The complete guide to finance and accounting outsourcing services

It’s up to you to determine whether your business can afford an in-house bookkeeper. Their standard pay, according to Salary.com, ranges from $39,568 and $50,577 per year—before taking into account payroll taxes and employee benefits. That can be a lot if you simply need someone to perform bank reconciliations and forecasting. Full-time, in-house bookkeepers are really for businesses with advanced needs. The typical cost for outsourcing bookkeeping, accounting, and similar services ranges from $500 to $5,000 per month. There is a massive price difference based on complexity, transaction volume, and many other factors.

Using a professional external accountant rather than hiring a part-time or full-time accountant onto your team and potentially can save you thousands per year. Many accountants offer bookkeeping as part of their accounting services or are willing to get you caught up before tax season. But the catch is that a CPA will generally charge more per hour than a bookkeeper would. They’ll typically charge their hourly rate, which is higher than a bookkeeper’s, because of the hard work in getting accredited. Having professionals do your books will save you time and give you peace of mind.

Hire a Local Bookkeeper

There is no shortage of anecdotal evidence to suggest accountancy outsourcing is on the rise but a recently released study has revealed just how significant that rise is. Our accounting company provides a wide range of accounting and legal services in Kiev, the region and throughout Ukraine. Accounting in our accounting firm is an opportunity to use a wide range of modern services related to accounting.

Top accounting software comparison

And the benefit of working with an online service means that you can store your data securely in the cloud, and access your financial info from anywhere, any time. You can consider virtual bookkeeping a combination of the best in bookkeeping software and traditional bookkeeping. Virtual bookkeepers manage your books and software with the primary goal of monitoring your finances. Having a virtual bookkeeper means that someone else does the books on your behalf online. When hunting for bookkeeping firms, go for those who give immediate and secure access to financial reports.

You can start by assessing how outsourcing will help meet your business objectives. Pay attention to the most important points and document every step of the way. Earlier in the article, we discussed different ways to outsource bookkeeping.

1. Get free guides, articles, tools and calculators to help you navigate the financial side of your business with ease.
2. They’ll typically charge their hourly rate, which is higher than a bookkeeper’s, because of the hard work in getting accredited.
3. Accurate financial statements are a critical component to managing any business, and QuickBooks makes it easy to generate and send financial statements in just a few clicks.

Bench: Best for bookkeeping + payroll

A top-notch service will download your expenses automatically through online banking and through your merchant processor, so you don’t have to send envelopes of receipts. A freelance bookkeeper works with you one-on-one to get your books done. Freelance bookkeepers may be able to work online, in-person at your business, or both. Even pre-revenue businesses require bookkeeping, and consistent recordkeeping is invaluable as you start to grow your business. Learn how to build, read, and use financial statements for your business so you can make more informed decisions.

Access to technology:

Get free guides, articles, tools and calculators to help you navigate the financial side of your business with ease. FreshBooks comes with 2 basic plans to meet the needs of different business types and sizes. Whether you’re a small or growing business, you can benefit from FreshBooks’ top features without breaking the bank. Here foreign exchange gain are some of the most common reasons business owners outsource their bookkeeping.

Outsourced, virtual bookkeeping can cost as little as $150 per month and as much as $900 (or more) per month. Some companies charge by the number of accounts you need them to manage, while other companies charge based on your company’s monthly expenses. Typically, the lower your expenses (and the fewer your accounting needs), the less you’ll be charged.