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Online Accounting Services: Avoid High Employee Turnover Costs

Author : Bill Gerber
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Losing employees is expensive; especially when those individuals are highly-trained, integral parts of your company structure, like your bookkeeper. Unfortunately, bookkeeping is a high turnover position in many businesses.

Estimates show that the cost to replace an employee can be anywhere from one-half of their annual salary (for unskilled or entry-level workers) up to five times the annual salary and benefits for a c-level executive. That’s right—it’s incrementally even more expensive to replace better paid, trained employees. So if you lose an employee making six figures, it can cost more than half a million dollars to replace them.

With these figures, you can estimate that it could cost at least one hundred thousand dollars to replace a qualified, trained, and certified bookkeeper.

Let’s look at some of the costs of employee turnover amongst your bookkeeping staff.
 

  • Recruitment costs: Includes advertising, recruiting agencies, background checks, reference checks, drug tests, costs of your HR staff time, and more.
  • Hiring costs: Possible increase in salary, training time, possible bonuses, time and costs to process paperwork for new employees
  • Intangible costs: Loss of company morale, concerns over trustworthiness of new employees, time required for a return-to-full-productivity in the department

Online Accounting Services: Your Affordable Solution
When you use AccountingDepartment.com for your outsourced accounting services, you won’t face any of these costs or issues. Our staff of full time W-2 bookkeepers has a very low turnover rate; and if your full-charge bookkeeper does leave, it’s our responsibility to appoint a new bookkeeper for your business.

At AccountingDepartment.com, we handle:
 

  • Testing
  • Background checks
  • Hiring
  • Training and certification

The high cost of employee turnover is just one reason more small-to-medium sized businesses are turning to outsourced accounting services for their professional bookkeeping needs.

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