Outsourcing your bookkeeping is an effective way to manage a business critical function without incurring the expense of full time employees. Heather Villa, CEO of IAC Professionals states “Clients have found that they save money by outsourcing bookkeeping. They no longer have the challenge of growing and running a business and managing financial records, and tax deadlines. It is far more cost efficient to pay a trained professional for their expertise rather than try to learn the task yourself or manage it haphazardly.”
In a Fortune 500 company, you are unlikely to find the CEO working in the mailroom or the Administrative Team putting together quarterly forecasts. Companies hire people to do specific jobs based on their expertise. Each employee contributes to the success of the organization by performing their specialty.
Outsourcing Bookkeeping Services Can Save You Money
Small and growing businesses often make the mistake of failing to hire help because they don’t believe they can afford it. Every business must manage a budget and no one has infinite resources. But your budget is more than the tangible dollars in the bank; it’s also the value of your time. As a business owner, if you spend 15 hours per month on bookkeeping you have taken 15 hours away from other activities. Consider this example from a solo entrepreneur:
20 billable hours per week at $100 per hour = $2000
10 non billable hours per week (bookkeeping, admin) worth $45.00 hour = $450
If the entrepreneur outsourced the non-billable tasks she would gain 10 more billable hours or $1000.00. Even after paying $450.00 for outsourcing, she gains $550.00 and is no longer burdened with a task outside her area of expertise.
“In addition to the financial gains, outsourcing your bookkeeping provides a peace of mind that the task has been expertly managed. It is a critical area of your business and a missed deadline or accounting error can be costly” notes Villa. Outsourcing your bookkeeping can be the smartest investment you make in your business.
If you have any questions about our outsourcing bookkeeping services, contact us today.
IAC Professionals is a single source for contracting qualified professionals to assist you with your most critical business needs. They offer a wide range of outsourcing solution which include Accounting, Virtual Assistants, Company Formation and Business Consulting.