OUTSOURCED ACCOUNTING - A PROVEN ALTERNATIVE
Is your accounting draining your business of valuable resources? Listed below are some of the responses we hear
when talking with business owners about their accounting. If
any of these are true for you, consider the many benefits of
outsourced accounting and bookkeeping services. Accurate
and reliable financial information is the foundation of any healthy business. If generating this information is a concern for you, consider this - There is a better way. GLAS can assist you
with evaluating your current procedure, and help you develop
a strategy for your accounting that works for you.
- 1) I don't have time to do my bookkeeping. I stay up late trying to keep up.
- 2) I don't like accounting, and I don't know if I'm doing this right.
- 3) I hire employees to do my accounting, but they never have the necessary skills.
- 4) Just when I think I've trained an employee and they're up to speed, they leave.
- 5) Managing my accounting staff requires so much time and energy.
- 6) I don't know if all my expenses are reflected in my financials.
- 7) I don't know if all the bills have been paid.
- 8) I don't know what customers owe money.
- 9) I don't know how my cash flow is.
- 10) My bank accounts have not been reconciled for a long time.
- 11) Have transactions been entered properly? Are my reports reliable? Can I make good decisions from these numbers?
Have you considered how much your in-house bookkeeper is REALY costing you? There are many costs associated with maintaining an in-house accounting staff, and base salary is only a portion of those costs. There are benefits, vacation time, payroll taxes, and more. Overlooking these additional expenses can seriously affect the cash flow and profitability of an organization.
Following is a calculation that includes the additional expenses an employer incurs as well as the cost of time spent managing their staff. GLAS serves as a full service accounting department. We are able to meet the accounting needs of small business owners for a fraction of the cost.
Take A Closer Look
|Cost Of Bookkeeper||Typical Cost||Annual Cost|
|Hours per week bookkeeper works||40/week||$31,200|
|Health insurance costs||$350/month||$ 4,200|
|Weeks of paid vacation per year||2 weeks/year||$ 1,200|
|Payroll taxes & worker's comp (as a % of salary)||15%||$ 4,680|
|Overhead (as a % of office space, computer, supplies)||20%||$ 6,240|
|Retirement / 401K Benefits (as a % of salary)||2%||$ 4,200|
|Cost of Bookkeeper||$ 48,144|
|Hours per week you spend with the bookkeeper||3/week|
|Value of your time (not cost)||$100/hr||$ 15,600|
|Hiring and ongoing training of bookkeeper||10 hrs/year||$ 1,000|
|CPA fees to review and remedy bookkeeping mistakes||$200/month||$ 2,400|
|Cost of Your Time||$ 19,000|
|Cost of Bookkeeper||$ 48,144|
|TOTAL ANNUAL COST OF A BOOKKEEPER||$ 67,144|
"Traditional" business methods include "traditional" ways of handling accounting and bookkeeping needs. This includes the typical brick and mortar office with an in-house accounting staff. This method, however, often weighs a business down with large overhead and personnel costs. In Today's economy, however, business owners are often faced with cutting back or doing more with less. At GLAS, we understand the strain this vital service can put on a company's resources.
While Outsourcing may not be considered "traditional", it is a proven method for doing business. It is an effective alternative for those businesses having to do more with less. Our experienced team provides quality accounting and bookkeeping services without the need to make expensive, long-term commitments to hiring and developing permanent employees. If you are like most owners/managers, you want to focus your time and energy on business strategy and goals. Outsourcing your Accounting needs to a dedicated, highly skilled professional services company allows you to do exactly that.