In-house bookkeeping vs outsourced bookkeeping

In-house bookkeeping vs outsourced bookkeeping

If full tax compliance is the final goal of your company’s financial admin strategy, meticulous bookkeeping should be your first step. Given how important accurate bookkeeping is, can you really afford to leave this function in just anyone’s hands?

When it comes to bookkeeping the main decision that every manager or owner needs to make is this: in-house vs outsourced?

Here are some reasons why a professional bookkeeping service can produce superior results when compared to hiring a new employee.

In-house vs outsourced bookkeeping

Hiring a bookkeeper may seem simple enough at first glance, but there are many pitfalls that unsuspecting business owners may encounter along the way. These include:

• A lengthy hiring process. Advertising a job, screening candidates, conducting interviews, and supervising a new bookkeeper during their probation period are all time and resource intensive activities.
• Higher monthly overheads. Hiring a full-time employee means signing an employment contract and committing yourself to the full obligations it entails, and potentially having difficulty dismissing your new bookkeeper if their work is not up to standard.
• Quality assurance and compliance issues. This is by far the biggest issue that business owners encounter when hiring a bookkeeper. If you don’t have a financial background yourself, it may be difficult to supervise your bookkeeper effectively and any mistakes they make may only come to light during your annual audit or just before the tax submission deadline.

If you’re feeling stressed just reading about the hiring process, here’s the good news: outsourced bookkeeping is a far simpler business.

Outsourcing your bookkeeping needs makes excellent financial sense

After an initial consultation with the team at Bletchleys, you’ll receive a proposal outlining the exact bookkeeping services that your company requires and a competitive quote which may be significantly less than hiring a full-time employee

As your business grows or diversifies your requirements change and an outsourced bookkeeping solution can be scaled up and down to meet the evolving needs of your business. You’ll avoid lengthy contract negotiations and the dreaded CCMA process which can be a costly and stressful experience for any business owner.

Finally, outsourcing gives you access to the expertise of a full team of skilled professionals as and when you need them saving you money on paying a full-time staff member with employee benefits.