United States with a variety of different budgets.
By Sabrina Zimara