Meru Accounting

How Much Does it Cost to Outsource Bookkeeping? 

Depending on your business’s size and the complexity of your needs, the cost of outsourced bookkeeping rates can range from a few hundred dollars to several thousand dollars per month. Even though it may not seem economical, it is when compared to the cost of hiring a professional in-house bookkeeper. 

Business owners benefit from a variety of advantages when dealing with outsourced financial specialists that they do not receive with in-house bookkeepers. Outsourcing your bookkeeping can save your firm between 40% and 60% overall.

Cost Elements For Outsourced Bookkeeping Services:-

Most economical pricing is heavily influenced by the company’s needs and the capabilities of its accounting partner. Typical duties that you might want to delegate to a full- or part-time bookkeeper include:

1. Outsourced Bookkeeping Services

Your team may spend a large amount of time on bookkeeping, which is a slow and time-consuming operation. Since the advent of cloud bookkeeping software, the duties associated with outsourced bookkeeping services have been significantly simplified. 

By contracting out this specific service, you can get in-depth reports that will help you view more financial information and make wiser decisions. By outsourcing the bookkeeping services, you can avoid responsibilities like time and cost management, ordering cash management, setting up accounting/bookkeeping software, etc.

2. Accounts Receivable/Payable Management

Accounts Payable (AP) and Accounts Receivable (AR) management are two typical outsourced tasks. In order to guarantee that you are paid on time, you might want to consider outsourcing your AP services. If you use accounting outsourcing services, you can avoid doing things like processing checks and approving invoices.

3. Planning and Financial Analysis

By outsourcing your financial planning and analysis, you may gain a thorough insight into your company’s financial status, enabling you to make wiser business decisions. Another benefit of outsourcing this service is having access to resources around-the-clock, seven days a week. 

You may easily handle tasks like process mining, board and bank reporting, corporate financial data analysis, planning, budgeting, forecasting, etc. while getting all the financial data you require whenever you need it.

4. Services for Controllers

Outsourcing Controller Services can aid in your organization’s growth through strategic management and monitoring. Furthermore, it can provide you with rapid, accurate financial reporting and insights. The reporting of audit findings, management reports, employee and vendor communications, etc., is frequently carried out by external controller services.

5. Creating financial statements and reports

Preparing financial documents and reports for both internal and external use is the primary competency of accounting organizations. Financial statements are consolidated by a group of CPAs who are Certified Public Accountants (CPAs). As a result, they can assist you in keeping your cash flow under control. 

By recording and updating all pertinent data while preserving the accuracy and confidentiality of your financial information, CPAs keep their accounting books in order. They may also create financial reports for you if you want to communicate your financial performance with the board, stakeholders, or the general public.

6. Performing payroll

The process used to pay employees at the end of a payroll period is known as payroll processing. To guarantee that pay is accurately computed, tracked, and distributed as well as that the exact sums for tax, employer benefits, and other deductions are withheld, a number of actions must be taken. 

Payroll is often managed and administered by a dedicated payroll professional, but it could also fall under the purview of human resources.

7. Tax reporting and filing

Effective tax preparation depends on finding an outsourced bookkeeping service that can assist you in adhering to local, state, and federal tax regulations. Your outsourced accounting firm can help you cut down on your exposure to different accounting and financial computation errors that could have a detrimental effect on your business operations. 

Before the deadlines, CPAs can assist you with appropriately reporting your taxes and filing your forms. With regard to corporate tax administration, outsourced tax preparation services cover a range of tasks, such as franchise tax support, checking financial statements for compliance, payroll tax collection, filing, and payment, among others.

Costs On Average For Hiring A Bookkeeper:-

An in-house bookkeeper or accountant working full-time can expect to make between $35,000 and $55,000 annually. Due to the high cost of living in places like Los Angeles and New York, the entire cost of an in-house accounting staff person may potentially be greater depending on where your business is located.

Small and medium-sized businesses can turn to Meru Accounting, a CPA firm, for full outsourced bookkeeping and accounting solutions in the United States, the United Kingdom, Australia, New Zealand, Hong Kong, Canada, and Europe.

How Much Does it Cost to Outsource Bookkeeping?
How Much Does it Cost to Outsource Bookkeeping?