Cost-Benefit Analysis of Outsourcing Your Bookkeeping Services
Would your outsourced bookkeeping costs be less than hiring an employee? Try this cost-benefit analysis to find out.
Compile a list of the tasks that you don’t do well – remember, be honest, as this exercise is for you.
Estimate the number of hours that you spend on each of these tasks on a weekly basis.
Calculate how much this is costing your business (# of hours x hourly rate)*
Does this represent value to your business?
Make a list of the things you would like to do in your business “if only I had more time”
*Remember when calculating your hourly rate to not use the rate at which you pay yourself, but the rate at which you bill yourself out. If you are a consultant who bills yourself out at $1000/day your hourly rate is $125/hr. This is the real cost of your time to your business.