The drawback of hiring an individual freelance bookkeeper is that they tend to be more expensive. Like an in-person, local bookkeeper, freelancers usually charge an hourly rate vs a set monthly payment. 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.

• Outsourcing bookkeeping is cost-effective and will save your company money.
• Being on top of your bookkeeping is essential even if you are a startup because they aid in making some crucial business decisions.
• While a certified public accountant (CPA) will provide insight and analysis of your financial data, bookkeepers will get into the nitty gritty of your day-to-day transactions.
• There are two primary options to outsource bookkeeping–virtual bookkeepers or local bookkeepers.
• Controllers are more advanced finance professionals that are usually responsible for managing the day-to-day financial operations of a business.

Also, discuss the relevant data security measures with the accounting service provider to ensure they employ proper safeguards. Plus, full-time bookkeepers are experts in the field that can generate more thorough reports and documents that take some pressure off your back once outsourced bookkeepers tax season hits. Construction bookkeeping services are tailored to the specific needs of the construction industry, including job costing, progress billing, and compliance with industry regulations. One of the primary concerns with outsourcing bookkeeping is data security.

Prepare for Tax Season and Audits

Next, they’ll provide a report detailing your financial performance every month or quarter. You’ll then have the opportunity to make any necessary changes before receiving the next report—and so on. If there’s ever something you’d like clarified or don’t understand, you can contact them for help. When looking for outsourced accounting services, businesses have many price options.

Whether it’s struggling with tax preparation, wrestling with bookkeeping software, or worrying about accounts payable, financial reporting responsibilities can get tiresome quickly. Outsourced bookkeeping is pretty much what it sounds like – it’s when a business chooses to let a third-party company handle its bookkeeping tasks instead of managing them in-house. This means that instead of having an internal department or a dedicated staff member handling the books, businesses can contract this task out to specialized firms or professionals. Whether or not to outsource is a common question many small business owners face.

What Bookkeeping Services Should You Outsource?

Rather than a one-size-fits-all solution (which, let’s face it, doesn’t exist in the world of bookkeeping), we take the time to understand your business’ unique bookkeeping needs. We then match you with the best candidate among our team of professional bookkeepers. Your dedicated bookkeeper will work with you to develop a tailored plan exclusively for your business. It helps track income and expenses, identify trends, and make informed decisions about allocating resources. When you have the right bookkeeping services in your corner, you’ll enjoy greater freedom and peace of mind in your business endeavors.