Based on the crowd-sourced salary aggregator PayScale.com, below are the individual service rates for book keepers and accountants:
Book keeper service rates*
Hourly rates
- US$ 0.57 – US$ 9.50
- Average: ≈ US$ 5.05
- Median: ≈ US$ 1.15
Annual rates
- US$ 1,795 – US$ 6,766
- Average ≈ US$ 3,342
- Median ≈ US$ 3,225
Accountant service rates**
Hourly rates
- US$ 0.65 – US$ 7.13
- Average ≈ US$ 3.89
- Median ≈ US$ 1.57
Annual rates:
- US$ 3,389 – US$ 11,749
- Average ≈ US$ 5,807
- Median ≈ US$ 5,710
A more cost-effective alternative
Outsourcing your back-end finance management functions to a third-party service provider is a more cost-effective solution to running an efficient and profitable business.
Delegating these back-end office procedures to an external resource can save your company up to 40% on operating expenses. You’ll eliminate the need to:
- Recruit and hire
- Train
- Provide work space and equipment
- Buy or design financial management software
- Bear employee benefits such as insurance and paid time off
With significant cost savings, the company will have the financial flexibility to invest in revenue-generating activities or push their longer-term plans.
Read more about the pros and cons of outsourcing your accounting and bookkeeping processes here.
FilePino offers a comprehensive suite of financial services, including accounting, bookkeeping, monthly payroll services, and tax consultation services. Contact us today at +1.806.553.6552 in the US and +63.917.8922337 in the Philippines to learn how we can help you build and grow your business.
How to maximize your outsourcing partnership
So you’ve done your research and found the best outsourcing partner for your bookkeeping and accounting needs. Here are some useful tips to make sure that you get your money’s worth from the services you are acquiring:
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Keep everything in writing
A detailed plan of action that specifies expectations between your company and your service provider is key to ensuring a productive relationship. Take time to ensure that all relevant documents – from the service contract to your work plans and schedules – clearly define the scope, schedule, and goals of your partnership.
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Communicate
Communication is critical in every outsourcing partnership. Make sure that each party is able to keep tabs on each other’s needs and concerns by:
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Meeting face-to-face early on to establish the relationship, to set targets and expectations, and help both parties determine their roles and responsibilities
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Checking in regularly either through personal meetings or teleconferencing to enable both parties stay on top of issues, discuss opportunities as they arise, and share accomplishments
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Keeping open lines of communication via phone, teleconferencing, email, video calls, etc.
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Relinquish control
Showing your outsourcing partner trust and confidence in their ability to get the job done will pave the way toward a successful long-term working relationship. Once all preliminary planning and discussions are done, it’s time to step back and let your service provider do the work. Avoid the temptation to micromanage; otherwise you will defeat the purpose of outsourcing altogether.
* Based on 140 reported salary rates as of July 24, 2017
** Based on 620 reported salary rates as of July 24, 2017
