Managing financial and accounting tasks is a crucial yet challenging aspect of any business, regardless of its size. One way to handle these responsibilities is by hiring an in-house accounting team, but this can be costly. A cost-effective alternative is to outsource accounting services.
But how much do in-house accounting and outsourcing accounting cost?
The number of people and job descriptions in an accounting and finance function depends on the size of the business and the complexity of its transactions. However, most businesses' accounting and finance teams are composed of staff accountants, accounting managers, and controllers. According to Salary.com, the base salaries of the mentioned employees (based in California, USA) are as follows:
Staff Accountant: $5,548 per month
Accounting Manager: $11,025 per month
Controller: $22,417 per month
For the three employees mentioned above, the total annual base salary is $467,880. However, it's important to note that this is only the base salary. Employee benefits, employer payroll taxes, overhead, IT costs, and other costs are also added to the overall cost of having an in-house accounting team.
On the other hand, the monthly cost of outsourcing accounting services from The Valiant Consulting Group (VCG) depends on the size of the business and the complexity of the accounting transactions. The package may include a full-stack accounting team, which is composed of a staff accountant, accounting manager, and controller. Or you can simply outsource one role like accounts payable, accounts receivable, or general ledger accountant.
Outsourcing to a reputable firm can provide a number of benefits. Firstly, it can give you more time to focus on growing your business, as the accounting firm will handle important financial and accounting functions. Additionally, outsourcing can also bring peace of mind, as you can trust that the accounting firm will handle your financials correctly and in compliance with rules and regulations.
Aside from those mentioned above, here are the specific benefits you can get when you outsource to VCG:
1. Eliminate time spent on hiring
We can help you eliminate spending time on recruiting, interviewing, and hiring employees. Furthermore, all members of our accounting team are already trained and experienced, so you don’t need to invest your time and resources in training new staff.
2. Access to better tools and processes
We can help improve the accuracy and efficiency of financial tasks. We can also help you integrate tools like Bill.com, Stripe, Gusto, Quickbooks, and Expensify.
3. Stay ahead of the competition
You can devote more time to your company's growth and operations by giving accounting responsibilities to professionals. Our finance experts can assist you with data analysis, interpretation, and reporting so that you can make better strategic decisions.
4. Specialized knowledge is necessary for your business
We have a team of experts with a variety of skills and experience that can provide specialized services. Our clients include startups to public companies in software (SaaS), real estate, insurtech, medical devices, biotech, online gaming, app developers, and individuals.
5. Avoid turnover and time-off problems
Outsourcing our services means that we are not employees of your business. As a result, you, as a business owner, are not subject to the same turnover and time-off issues that in-house employees are. We can also provide continuity of service, even if a team member is unavailable due to time-off or turnover. We will provide a replacement team member to ensure that work is still completed on time.
In conclusion, outsourcing accounting services can be a cost-effective and efficient solution for businesses of all sizes.
It can help you save on costs, access specialized expertise, increase efficiency, improve accuracy, scale up or down your financial support, access cutting-edge technology, and ensure compliance with regulations. With the added time and resources, you'll be able to focus on growing your business and making strategic decisions.
Don't miss out on the many benefits that outsourcing can offer. Schedule a 30 minute free consultation with our team today! Our team of experts will work with you to understand your business's unique needs and develop a customized solution that fits your budget and goals. During the consultation, you will have the opportunity to ask any questions you may have and learn more about our services and how we can help you stay ahead of the competition.