Business owners interested in learning more about how they can streamline their accounting services may be wondering if they should hire someone full-time or consider an outsourcing option. Hiring an in-house accountant can be challenging for a variety of reasons. For example, not only do you need to find a candidate that has the right background and qualifications based on the individual needs of your company, the salary for this position can often be substantial.
Below are just a few of the reasons that outsourcing your accounting services might be the way to go.
You’ll save tons of time
Hiring (and onboarding) staff requires an enormous time commitment. From drafting the job post, to paying to post it on numerous industry websites, the beginning phases of hiring a new employee can take up a lot of time. From there, you need to screen candidates, evaluate resumes, and block hours of time to interview potential new-hires. Remember- your time is valuable. However long it takes you to find and
hire a viable candidate is time that you’re being taken away from what you do best: running your business.
It can lower your labor costs
March 2023 data from PayScale notes that the average accountant salary is approximately $54,000 per year—and that’s before you take into account the money you’ll need to allocate to cover payroll taxes and employee benefits. Outsourcing your accounting services, on the other hand, can be done at a fraction of that cost. If you’re not quite ready to hire (and pay for) a full-time, in-house accountant, outsourcing your company’s accounting tasks are both viable and cost-effective.
You can ramp-up and ramp-down as needed
Most accounting and bookkeeping services charge their clients by the hour. If you need a great deal of extra help (i.e., at tax time), you can ramp up your monthly spend. On the other hand, if you only need 1-2 hours per week of help, you can ramp back down to that level. This can be enormously valuable for companies that need some extra help but do not have enough of a need to warrant a full-time in-house staff member.
If you’re thinking about outsourcing your accounting services and you’d like more information about the benefits of working with a professional accountancy firm, we can help. Call Hughes, Snell & Co., today to schedule a free, no-cost, no-obligation consultation. What are you waiting for? Call our office today to get started.