Sound financial planning, budgeting and record keeping are essential to the success of any business, regardless of its type or size. Hiring an in-house accounting or finance professional can be cost prohibitive, forcing many smaller businesses to assign finance-related tasks to their existing staff with little or no regard for qualifications or experience. Accounting duties are often relegated to an office manager or other administrative person who can balance a checkbook and perhaps has some basic bookkeeping knowledge.
Outsourcing bookkeeping and accounting to monitor and manage a company’s finances can be a cost-effective alternative to bringing a new employee on board. In most cases, outsourcing will save time and money while at the same time streamlining operating efficiencies. Outsourcing offers businesses of any size access to highly skilled professional talent, usually at substantial savings of both time and money over interviewing, vetting, hiring and training a new in-house employee. Perhaps one of the most valuable benefits of outsourcing is that it frees managers from being mired down with details of the company’s finances, leaving them free to concentrate on their primary responsibilities of overseeing and growing the business.
Types of Outsourced Services Available
Solutions are custom designed by the Pro Back Office (“PBO”) team to meet each business’s specific requirements. Depending upon the client’s needs, financial talent ranging from bookkeepers and accountants to controllers and executive level CFOs can be arranged through Outsourcing. Outsourced assistance can be part-time or full-time, again depending upon the needs and stage of the business.
Outsourced accounting and financial services range from basic data entry to in-depth strategic financial planning & analysis. Typically, these services are performed on-site, although remote or “virtual” assistance can be arranged. PBO is a reputable outsource service company that provides highly trained personnel with extensive experience working within a wide range of industries and the professional expertise to deal with virtually any accounting or finance related issues.
Another valuable benefit of outsourcing is that it offers the flexibility to expand or contract as the needs of the business change. The extent of professional assistance required can be easily increased or decreased, depending upon the need at any given time. During periods of economic expansion and rapid growth, additional help can be brought on board or the hours of existing outsourced staff increased. Conversely, during economic downturns, outsourced functions can be temporarily cut back until they are needed again.
Costs of Outsourced Services
Outsourced accounting services from Pro Back Office provide executive level talent without incurring executive level salaries, benefits and employment taxes. Their services can often offset or even pay for themselves through cost savings and increased profits resulting from operational changes recommended by the PBO team. Outsourced services are normally billed at either at an hourly rate or a monthly fee.
Pro Back Office Resource Cost/Hour:
CFO | $165-$225
Controller/Sr. Controller | $100-$145
Accounting Manager/Sr. Accounting Manager |$65-$95
Staff Accountant/Sr. Staff Accountant | $40-$60
Data Entry & Bookkeeper/Sr. Bookkeeper | $35-$50
HR Manager | $70-$80
Project Consultants | $100-$175
Whether a business needs only basic bookkeeping services requiring a few hours each week or a full-time, executive level CFO with the knowledge and expertise to address and resolve complex financial issues, a customized solution can be tailor made to meet each client’s specific requirements, which means businesses pay only for what is actually needed.
Is outsourcing right for your business? A quick call or email to Pro Back Office will start the ball rolling to see if outsourcing can save your business money and help streamline its operations. You can reach us at 858.622.1681 or info@probackoffice.com.
Sources:
http://www.probackoffice.com/why-ceos-outsource
http://www.thevirtualbeancounters.com/why-outsourced-accounting-is-best-for-small-businesses-and-the-economy/
http://www.cpapracticeadvisor.com/news/11521202/how-outsourced-accounting-services-are-a-win-win-for-firms-and-business-clients
https://www.ignitespot.com/accounting-services-for-small-business