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The Hidden Costs of In-House Bookkeeping and Accounting

Posted by GrowthForce
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How much does it cost to hire a bookkeeper? How much does it cost to hire an accountant? If you own a business, you know it’s more than just the cost of hiring or their salaries, but also the additional costs of just having an employee.

Building an accounting team for your business can be both costly and challenging.  -Skip to View the Full Infographic-

Small and mid-sized businesses financial operations may consist of anywhere from one to 5 or 6 employees, each with different roles. Depending on the size and stage of your business, you may need to employ a full accounting department with roles such as staff accountant, bookkeeper, accounting manager, CFO and controller.

When you consider the cost of building an accounting department—wages or salaries, plus cost of benefits, PTO, IT, overhead, and overtime—these fully loaded costs add up.

This infographic illustration shows an example of how the costs add up including the potential additional hidden costs.

Many businesses are transitioning to outsourced accounting services as a more cost-effective, efficient, and viable alternative to in-house accounting. The cost of outsourcing your bookkeeping and accounting makes it easier to budget and helps remove the burden of hiring, managing, retaining, and training staff.

3 Reasons businesses transition to outsourced accounting services…

  1. Eliminates the burden of hiring and managing an in-house accounting department
  2. Provides expertise in a scalable accounting solution that can grow with your business
  3. Delivers greater efficiency, financial intelligence, and peace of mind

Are You a Good Fit for Outsourced Accounting? Take a Free Assessment

Benefits of outsourcing your business bookkeeping and accounting…

  • Reduce costs
  • Improve operational efficiencies and reduce manual processes
  • Streamline and integrate financial systems to achieve timely, accurate and meaningful financials  
  • Get greater financial intelligence with management reporting for strategic decision-making
  • Understand your KPIs for analyzing the numbers to grow your business or fulfill your mission

Comparing in-house vs outsourced and reviewing the benefits

Reduce your business’s bookkeeping and accounting costs.

Hiring and managing an in-house accounting department is a costly distraction in both time and money. With cloud-based bookkeeping and accounting, you’ll typically spend less and get back more time to grow your business.

Improve operational efficiencies and reduce manual processes.

A policies and procedures manual helps to support your business’s operational efficiency. At GrowthForce, we flow chart and document your financial operations to ensure your accounting runs like clockwork.

Streamline and integrate financial systems to produce timely, accurate and meaningful financials.  

When you integrate your financial systems and automate weekly and monthly processes, operations become streamlined.By getting more data into your accounting system, you can produce management reports that provide true insight into performance and profitability

Get greater financial intelligence with management reporting for strategic business decision-making.

Management Accounting delivers financial intelligence to help make data driven business decisions. Your goal is to make meaningful, strategic decisions that drive performance. That's why you want accounting in the first place. At GrowthForce, we begin by designing customized management reports and Key Performance Indicators (KPIs) that track and measure business-critical information.

Understand your KPIs for analyzing the numbers to grow your business or fulfill your mission

The key is knowing which reports will help you make intelligent business decisions for your company. And, to know that the financial data feeding the reports is accurate, up-to-date and properly accrued. You need to understand how to use reports to better run your business through financial reporting and analysis.

Reduce Your Risk of Fraud

By working in teams with multiple layers of oversight, GrowthForce helps protect against human error as well as fraudulent activities.

Does it make sense to outsource your bookkeeping and accounting function?

Once you see the true costs of keeping your finances in-house and how much you could actually save with outsourcing your finance function, you may want to learn more about how it all works. Check out our video that explains it here:  How It Works or don't waste any more time and money - just take the next step and click the banner below to get a customized quote...

How Much Do Bookkeeping Services for Small Businesses Cost?

Download the full Infographic (.pdf)

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