Hi Everyone!
Here's a handy tip for your business = how to cut down on bookkeeping and accounting fees.
All business owners need to keep an eye on costs, that's a fact.
One of the costs that can build up is your bookkeeping and accounting fees.
Cutting costs is often just a matter of:
- Restructuring slightly if you are hiring internally, or
- Reallocating responsibilities, and possibly changing data delivery types if you are outsourcing.
If you are hiring internally and your accountant's salary is earmarked for reduction, here are some of the things you could think about implementing:\
- Reducing your accountants hours AND workload. e.g. perhaps change your accountants contract to mornings only, and distribute the simple repetitive admin tasks to a lower paid clerk.
- Hybrid outsourced solutions. Reduce your bookkeeper to mornings only, and outsource your annual work.
Outsourced bookkeeping and accounting can save you huge amounts of money in the long run, if you have the correct scope of work structure. For example:
- Your existing clerk can do all the basic repetitive bookkeeping admin. I love to train my clients' staff to do this - it reduces how much I charge my clients and its rewarding to see the excitement when they see their monthly business costs decreased.
- Change the format of the data you supply to your bookkeeper. For example, if you normally send your documents in hard copy to your bookkeeper, you can save your bookkeeper many hours of work by sending your bank statement in CVS or pdf format. This in turn reduces fees charged to you.
I hope you find these simple tips useful! Feel free to contact me for any queries.
Thanks!
Caz Livingstone
Your Business Helper
