Cost is one of the most important aspects in any company choice and recruiting a new accountant entails a potentially significant expenditure. If you are going to incur such a cost, you must be certain that the return is sufficient to warrant it.
Cost analysis
The estimated yearly compensation of a highly experienced accountant in Australia is approximately AUD 90,000 with Superannuation Guarantee of 10.5% (AUD 9,450). Additionally, the cost of overheads, infrastructure and other indirect costs can accumulate to approximately AUD 10,000 per annum. This results in a total cost of AUD 109,450 per annum.
On the other hand, the cost of hiring an outsourced accountant amounts to a total of approximately AUD 48,000 per annum. This is more than a 50% cost saving.
Other benefits
Variable capacity
As companies tackle an unstable business climate, variable capacity ensures you can grow or size down your business at ease. Being able to adjust the number of your outsourced accounting hours, can enable you to be flexible with your business model, a valuable asset in the ever-changing world we live in today. This will give you that unique edge to counter any competition.
Effective team management
Your inhouse accountant will need to be allocated annual and sick leave, resulting in downtime. When you outsource your accounting function, there will be zero downtime.
The time dedicated to managing a team member, including hiring and training will be freed up for your business. Issues with leave or resignations will not affect your daily routine activities. This will ensure that you can keep your eyes on the prize, instead of worrying about workplace moral and human resource issues.
Up to date on regulatory changes and new accounting standards
Staying up to date on regulatory changes and new accounting standards is a time-consuming task. Additionally, the omission of key regulatory changes can have a detrimental and expensive impact on your business.
Upon outsourcing your accounting function, you will be alleviating yourself from these worries.
Security and assurance
In small to medium-sized organisations, a single individual in charge of accounting can result in fraud and errors.
With outsourced accounting, there are multiple sets of eyes on your reporting, hence enhancing internal control systems.
As you expand and navigate this harsh financial era, get in touch with us on 1300 707 260 or hello@popcoinc.com.au, to learn about our accounting solution.
