Do you run a construction business and find yourself spending hours on financial management?
Consider this: what if you could spend that time focusing on what you do best—constructing? This is where the magic of outsourcing bookkeeping comes into play. Let's delve into how this strategic move can save you time and money.
In-House Bookkeeper vs. Outsourced Bookkeeper
A Focus on Cost and Time
| In-house Bookkeeper | Outsourced Bookkeeper |
Cost (Annually) | $42,000 - $46,000 (Excludes associated costs) | $6,000 - $30,000 (Includes associated costs) |
Cost (Monthly) | $3,200 - $3,520 | $500- $2500 |
Associated Costs | Training & skill development, employee benefits (health insurance, paid vacation, retirement contributions), hardware and software maintenance, FICA tax | None (costs included in the fee) |
Time Commitment | Full-time job (40 hours/week) | Available on-demand, 24/7 |
Training time | Time required for learning new skills, software, or training new hires | None required |
Divided attention | May be divided due to other responsibilities within the company | Fully dedicated to bookkeeping |
Even though an in-house bookkeeper can be helpful on-site, outsourcing can save you money and time depending on the size, complexity, and needs of your construction business.
This information comes from the Bureau of Labor Statistics, Salary, Glassdoor, and Xendoo.
Why Should I Outsource Bookkeeping Services?
Accurate and timely financial records matter. They really matter. But keeping them organized can feel like a giant task. It is even more challenging if you are also operating a construction company.
Construction bookkeeping is not easy. It is complex, just like the construction industry itself. It needs special skills. But that is where bookkeeping services come in. They can handle the complexity, giving you peace of mind.
The Time Factor
A TD Bank study found that more than 40% of small business owners spend more than 24 hours a month keeping track of their books. That's three whole workdays! By outsourcing your bookkeeping tasks to a company like CCA, you can reclaim this time. Imagine what you could accomplish with these extra hours.
Money Matters
When you add up benefits and other costs, hiring a full-time, in-house bookkeeper can cost more than $40,000 per year. In contrast, outsourcing your bookkeeping services can result in savings of up to 40%. Additionally, a professional bookkeeper can help identify areas where you can trim costs, adding to your savings.
Expertise on Call
What happens when your in-house bookkeeper calls in sick or goes on vacation? With CCA's Construction Bookkeeping Services, you have a team of professionals at your disposal to keep your books up to date and accurate.
Risk Reduction
Errors in bookkeeping can lead to costly fines and penalties. Outsourced bookkeepers help ensure compliance with laws and regulations. This lowers your risk and can save you a lot of money in the long run.
Adapt and Grow
As your construction business grows, your bookkeeping needs will change. Outsourcing lets you scale up or down without the burden of hiring and firing people. This flexibility can save both time and money as your business evolves.
No More Tax Season Stress
When tax season rolls around, having your financial records in order is priceless.
Taxes are complicated, time-consuming, and high-stakes. A single error could lead to penalties or even an audit. Outsourcing your bookkeeping ensures your records are accurate and tax-ready. You'll navigate tax season with less stress and more confidence. Learn more about why construction bookkeeping matters.
Free up time, cut costs, and rest easy by turning your bookkeeping off to a reputable firm like CCA.
Ready to explore the benefits of outsourced bookkeeping for your construction business? Schedule a free 15-minute consultation with CCA today. Take the first step toward a more effective and affordable way to manage the money in the construction business.
A Clear Vision for Business Growth
Think about it - with the time and money saved by outsourcing your bookkeeping, you can reinvest in your business's growth. That's extra time spent strategizing, planning, and expanding your operations. Or funds redirected toward marketing, equipment, or employee training.
In fact, businesses that outsource their bookkeeping services often report better financial health and higher growth rates. Due to more accurate financial data, informed decision-making is possible.
When to Hire a Bookkeeper?
Knowing when to hire a bookkeeper can be tricky. However, there are clear signs that your business needs bookkeeping. If you're constantly overwhelmed with financial paperwork, struggle with cash flow management, or find tax season a nightmare, it's time to outsource bookkeeping.
Choose CCA - Your Partner in Growth
Choosing to outsource your bookkeeping is choosing to invest in your business's future. And at CCA, we're ready to be your partner in that journey.
We are not just bookkeepers. We are specialists in construction industry accounting. From managing complex WIP schedules to ensuring accurate job costing, we are equipped to handle the unique challenges of your business.
In Conclusion
Outsourcing your bookkeeping is not just about cutting costs. It's about making a strategic decision to invest in your business's growth. Remember that in business, time is money. The time you save by outsourcing your bookkeeping tasks is time you can spend building your business. Make the smart move - outsource bookkeeping for your construction business today. Your future self will thank you!
Are you ready to grow your business and save time and money at the same time? Let's talk. Get in touch with us right away or set up a free 15-minute meeting. Together, let's take your construction business to the next level.