Businesses face unique accounting and financial challenges at every stage of their growth.

To manage these challenges, many business owners are faced with the decisions on bringing financial professionals onto their team. These experts can help you create accurate financial statements for your lenders, optimize your tax strategies and process your payroll.

Financial professionals can be expensive, and every business’s needs are different. An Outsourced Accounting Service like Davis Crawford Accounting and Tax is a cost saving alternative to hiring full time staff. So, what is right for your business?

This article will help you figure that out.

Let’s dive in.

4 Types of Financial Professionals

Let’s review the benefits of each type of financial professional and how much you can expect to pay them.

Staff Accountants

• Description: Assist with financial data processing and provide limited insight from company data
• Cost: $55,000 – $88,000 annually plus bonuses, taxes, and benefits* - $23,000+

Controller

• Description: Senior manager who oversees a company's accounting operations and financial health
• Cost: $58,000 – $300,000 annually plus bonuses, taxes, and benefits* - $25,000+

Chief Financial Officers (CFOs)

• Description: High-level business strategy and management of the entire company’s financial direction
• Cost: $200,000 – $400,000 annually plus bonuses, taxes and benefits* - $52,000+

Outsourced Accounting Service 

• Description: Full service one stop shop Outsourced Accounting Service that manages taxes, accounting, bookkeeping, and payroll streamlining the entire financial process at a lower cost
• Cost: $6,000 – $40,000 annually plus bonuses, taxes, and benefits* - $0

*Bonuses, Taxes and Benefits – Employee bonus, Employer payroll taxes (Social Security, Medicare, State/local tax), Health insurance, Disability insurance, Life insurance, Retirement plan contributions, Worker’s compensation insurance, Wellness programs, etc.  

Staff Accountant, Controller or CFO? The Benefits of an Outsourced Accounting Service 

Whether it’s a Staff Accountant or a Chief Financial Officer, hiring a full-time staff member is a delicate balance and a big commitment. There are hidden costs to consider, such as recruiting costs, training costs and employee benefits.

And if the relationship isn’t working out after a few months, turnover costs can discourage repeated searches for a more appropriate fit.

Instead of onboarding multiple team members over time, many businesses benefit from outsourcing their financial needs.

Working with a company like Davis Crawford Accounting and Tax allows you to easily scale up your business and avoid the challenges of hiring a cumbersome full-time staff.

Outsourced Accounting Service: Find a Partner to Grow with Your Needs

Working with a single company streamlines the entire financial process and lets you save your time, effort and money for the rest of your business.

Whatever stage of growth your business is in, Davis Crawford Accounting and Tax can help make your financial functions more efficient. Feel free to take advantage of our free consultation to find out more.