Outsourcing bookkeeping services have become a popular option for businesses of all sizes. It allows companies to focus on their core competencies while leaving financial management to experts.
However, choosing the right service provider can be a daunting task. In this guide, we’ll cover everything you need to know to make an informed decision.
Why Should You Outsource Your Bookkeeping?
Here are some reasons why outsourcing your bookkeeping may be beneficial for your business:
- Time-Saving – Bookkeeping can be time-consuming, and outsourcing it can improve your efficiency and free up your time to focus on other important aspects of your business.
- Cost-Effective – Outsourcing bookkeeping can be a cost-effective option for small businesses. Hiring a full-time bookkeeper can be expensive, and outsourcing allows you to pay only for your needed services.
Additionally, outsourcing eliminates the need for costly software and infrastructure investments.
- Expertise – Professional bookkeeping service providers have the expertise and experience to manage your finances effectively.
They are up-to-date with the latest accounting practices and can provide valuable insights and advice to help you make informed financial decisions.
- Scalability – Outsourcing bookkeeping services can be easily scaled up or down depending on your business needs.
This means you can adjust the level of service you receive based on your business’s growth and financial situation.
- Reduced Risk of Errors – Professional bookkeeping service providers have the necessary skills and tools to ensure accurate financial reporting, reducing the risk of errors and inaccuracies.
Outsourcing your bookkeeping can provide many benefits for small businesses and early-stage startups. Consider outsourcing your bookkeeping to a professional service provider to improve your financial management and free up your time to focus on growing your business.
What’s the Average Outsourced Bookkeeping Rate?
The average outsourced bookkeeping rate can vary depending on several factors, such as the
size of the business, and the type of services needed.
According to a survey conducted by Clutch, a B2B ratings and reviews platform, the average monthly cost for bookkeeping services ranges from $200 to $300 for small businesses, $1,500 to $2,500 for mid-sized businesses, and $3,000 to $5,000 for larger businesses.
According to a National Association of Certified Public Bookkeepers survey, the average hourly rate for bookkeeping services in the United States is $66 per hour.
It’s important to note that these rates are just averages and can vary depending on the specific needs of your business, as well as geographic region and other factors. Some bookkeeping services charge a flat monthly fee, while others charge hourly rates.
Before choosing a bookkeeping service, it’s important to understand its pricing structure and what services are included in the price.
What Should You Look for When Hiring a Bookkeeper?
So now you’re aware of the benefits and pricing of hiring an outsourced bookkeeper. Now comes the important part: choosing the right service provider.
Hiring a bookkeeper is an important decision for any business owner. Here are some key factors to consider when looking for a bookkeeper:
References
When hiring a bookkeeper, checking their references is essential. Reach out to their past clients to understand their work quality, communication skills, and reliability.
Qualifications
Look for a bookkeeper with the necessary qualifications, such as a degree in accounting or bookkeeping certification. This ensures they have the knowledge and skills to manage your finances effectively.
Industry Expertise & Niche
Consider the bookkeeper’s industry expertise and niche. Look for a bookkeeper with experience working with businesses similar to yours and who understands the unique challenges of your industry.
Services
Determine what services you need from a bookkeeper and ensure that the bookkeeper you’re considering offers those services.
Some bookkeepers may specialize in certain areas, such as payroll or tax preparation, so make sure their expertise aligns with your needs.
Dependability
Look for a dependable bookkeeper. They should be responsive to your needs and able to meet deadlines consistently.
Cost
Consider the cost of hiring a bookkeeper and ensure it aligns with your budget. As mentioned above, ensure you understand the pricing structure and what services are included.
Attention to Details
Bookkeeping requires a high level of attention to detail. Look for a bookkeeper who is meticulous and thorough in their work.
They should be able to spot errors and discrepancies in your financial records and take steps to correct them.
Considering these factors can help you find a bookkeeper who meets your needs and lets you know your finances are being managed effectively.
Hire Outsourced Bookkeeping Services
Outsourcing bookkeeping services can be a wise decision for businesses looking to streamline their financial management and focus on core operations.
If you’re ready to outsource your bookkeeping, Mighty Startup is here to assist. We offer a range of services and have a team of qualified professionals. To explore working together, schedule a call with us.
