Who pays the bills: weighing up the cost of in-house vs outsourced bookkeeping
07 June 2018
Thinking about hiring an in-house bookkeeper? While it may seem like you’re getting more value for money by having someone dedicated to your business from the inside; the benefits of outsourced bookkeeping could make it more cost effective than you think. If you add up the real costs of hiring someone internally to manage your bookkeeping, compliance and month-end processes, you might change your mind.
Time is money
How much time do you want to spend recruiting, hiring, re-hiring, training and managing bookkeepers? If you’ve hired staff before, you know how time consuming and costly the process can be. You also need to provide space and equipment to do the work. When you choose to outsource, risk and cost is significantly reduced because your provider carries this burden for you – meaning you can concentrate on running your business.
When financial information and control monitoring is managed internally, it can often lead to delays or down-time when it comes to covering annual or sick leave, training or other ‘out of office’ time. Our team-based approach means you get coverage all year round; while our standardised processes and accounting policies ensure continuity of service. This gives you peace of mind that your financial information can always be handled according to management and ATO requirements; and that you’ll always know where you stand with real-time, accurate data.
Manage business performance quicker
Our skilled bookkeepers are trained to add value to your business. We can continually monitor your financial information in real-time to detect any irregularities and bring them to light before they become an issue. We track cash flow and performance targets; flag when you are either overspending or not carrying enough stock. When new opportunities arise, you have the information you need to assess longer term projections.
Keeping up with the latest from the ATO
The benefits of such comprehensive monitoring extend beyond performance to compliance. The legal obligations that apply to small and privately-owned business can change regularly. And when they do; the implications can be significant for small business. Take Single Touch Payroll for example, where the ATO is streamlining business reporting requirements, putting the responsibility on business owners to automatically submit financial information more frequently than before. We help you get ready for ATO changes and ensure you are always on the right side of Fair Work Australia with it comes to paying staff correctly.
More heads are better than one
When dealing with more complex requirements, we have direct access to the broader BDO network of business specialists. With support from BDO, you can be confident with the numbers and be sure you’re complying with more complex tax lodgements or other regulatory requirements.
Reduce your risk. Save money on hiring costs. Ask us about BDO’s Bookkeeping services today.