When you’re running a small business, keeping costs down is always of paramount importance. So most small business owners we’ve known try to manage as much as possible of operational and administrative work on their own, for as long as possible. But eventually, that model ceases to be practical, as the time required to perform tasks like bookkeeping and accounting increases to the point that it pulls you away from other vital responsibilities that need your attention. So, you may be considering outsourcing that work to a virtual accountant, but are, understandably concerned about the cost involved.
It’s not easy to give a simple, general answer to the question of how much it will cost to use a virtual accountant. Unlike hiring a full-time bookkeeping or accounting staff member, the cost of virtual accounting services will vary based on the level of service you need. KYB provides a full spectrum of virtual accounting and bookkeeping services, from daily oversight of accounts payable and receivable, to a complete payroll solution, as well as higher level services like producing financial reports and working with your CPA or tax advisor.
We’ll set up an initial consultation to discuss your business, and review your existing books and systems. We’ll then come up with suggestions for a virtual accounting solution that will streamline the process and fit in with your business goals. It will always be a customized solution tailored to the specific needs of your business, and you’ll only pay for the services you contract us for.
A better question to ask yourself, as a business owner, might be how much it’s costing you to not outsource your accounting, but attempting to manage your books on your own. Here are a few costs that you will save where outsourcing to a virtual accounting firm will save costs significantly:
Cost of hiring, training, and managing staff
Keeping a staff bookkeeper or accountant comes with a long list of costs. Some are hard costs, like their salary, benefits, vacation time, and office space and equipment. There are other less tangible costs, including the time and effort involved in recruiting, hiring, and training staff members, and managing their work and time. Even at times when your accounting workload is low, you’ll still be carrying these costs. It’s a different story with a virtual accountant. You’ll be paying for precisely the services you need and have agreed upon, and nothing else.
Cost of computer hardware and software
There are DIY programs that make it easy to kick-start your books when you’re just getting started. But it becomes more costly to find and maintain up-to-date, state-of-the-art accounting software as your business grows. A virtual accountant works with these tools all the time, and you’ll have constant access to cutting edge accounting software at no additional cost. KYB also provides bank-level information security to ensure that your sensitive data is always safe.
Eliminate costly mistakes
We’re not suggesting that you don’t bring the utmost of professionalism to everything you do. But accounting is just too important of a task to handle all on your own, especially if you don’t have any formal training in the area. The same goes for delegating the work to a family member or another member of your staff. Errors in tax filings can have huge and costly consequences and can be a major setback to your business.