Not all businesses are structured to integrate various departments, like sales, accounting, marketing, HR, IT, etc., to run the day-to-day operations and ensure goals are met. Many closely-held businesses simply do not have the need or the resources to build out full departments and opt to outsource certain parts of the business.
Accounting is an area that many businesses choose to outsource due to the cost of hiring and retaining an experienced accountant and the importance and complexity of the work. Salaries, overhead, benefits, IT, PTO, and overtime costs can easily add up. Building an entire finance and accounting department of 3-5 employees, each with a different role, can cost your business more than $300,000! So, how does that compare to the cost of outsourcing?
According to Salary.com, the average annual salaries across the U.S are:
Full Charge Bookkeeper: $45,000 [1]
Staff Accountant: $57,000 [2]
Controller: $105,000 [3]
According to the Bureau of Labor Statistics, the average cost of benefits per employee is $13k per year (including health insurance, PTO, payroll tax + worker’s comp, and retirement benefits). [4]
Now, let’s look at the cost of outsourcing. The average range of outsourced accounting services, which includes a bookkeeper, staff accountant, and a manager (controller equivalent) is $45,000-65,000 a year! This is a significant savings for small- and mid-sized businesses.
Outsourced accounting services not only provides accurate, timely information to help with vital decision making and clarity to analyze and solve financial issues, but also the peace of mind that having expert resources can provide. As a business owner, it’s essential to have good financial and accounting systems in place so that you can focus on achieving business growth.
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 offering cost-effective services. Surrounding yourself with a team of experts is how businesses succeed.
Thinking about your business is a big part of ours. Reynolds + Rowella’s Managed Accounting Services Group possesses the experience and expertise needed to keep you informed and in the best possible position to make the strategic decisions necessary to keep your business growing.
The Reynolds + Rowella Managed Accounting Services Group provides budget development and monitoring, cash flow projection and management, tax and management reporting. Our managed accounting services can solve the issue of finding the right people to handle your accounting and finance needs and help you reduce significant costs of maintaining the accuracy and confidentiality of your data. Keeping you informed and making data-driven decisions is our goal. We are ready to begin.
Gregory J. Pepin, CPA, Partner
gregoryp@reynoldsrowella.com
Greg has over 22 years of accounting experience, with over 19 years in the public sector. He specializes in tax consultation, planning and compliance for closely-held businesses and individuals. Greg prides himself on being a trusted advisor to his clients for all of their financial related matters. Greg is one of Reynolds + Rowella’s Tax Partners and leads the firm’s Managed Accounting and Family Office Solutions Group.
[1] https://www.glassdoor.com/Salaries/bookkeeper-salary-SRCH_KO0,10.htm
[2] https://www.glassdoor.com/Salaries/staff-accountant-salary-SRCH_KO0,16.htm
[3] https://www.glassdoor.com/Salaries/controller-salary-SRCH_KO0,10.htm
[4] https://www.bls.gov/news.release/pdf/ecec.pdf
Reynolds + Rowella is a regional accounting and consulting firm known for a team approach to financial problem solving. As Certified Public Accountants, our partners foster a personal touch with our clients. As members of DFK International/USA, an association of accountants and advisors, our professional network is international, yet many of our clients have known us for years through the local communities we serve.
Our mission is to operate as a financial services firm of outstanding quality. Our efforts are directed at serving our clients in the most efficient and responsive manner possible, delivering services that exceed the expectations of those we serve. The firm has offices at 90 Grove St., Ridgefield, Conn., and 51 Locust Ave., New Canaan, Conn. For more information, please contact Elizabeth Bresnan at 203.438.0161 or email.
