Should I Outsource My Bookkeeping?

"Should I outsource my book keeping and payroll or perform in-house?"  

It comes down to the needs of your business, but in most cases, if someone just owns, for example, one restaurant, or even a handful of restaurants, it's probably not going to be practical from cost standpoint to employ a bookkeeper to do the books and payroll. The reality is it can be out sourced quite a a bit cheaper.

Another consideration when you hire an in-house bookkeeper is you've got to worry whether they are up to date on the latest rules?  Payroll in itself is always changing and there's always deadlines, tax deposits, new hire reporting, and unemployment reporting. These are all activities that have very steep penalties if they're not done on time.

In most cases the restaurant owner can outsource all that to an accountant and get it done more efficiently, more accurately, and at a reduced cost compared to an in-house bookkeeper. There are some circumstances where a business is a large enough organization that it would make sense to have someone in-house. But most of the time you're going to save quite a bit of money by outsourcing that to someone else.

If you have any questions about your business, text them to me at 501-762-0116.