Why not just add an accountant or bookkeeper as an employee? Usually new businesses can not afford to hire an employee with these skill sets on even a part time basis. Even at the low end of just a part time bookkeeper, then comes the same issues for taxes that bookkeepers typically will not touch. Simply put it cost more in Wages, Employment Taxes, and the added costs of Payroll and or accompanying software. Where again, looking at the averages, the outsourcing costs are far better than the hiring options for an employee that is not bringing in any sales. Especially in today’s world with unemployment at all time lows and inflation hitting all-time highs.
The fact is most bookkeeper, accountants, and tax professionals already know a lot about businesses and markets. They understand that the resources they can provide are instrumental to businesses and frankly sometimes required. They are aware that the average small business will pay between $5,000.00 -$10,000.00 annually for the services they provide. Think of publicly traded companies such as Amazon, Walmart, or Lowe’s. They all combined, contribute millions of dollars for preparations of there financial reports and audits that must be filed and are required for their investors.