As a provider of fee accounting services, we are regularly asked why a company would pay an outside business to help with their bookkeeping. While there can be many different reasons, the main factor almost always boils down to money.
According to the Bureau of Labor Statistics, the average accountant earned $35.42 per hour, or $73,670 annually, in 2014. On top of a base salary, most companies pay an additional 43 percent on federal and state taxes and benefits like PTO, retirement, unemployment, health insurance, holidays, sick time, etc. While salaries can vary based on location, experience, and title, that’s a large investment to ensure your books are balanced and your finances are in order.
Even more startling is research published by Forbes that found from 2014 to 2015 the amount of employees wasting time at work jumped from 69 to 89 percent. In fact, 31 percent of employees admit to wasting at least an hour of time at work, with an additional 31 percent wasting at least 30 minutes. The remainder waste 2 or more hours per day.
An accountant with a salary of $47,300 annually who wastes only 12 hours a month (less than 30 minutes a day!) wastes $273.60 monthly and $3,383.20 annually.
After reading these statistics, it’s easy to understand why so many companies, small to large, rely on outside fee accountants to help them with their finances and reporting. With an outside accountant, you are paying for 100 percent productivity without having to find the cash for additional fees, taxes, or benefits. Plus you also avoid the headaches related to hiring and retaining employees.
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