Q: Why should I outsource my bookkeeping?
A: Many of my clients had employees performing their bookkeeping functions before they realized the costs and difficulties they could avoid by outsourcing.
Consider the cost of having an employee who is educated and trained to be a first-rate bookkeeper. By the time these clients paid salaries, benefits, vacation time, FICA, Medicare, FUTA and SUTA taxes, health insurance, retirement benefits, overhead costs (equipment and office space), and worker’s compensation premiums for this person, they were well into $1500-$4000 a month.
And time! No more paying for time spent at the water cooler, time spent training, time spent hiring and firing…no more wasted time. They wanted reliable, timely financial reporting. What they had were headaches they didn’t want. Outsourcing the bookkeeping function was a no-brainer for these clients.
Some of my clients did the bookkeeping themselves, thinking this would save them money and give them more control. All of them discovered four sad truths–
- They knew their business but did not know all the ins and outs of the IRS, state agencies, and the like.
- They didn’t know how to depreciate or amortize assets or record expenses and income for maximum tax advantage.
- They put off their own bookkeeping, even though they needed financial information, because “doing the books” was tedious, boring and ultimately confusing.
- And the biggest reason of all–when they were doing their own bookkeeping, they weren’t making money.
These clients discovered that doing the bookkeeping themselves wasn’t saving them money at all. Outsourcing the bookkeeping became a no-brainer for these clients, as well.
A. Is this employee an expert in QuickBooks®, MYOB®, or Peachtree®? Do they have 25 years of experience in bookkeeping, and is their most important job to maintain the books so you can make the best decisions for your business? You could pay an extra employee who didn’t need these skills considerably less.
Q. Do I have to leave my current accountant?
A. Moore Bookkeeping is a turnkey solution for you and your CPA or tax preparer. We will provide reliable, accurate, and timely reports for you to not only run your business, but also save money when filing your taxes with your CPA. Alternatively, if you do not currently have a tax preparer, we can recommend CPAs we work with all the time, if you like.
Q. What will outsourcing my bookkeeping cost?
A. Less than you’re spending now. We welcome the opportunity to speak with you and see how our services can benefit your business. For a no-obligation price quote, contact us.