Released on = April 2, 2007, 4:00 am

Press Release Author = Bhaskar Thakkar

Industry = Accounting

Press Release Summary = In order to summarize the results of a business activity,
each financial transaction must be recorded in a bookkeeping system. An entrepreneur
has option to employee of bookkeeper in their organization or outsource the whole
bookkeeping system to a professional firm. This article highlights the cost benefit
analysis available with the entrepreneur in relation to maintenance of the books of
accounts by a bookkeeper.

Press Release Body = What is a role of a bookkeeper in your organisation :
BOOKKEEPERS keep complete, up-to-date, and accurate records of accounts and
financial arrangements. Bookkeepers verify and enter information into journals and
ledgers or into a computer. They periodically balance the books and compile reports
and financial statements. Bookkeepers also receive, record, bank and pay out cash.
They balance checkbooks with monthly bank statements. They may calculate employee
wages from plant records or time cards and issue payroll checks. Some of the other
work they may do includes posting accounts receivable and payable, prepare and make
bank deposits, record payrolls, maintain inventory records, purchase supplies,
prepare purchase orders and do expense reports. Bookkeepers may also make schedules,
sort documents, and file bills. These type of jobs are found in every industry and
may have various job titles, such as accounts payable clerk, accounts receivable
clerk or assistant bookkeeper.

Cost of a Bookkeeper :
The pay for these jobs depends upon experience, clerical skills, the level of
responsibility and the job location. Beginning salaries go from minimum wage to $
15 per hour. Experienced Bookkeeper can make $ 20 an hour. After having worked
for three years with the same firm, a Bookkeeper can earn at $ 25 per hour. A
Bookkeepers usually work 40 hours a week; sometimes it may be necessary to work
overtime. Some employers have fringe benefits such as paid vacations and sick leave,
life and health insurance, and bonuses. Other benefits that the employer may
include are participation in a credit union, or retirement and profit sharing plans.

Advantage of outsourcing Bookkeeping work to a professional bookkeeper :
There are several distinct advantages to outsourcing your bookkeeping functions.
First and foremost is saving money. You get what you pay for and if you don\'t pay
for quality than you won\'t have quality service. However, you can save money by
outsourcing because you won\'t be paying for employer payroll tax expense, workman\'s
compensation and general liability insurances, vacation time, sick time, health
insurance and other benefits a good full time bookkeeper will expect from his/her
employer. Just remember, however, that these costs will be built into the
consultant\'s hourly rate and their fee will reflect these costs. Any bookkeeping
consultant who has not taken these costs into consideration is not a bookkeeper you
want - if they don\'t know enough to include these costs into their fees, then they
don\'t know enough to be a help to your business. You should expect to pay at least
three times what you would pay an experienced full charge bookkeeper.

And just how do you save money by paying three times the amount you would pay an
employee? Well, let\'s see. There will be no recruiting, interviewing and training
costs for start. And if you should find yourself unhappy with the services there
will be no additional recruiting, interviewing and training to replace your
bookkeeper. Also, you will not have to be concerned about law suits such as sexual
harassment, unlawful firing, age discrimination, sexist, etc. Or an increase in your
unemployment rates because you laid off an employee that you really wanted to fire
but had no lawful cause to do so. So right away we have less time and money spent
and potentially less hassle if things don\'t go well.

And of course you will not be paying workman\'s compensation and general liability
insurance premiums. Also any worthy bookkeeper will expect at least two weeks
vacation, coverage for sick time, health and dental insurance and even perhaps more
benefits.

Most professional bookkeepers will have their own offices saving you space within
your office. So you will not be buying that extra desk, calculator, computer and
computer software. Your bookkeeper will be providing all of that as part of his/her
fee. No software updates, computer maintenance, training costs, etc. Of course
should you prefer to have your computerized bookkeeping records available to you at
your office, a small investment in software installed on your computer makes this
possible. Also no office supplies to be paid for. You will be amazed at just how
much pens, pencils, and paper can be used by a bookkeeper. Your consultant
bookkeeper will either ask you to drop off the work at their office, will pick it up
at your office or some may even offer remote bookkeeping service. And by having your
bookkeeping done off site, your bookkeeper will be able to work more efficiently and
accurately because her/his office will most likely offer less distractions than your
busy office. All of this is saving you money.

And the best reason for outsourcing is that you control the amount of money spent on
bookkeeping. What I mean by this is that the person you hire to do your bookkeeping
will be doing just that - not answering the phone, dealing with drop-bys, chatting
to other employees, etc. Also you can start with just a few hours a month and add on
when you need to and then adjust downward again should it be necessary. Can you
imagine finding an employee to start with only four hours a month, then asking them
to put in 20 hours a week for awhile and then back down to four hours a month again.
I don\'t think you would keep them for very long, but a free lance bookkeeper is able
to work around these variables and even more importantly expects to work with
flexible schedules.

So have I convinced you yet? If so, then just remember \"you will get what you pay
for\". Go for top quality because your financial records are the core of your
business and without great bookkeeping you cannot expect to succeed no matter what
type of business you have. After all don\'t you think you are worth it ?

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