Maintaining an in-house fully staffed accounting department weighs heavily on your overhead cost. Lumix, CPA can provide you with outsourced accounting. Providing all the layers of experience and expertise of a well-functioning accounting department at a fraction of the cost.

Outsourced Accounting | Lumix CPA firm

Photo by Kelly Sikkema on Unsplash

Evaluate Your Accounting Team

Let’s start by evaluating how much your current accounting team costs you:

  • $40,000 – $50,000 a year to have someone enters each revenue, payroll and expense transaction. This role is usually attributed to a bookkeeper.
  • $60,000 -$ 70,000 a year to have another person reconcile the accounts, adjust the records monthly, perform the necessary accruals and deferrals, and show the effects of unusual transactions.  This is more likely a senior accountant‘s role, which is necessary to properly segregate duties.
  • Then $100,000 to $150,000 a year for CFO/Comptroller, with sufficient expertise who finalizes financial statements, analyzes the information and trends, forecasts, performs benchmarking analysis, what-ifs scenarios and provides guidance.
  • An additional$10,000 to $15, 000 per year to have your payroll processed through an outsourced service.
  • Other associated costs are: Payroll taxes 10%, and benefits around 15%.

As you can see, having a fully staffed accounting team can cost you at least $260,000. In addition, you have to take the following factors into account:

    • You need each individual’s expertise but do they have enough full time work?
    • Do you want to hire a full time CFO/Comptroller and have them do data entry?
    • Do you want to hire a bookkeeper to do the majority of the work but then who will supervise, analyze and plan?
    • What about the hiring, training and staff retention headaches?
    • Continuity is a very important factor to be considered.
    • Not-for-profit organizations have the added worry of finding staff who understand the intricacies of not-for-profit accounting.

Outsourced Accounting 

Outsourced accounting or even only the components that you cannot afford can result in a well-functioning department that costs a fraction of the price.  MT Pinero will keep your records up-to-date and provide you with timely and accurate information on which you understand the performance of your business/organization and make important decisions. We also make projections, what-ifs scenarios and benchmark your business/organization with others in the industry. Moreover, our professionally trained staff will keep you in compliance with taxing due dates, and reporting.

We can design an outsourcing model to fit your specific needs, however small or large those may be. You may find yourself more thankful for outsourced accounting Call us today to get a free consultation and estimate of how we can help strengthen your accounting function and reduce the overhead cost.

Maribel Ponist, CPA
In collaboration with Madina Traore, Bookkeeper

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