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Topics: bookkeeping, bookkeeping outsourcing, outsourced bookkeeping services

Outsourced Bookkeeping Services: How Much Would It Cost Your CPA Firm?

5 MIN READ | Posted on September 08, 2022
Written By Divya Ramaswamy

Outsourced Bookkeeping Services: How Much Would It Cost Your CPA Firm?

CPA firms’ obvious goals in considering outsourced bookkeeping services are to build capacity, add skillsets they didn’t have before and, more importantly, save money. Outsourcing helps CPA firms control costs as they can only pay for the services when required and avoid major infrastructure, personnel, and software investments. In fact, 59% of companies consider outsourcing to cut costs.

Bookkeeping outsourcing can also increase controls and reduce risks while providing access to top talents and industry-leading software and services without upfront costs. If you own a CPA firm and are considering outsourced bookkeeping services, you must wonder how much it might cost. Read on to find out how outsourcing providers price their services so you can decide which would be the best fit for your accounting firm. 

OUTSOURCED BOOKKEEPING SERVICES COST FOR CPAS & ACCOUNTING FIRMS

When you find yourselves overloaded during times like the busy tax season, or if you have to hire temporary staff within your budget, you need a better option. Handling such extra work means that your in-house team has no time to focus on high-value tasks or services that help boost revenues. It makes total sense to leverage the offshoring advantage and sign up for outsourced bookkeeping services.

BOOKKEEPING OUTSOURCING MODELS

Outsourced bookkeeping services companies charge based on the requirements, the number of transactions, and their complexity. While some bookkeeping outsourcing providers might charge you on an hourly basis, some might have customizable packages that you can opt for. Several factors determine the price, and the accounting partner should be able to simplify the scoping process. Your ultimate goal should be to team up with one that best suits your budget and is the best fit for your business.

Once you have decided to onboard a bookkeeping outsourcing provider to take care of your accounting firm’s bookkeeping tasks to up the profits and potential, you should find out which engagement model will be the most suitable. To help you conclude, we explain below the most common hiring models among accounting firms in the USA.

PAY-AS-YOU-GO (or) HOURLY MODEL

The hourly basis model is the most popular among most clients. With this model, you can purchase pre-paid blocks of hours according to your requirements, and as the hours are delivered, they will get deducted from the total number of blocks you bought. You will be paying only for the number of hours or tasks you outsource. Such a pricing model might best suit accounting firms trying to outsource for the first time, given how it is a no-risk engagement model. And this is the most-recommended bookkeeping outsourcing pricing model for accounting firms with small to medium volumes of work.

Plus, accounting firms with clients with a lesser or ad-hoc volume of work and those not sure of the amount of work they want to outsource can sign up for this engagement model. However, the pay-as-you-go engagement model is not recommended if you wish to dedicate resources, as the staff under the hourly model might work for several other clients simultaneously.

FULL-TIME ENGAGEMENT MODEL

A full-time engagement model, a.k.a. FTE, is when you onboard a dedicated bookkeeper to work as an extension of your accounting firm on a fixed monthly fee. FTE is also among the most popular engagement models amongst CPA firms in the USA.

This engagement model is most suitable for accounting firms with a workload higher than average. When you hire a bookkeeper full-time, they will be supporting your core group of staff completely by handling all bookkeeping tasks. This full-time engagement model gives you immediate access to bookkeepers with highly coveted compliance skills. Also, this model saves CPA firms from the hassle of hiring, training, and retaining resources.

Moreover, the turnover time in this engagement model is way better than you can deliver with an in-house team. When you partner with an outsourced bookkeeping company and choose the FTE model, you can save up to 50% on operational costs. FTE engagement models are recommended for CPA firms looking to build an offshore team of experienced bookkeepers who can work in tandem with their in-house team.

ONSHORE SUPPORT SOLUTION

Although outsourced bookkeeping services are primarily about offshoring, some accounting firms prefer having an onshore professional who can be reached for quick meetings and discussions and to resolve queries. Most global bookkeeping outsourcing providers like QXAS provide onshore support solutions to cater to such needs. The pricing for onshore bookkeeping outsourcing support models depends on the accountancy firm depends entirely on the requirements, and you can also request your service provider for a custom pricing quote.

MUST READ: The Definitive Guide To Outsourced Bookkeeping Services

OVER TO YOU

Outsourced bookkeeping services can enormously benefit your CPA firms and before signing the deal with your preferred offshore bookkeeper, select the engagement model that would best suit your requirements. While most accounting firms in the USA opt for an FTE model, some prefer onshore support as they seek regular in-person meetings and discussions. Therefore, partnering with an offshore bookkeeping outsourcing company that offers flexible engagement models to suit every requirement makes sense. It is best to take the time to weigh which engagement model best suits your needs.

MAKE BOOKKEEPING PROFITABLE WITH QXAS’ BOOKKEEPING OUTSOURCING SERVICES 

Transitioning to an outsourced model is essential to maximize bookkeeping profits, especially in the post-pandemic world. QXAS is one of the most preferred outsourced bookkeeping services providers that offer flexible engagement models to suit top accounting firms in the USA. QXAS is a leading bookkeeping outsourcing service provider with operations in several countries, including the USA. With a rich outsourcing experience and a proven track record, QXAS is a one-stop destination for CPA firms looking to outsource their bookkeeping.

Our dedicated team of bookkeepers is highly skilled and experienced in end-to-end bookkeeping functions and can work seamlessly based on your client’s requirements. We also provide custom-made bookkeeping solutions as well as onshoring to CPA firms looking to scale quickly. We have a dedicated team of 1000+ offshore accounting & bookkeeping experts who can help you save time, effort, and a lot of money alongside reducing risks.

Equipped with best-in-class infrastructure and the latest bookkeeping tools and software, QXAS is the best option for CPA firms looking to increase profits, operational efficiency, and agility. You also get to interview candidates and sign up for an engagement model that best suits your firm’s requirements.

THE QXAS ADVANTAGE

  • Flexible engagement models to suit your firm’s budget and requirements
  • Interview and onboard highly trained, expert offshore bookkeepers with a minimum of 5+ years of experience
  • Substantial cost reduction: Save up to 50% on operational costs
  • SOC 2 Type II compliant bookkeeping outsourcing services company
  • Certified, dedicated, outsourced bookkeepers can be onboarded within 48 hours
  • More time for high-value work and to focus on innovation, and growth avenues
  • Airtight data security measures: Our offshore bookkeeping services leverages an IT infrastructure with ISO 27001:2013 certification for data security management systems.

Book a Consultation

We hope you enjoyed reading this blog. Schedule a call now to learn more about our offshore bookkeeping services and the multiple engagement models you can choose from.

Originally published Sep 08, 2022 04:09:22, updated Sep 19 2022

Topics: bookkeeping, bookkeeping outsourcing, outsourced bookkeeping services


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