Rates & Costs of Outsourced Accounting
The cost of hiring a bookkeeper can go as high as $21.50 if you’re hiring locally in the States. We’ll tackle more on that later and the options for scaling outsourcing can give you.
Outsourcing bookkeeping allows you to hire offshore staff who can help you make sure your finances are balanced and your check books are in order. They can serve as your financial auditors and they can also serve as data entry specialists.
While you want creative control, you also want control of your spending. This is where Outsourcing through Managed Operations comes in. If you focus on performing admin tasks, you become the admin. If you can find a way to offshore some of these routines though, but still retain the quality, the timing and the robustness of your KPI’s, then you’ve hit a home run.
Hiring an accountant or bookkeeper can save you time if you outsource these tasks so that you can perform only those which are crucial to your front line sales functions.
Price Ranges of Outsourced Accountants
Full Time bookkeepers in iSuporta Outsourcing, who work 5 days a week, for 8 hours:
|Hourly Rate||Monthly Rate|
These are just examples of outsource bookkeeping costs if you take advantage of virtual bookkeepers in the Philippines! This assumes a full time rate of about 160 hours a month.
You may also opt for part time at which the bookkeeper’s may work for 6 hours, 5 days a week adding up to 120 hours.
At $8.50 per hour your will pay $1020 a month for part time work. These figures are not strictly fixed which is why we encourage you to send us a message if you’re interested in hiring outsource bookkeepers in the Philippines.
To help you clarify things here is the difference between accounting and bookkeeping.
Factors Affecting Cost of Accounting Services
There are many factors to consider when considering how much you want to hire a bookkeeper for. It may also depend on what state they belong to, which is why it can be more expensive if you hire locally.
Getting a good bookkeeper and you pay them dirt cheap isn’t ideal because you want professionals. These are your assets and those skilled with handling the software and hardware you require are going to be asked to get paid fairly high.
As a refresher, here are some of the outsourced bookkeeping rates in the States:
Alabama – $ 17.91 per hour
Alaska – $ 23.39 per hour
California $ 23.00 per hour
Iowa – $ 18.00 per hour
Maine – $ 18.80 per hour
Minnesota – $ 21.25
Michigan $ 18.81
New York – $ 21.92
These figures aren’t always fixed but that’s what it takes to outsource your bookkeeping in the States.
Is hiring an accountant a good investment?
Bookkeepers and accountants mainly record, tally, reconcile and assess transactions to make sure you aren’t overspending and all your debts are settled. It’s important to take note of overhead costs and taxes when starting your in-house staffing.
There are several hands-on tasks an outsourced accountant can do for business owners like yourself. These may include HR functions such as monitoring contracts, creating profiles and helping to create bank accounts
- Perform audits for employees
- Check on your outstanding payments or collections
- Oversee compensation packages and make sure they are accurate
- Verify timekeeping information for your employees
- Complete payments and controls through receiving processing and performing some verifications.
- Perform regular functions such as filing, copying and even admin tasks such as sending emails
The hourly cost for outsourcing bookkeeping is less than the cost of hiring a new full–time bookkeeper. This is because a bookkeeper’s hourly cost is lower than the cost of an employee’s salary, benefits, and office costs.
How can I hire an accountant through iSuporta?
First, you schedule a call with us for our free consultation using our contact form. Then we will talk about your needs, your budget and your industry and your preferences for the type of bookkeeping software you need. We will also talk about the level of experience you expect from an outsource employee.
How much is the overhead cost of outsourcing my accounting?
There are no overhead costs! While the price list is not fixed or static as we have written above, they are ala carte packages based on whether the employee is working full time, or part time and you choose their shifts and working schedules. Because of the low cost of living in the Philippines, we are able to pay our employees much higher than the average Filipino staff and as a result you get happy, passionate workers!
And your remote staffing expenses already cover the software, office space and the IT and hardware they use in the building.
Are there any hidden fees or costs?
In any venture, there are surprises. Things can happen that you or your outsource partner could not forsee, fire, flood, hurricane, riots, etc. But, iSuporta for sure does not have any tricks on money games played with their services. Being transparent for long term is the best, as short term tricks will only yield distrust and loss of business. We try to be as forthcoming and make expectations as close to reality for costs and services.