Updated: Aug 20
There are number of articles online which will tell you all the possible ways by which an accounting and bookkeeping firm can save cost, but here we will tell you with exact calculation how one accounting and book keeping firm can save at least 50% of the overhead cost in this virtual world with the help of technology.
Firstly here are the list of few things which everyone will suggest, which are not very practical and will take a lot of time to implement:
- Renegotiate Service Cost
- Go Paperless
- Be Proficient while buying technology
- Hire Staff Wisely
- Reduce Marketing Cost etc etc
The most simple and effective way would be sub let work to book keeping and accounting firms in cheap countries Like India.
In Developed countries like USA, UK , Australia, Hong kong, Singapore etc the cost of hiring a full time paid staff, who has all the technical knowledge, for an accounting and book keeping firm is very high, not less than 2000 USD on an average approximately. And a fresher junior accountant would be able to handle not more than 10 clients, whose monthly book keeping and accounting work is to be done, if he spends 2 days per client which include data entry of sale and purchase and bank reconciliation work. While on the other hand the average rate of Fees charged by us is not more than 100 USD and hence you will spend 1000 USD for 10 clients and save 50% of you cost. Also our team include CA (India) and CPA(USA) so you are rest assured of the quality of work.
We are team of chartered accountant and CPA(USA) based out in India and helping save accountants and book keeper across the world save a lot of cost and time. You may contact us and start saving now!