Outsourced bookkeeping firms ensure the precision and timeliness of the financial records, eliminating the need to maintain a full-fledged in-house team. This leads to substantial cost savings, allows scalability, and frees up essential resources.

Small businesses, however, can choose to reduce operating costs within their finance team by hiring a fractional or outsourced bookkeeper. With an experienced and qualified bookkeeper at $50-$70 per hour, the cost of bookkeeping services at 10 to 20 hours per month is much lower than a full-time hire.

Bookkeeping fraud (also referred to as accounting fraud) refers to types of fraud committed by officers, accountants, and other employees that manipulate company finances and records to achieve some kind of personal gain.