There might not seem to be much of a difference between hiring an in-house bookkeeper versus hiring an outsourced bookkeeper. It’s an innocent enough mistake that many small business owners make without even realizing it. You might not realize it initially, but over time you will see a difference in quality, efficiency, and cost.
A Difference in Quality
When there is a single person in charge of your business finances there is a lot of risk included. Any mistake can be made and go unnoticed without the backup and double-checking of a financial team. There is also a higher risk of embezzlement when there are no checks and balances in place. In a 2018 Hiscox Embezzlement Study TM it was discovered that “33% of perpetrators worked in the accounting or finance department.” Don’t leave your money in the hands of someone you don’t trust. Find a team with a positive reputation and clients to back them up.
A Difference in Efficiency
What happens when you have bills that need to be paid but your in-house bookkeeper took the week off? Handling it yourself is always an option, but it might not be the best option when you already have too many tasks with too little time. Outsourcing your bookkeeping means that you have a team of professionals at your back. Your dedicated bookkeeper might be out for the day, but there will still be someone there to answer your call and give you help when you need it.
A Difference in Cost
This is probably the biggest difference there is when it comes to in-house versus outsourced bookkeeping. When hiring an in-house bookkeeper you aren’t only paying their salary. You are also paying for their health insurance, PTO, payroll taxes, training, retirement, and more. You will also likely be paying them for a full-time work schedule when there isn’t full-time work to be done. Most bookkeeping and accounting firms offer fixed rates and/or hourly rates to make sure you are paying for what you need and no more.
Can You See the Difference?
Your business finances are far too important to pass along to someone who doesn’t meet all of your requirements. Keep your company safe with a trusted bookkeeper who gets their work done on time without costing you more than it should. If you have any questions on outsourcing your bookkeeping, reach out to All About Businesses and we will give you the answers you’re looking for.