On average, an accountant is going to make between $40k and $119k on an annual basis depending on their position, the profile of the company they work for, and their previous experience. Now that’s a dedicated accountant. Certainly many accountants accept piecemeal work, contract work, or other one-off jobs that don’t require concerted effort.
But if you’re going to have one solely dedicated to your staff, expect to dole out a figure somewhere in the spread listed above. And if you skimp on paying your accountant, expect him or her to fudge the books without your knowledge in order to make up the difference. Remember, accountants are both human, and good with numbers.
Attempting to save money on an accountant by undercutting their pay is a great way to force them into a compromising, tempting position where only a true moral wunderkind could avoid transgressing the law in areas of nebulous “gray” legislation where some pennies can be pinched without anybody’s knowledge.
Everything will be fine until an audit manifests out of nowhere. Even good accountants can ultimately end up forcing your business into an audit unconsciously—another statistical expense you’ll need to account for with an in-house accounting team on the books.
Ways To Cut Out Internal Infrastructure
One of the best solutions to this problem is to cut out the human element as entirely as possible. It’s possible today to outsource many internal infrastructural agencies more cost-effectively and efficiently than ever before. Online time clocks allow employees to clock-in whenever and wherever they need to, and yet retain accurate numbers.
You can get rid of payroll requirements with such online services. If you want to outsource your Information Technology department, that’s a place where you can cut tens of thousands out of the budget annually, and actually see increased productivity as a result. Maintaining on-site servers, server arrays, and backup solutions gets expensive quick.
Then there are the staff involved in maintaining such on-site solutions, the necessary upgrades, and the time involved with sourcing the right equipment, buying it, and installing it. After that you’ve got to do the whole thing over again in a few years. It definitely makes more sense to outsource your IT solutions through the cloud.
The third strand in this outsourcing savings suggestion list comes in the form of bookkeeping. You can have online bookkeeping solutions that serve you every bit as well as traditional, in-house departments would; and you have the added benefits of continuous access, as well as cost-conservation.
Online Accounting Explored Further
According to Basis365.com, a purveyor of online accounting services, “Forward thinking businesses need forward thinking accountants.” When you can source such accountants from online solutions, you’ll be able to retain savings while attaining top-tier expertise from individuals on the cutting edge of accounting law and opportunity.
Sometimes new ways to save develop due to changes in law or technology. Businesses can go years without saving from such innovative techniques because they’re not savvy about the possibilities. Just consider prison systems, which largely still organize their paperwork through non-digital means. This costs them tens of thousands, but many have yet to upgrade.
Well, there are certainly businesses of the well-known, successful variety that have been caught by the same difficulties. IBM is a great example. This organization has been around for decades, and yet they’ve still—in the 21st century—got computer solutions from the late eighties and early nineties.
If something isn’t broke, it doesn’t need fixing—unless there’s a better option. Nobody stayed with the horse and buggy just because their horse was long-lived; they upgraded to the automobile. Think of online accounting services like an automobile compared to the horse-drawn carriage of internally sourced solutions.
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