outsourced bookkeeping solutions

The cost of outsourced bookkeeping can vary depending on various factors and so it is difficult to give an exact estimation. According to experts, the cost of outsourcing bookkeeping generally starts at $500 and can go as high as $2,500 per month which means anywhere from $6,000 to $30,000 per year for a business. But the cost depends on whether you also want a software package along with a bookkeeper or if you want to hire a bookkeeper only. If you want to receive financial reports on a regular basis, then the cost of outsourced bookkeeping can be higher compared to if you need it at only certain times. Additionally, when you outsource bookkeeping, you lose the ability to walk over to your bookkeeper’s desk and ask them a quick question.

outsourced bookkeeping solutions

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. However, they usually offer some “assurances” that solo bookkeepers can’t. And, in the event that someone handling your books has to take a leave of absence, another bookkeeper can take over, so you don’t have to worry about service gaps.

Deposit Management

Depending on your needs, they may provide accounting and bookkeeping services for short-term or long-term projects. Before hiring an outsourced team, it’s vital to outline the necessary support and services, such as bookkeeping, reporting, payroll taxes, tax returns, transaction fee monitoring, etc. At LBMC, we’re proud to provide outsourced bookkeeping, controller, and CFO services to businesses in Tennessee, Kentucky, Indiana and beyond. In doing that, your outsourced accounting firm will work closely with you to develop an approach that works for your business. They’ll track KPIs that are important to you, provide regular financial reporting, and be responsive to your needs when you call with questions.

outsourced bookkeeping solutions

Then, our platform lets you track your finances, download financial statements for your accountant, and message your bookkeeping team. Luckily, accounting and bookkeeping don’t have to be the business owner’s responsibility anymore. It’s becoming more and more common for businesses to outsource bookkeeping to take care of the pesky quickbooks vs excel for small business task of handling financial transaction records. To help navigate your options, we’ve put together a guide to outsourcing bookkeeping. We have your needs covered with back bookkeeping, real-time bookkeeping, bookkeeping, and payroll services, and full-time or part-time bookkeepers, so you can get back to doing what you do best.

Bill Pay

Accounting outsourcing solutions offer numerous advantages, including cost efficiency, access to expertise, time savings, scalability, and reduced risk. However, they also come with potential drawbacks related to control, communication, privacy, and alignment. It’s essential to be on the same page with your outsourcing partner and establish security protocols to protect your data.

The average in-house bookkeeping department can take up to 5-10 hours per week just for basic tasks like payroll and invoicing. This doesn’t include the additional time spent on financial reporting, tax preparation, and compliance checks. Outsourced bookkeeping services can complete these tasks in a fraction of the time, thanks to their expertise and advanced technology. For a business that values executive time at an average of $60 per hour, this could translate to a time savings of $600 per week, or $31,200 annually. In the realm of finance, compliance with regulatory standards is not just a best practice; it’s a legal necessity.

Getting the Most Out of an Outsourcing Relationship

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. Unlike most other outsourced bookkeepers on our list, Merritt Bookkeeping doesn’t offer any in-house add-ons for payroll and tax services. If you were hoping for a one-stop shop that can tackle all of your financial needs, Merritt might not be the right choice for you. This can sometimes lead to a misalignment of objectives, where your specific needs are not given the attention they deserve.

As an example, maybe a client needs to see a certain report every Monday with updated financial information in order to run their business. On the other hand, a different client may just want to see a monthly P&L and balance sheet. Do not spend your valuable free time managing reconciliations and comparing cash flow to receivables — call SLC Bookkeeping outsourcing services instead.

How Much Does Outsourced Bookkeeping Cost?

The outsourced bookkeeper will explain what each report means so you can then base your business decisions upon that. The bookkeeper will go into detail so that you can understand your business’s current position and whether you need to change some things to ensure it does better than it is doing right now. The outsourcing service will also provide support so that you can ask them in case of any confusion. They will deal with your financial information, bank accounts, credit cards, invoices, and other important documents.