Online Bookkeeping Vs Traditional Bookkeeping Services For Small Business: What are the costs?

The majority of business owners take care of their bookkeeping needs independently and require accuracy in order to keep up with the ever-growing economy.

Small businesses have a few options for bookkeeping services to suit their particular needs. Rates will vary depending on your choices but it’s essential to understand the needs of your business to decide on which services work the best for you. Below are three types of available bookkeeping choices including

FULL-TIME BOOKKEEPERS

PROS

• Get to know your procedures
• Available every day of the working week
• Emergency work can be done when the situation arises

CONS

• Must be paid annual leave, sick leave, public holidays etc
• Can sit idle if not enough work for them
• Need recruiting and training
• Office space, computers etc required
• Business requires financial stability
• Effective management needed
• Potential HR issues that need taking care of
• Potential budget overruns

PART-TIME BOOKKEEPERS

PROS

• Cheaper to employ than full-time staff
• Staff get to know your procedures

CONS

• Effective management needed
• Must be paid sick leave and public holidays
• Need recruiting and training
• Office space, computers etc required
• Any emergency bookkeeping can only be seen to when part-time bookkeepers are rostered on
• Potential HR issues that need taking care of

ONLINE BOOKKEEPING

To businesses that have never used outsourced online bookkeeping services previously it may feel like a strange and slightly frightening concept. However it may just serve all your needs without realising the benefits online bookkeeping has to offer. Advances in modern technology have made outsourcing a cost-effective option for many businesses that couldn’t afford full-time employees in the past but needed more than just part-time staff.

PROS

• Work can be tailored to your needs
• No need to pay annual leave, sick leave, public holidays etc
• Management taken care of by outsourcing company
• No extra space, computers etc required
• Recruitment and training (BOSS provides all training) taken care of
• No HR issues
• No budget overruns (if your provider offers fixed fees rather than charging on an hourly basis)
• Overall costs much lower

CONS

• Must make sure you are working with a professional outsourcing firm
• Training required (unless your outsourcing provider offers this service)

BOSS has been in the outsourcing business now for over fourteen years. Outsourcing was considered something new about a decade ago and many people balked at the idea of taking up a service they knew little about and felt hadn’t been tested. Now that thousands of companies have incorporated outsourcing into their business in some form many businesses feel more comfortable in trialing this kind of service.

BOSS offers a bookkeeping service that ticks all the boxes and assists many businesses with their bookkeeping needs. Fixed fees are offered rather than hourly rate charge-outs which help companies to know how much their spending before the job begins.