The majority of businesses nowadays agree that accountancy is one of the single most important factors of their success, and because an accountant is entrusted with all company financials, their role is vital. To that end, it’s important that businesses, whether large or small, invest in all accounting aspects of their company. But should they choose to manage this in-house, or outsource their needs?
Nowadays, many businesses choose to outsource their accounting work, and believe it has many more advantages than tackling it in in-house, within the business; here’s why:
- The quality of the work is typically higher
It’s rare that a business will find an in-house accountant who is skilled in every aspect of accountancy, and while they may have a good understanding of the basics (enough to get you by and keep you out of the IRS’s radar), they may not be as knowledgeable as a CPA, for example, and this can have a significant impact upon the quality of their work.
When you outsource accounting, however, you get access to a consistently higher quality of work, since these firms employ only the most skilled and highly qualified CPA’s and accounting professionals. Not only that, but outsourced agencies are strict about their employees staying up to date with their training and qualifications, and ensure that they regularly refresh their skillsets.
- They work for you as and when you need them
Rather than paying an in-house accountant for a full-time working week comprised of standard, 9-5 hours, when you outsource you get the expertise and efforts of a professional team of accountants only when you need it, and because they typically have large teams working around the clock, you’ll be able to access them out of hours if needed.
- Outsourcing could help prevent fraud
This issue is often overlooked, but it’s an important one nonetheless. Most businesses are far more likely to find themselves the victim of fraud from within the company, since an in-house accountant has more access to confidential information, and may be more tempted to fiddle the books and embezzle from you.
- Cut costs with outsourcing
It’s important to look at the bigger picture when calculating the cost of employing an in-house accountant in comparison to outsourcing, as it’s about much more than simply what you pay each employee per year. When you factor in health insurance and other benefits, not to mention paid time off for sickness or vacation, it’s often the case that outsourcing can prove more cost effective in the long run.
You might be lucky to have found a skilled, productive and dedicated accountant to work in-house for you, but if not, then you should definitely consider outsourcing your accountancy needs; not only can it save you money, but it can give you a whole host of other benefits, too.