Outsourced accounting services: a cost-effective solution

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Not all businesses are structured to integrate various departments, such as sales, accounting, marketing, human resources, IT, etc., to manage day-to-day operations and ensure goals are met. Many closely held companies simply don’t have the need or the resources to build entire departments and choose to outsource parts of the business.

Accounting is an area that many companies choose to outsource due to the cost of hiring and retaining an experienced accountant and the size and complexity of the job. Salaries, overhead, benefits, IT, PTO and overtime costs can easily add up. Building a full finance and accounting department of 3-5 employees, each with a different role, can cost your business over $300,000! So how does this compare to the cost of outsourcing?

According to Salary.com, the average annual salaries in the United States are:

Full charge accountant: $45,000 [1]
Staff accountant: $57,000 [2]
Controller: $105,000 [3]

According to the Bureau of Labor Statistics, the average benefit cost per employee is $13,000 per year (including health insurance, PTO, payroll taxes + workers’ compensation, and retirement benefits). [4]

Now let’s look at the cost of outsourcing. The average range of outsourced accounting services, which includes accountant, staff accountant, and manager (comptroller equivalent) is $45,000 to $65,000 per year! These are significant savings for small and medium-sized businesses.

Outsourced bookkeeping services not only provide accurate and timely information to aid in vital decision-making and clarity to analyze and resolve financial issues, but also the peace of mind that having expert resources can bring. . As a business owner, it’s essential to have good financial and accounting systems in place so you can focus on growing your business.

Outsourcing accounting and finance functions is an investment in your business, not a cost. In fact, a major benefit of outsourcing is the reduction of expenses by providing cost-effective services. Surrounding yourself with a team of experts is the key to business success.

Thinking about your business is a big part of ours. Reynolds + Rowella Managed Accounting Services Grouphas the experience and expertise to keep you informed and in the best possible position to make the strategic decisions needed to grow your business.

the Reynolds + Rowella Managed Accounting Services Group provides budget development and monitoring, cash flow projection and management, fiscal and management reporting. Our managed accounting services can solve the problem of finding the right people to manage your accounting and financial needs and help you reduce the significant costs of maintaining the accuracy and confidentiality of your data. Our goal is to keep you informed and to make decisions based on data. We are ready to start.

Gregory J. Pepin, CPA, Partner
[email protected]

Greg has over 22 years of accounting experience, including over 19 years in the public sector. He specializes in tax consulting, planning and compliance for closely held businesses and individuals. Greg prides himself on being a trusted advisor to his clients in all of their financial matters. Greg is one of Reynold + Rowella’s tax partners and leads the firm’s managed accounting and wealth management solutions group.

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