One of the first accounting conundrums you’ll face is whether to keep your tax and accounting in-house or whether to outsource your requirements to an external provider.
We’ll be honest here, as external providers of accounting services there’s no disguising which side of the fence we come down on so it just remains for us to convince you why we’re right.
Time is said to be the most precious of commodities as you can’t get it back. Any time you spend on accounting tasks is time you can no longer spend on the core activities of your business, the ones that make money.
The chances are you’ll generate more than enough income to pay for the specific accounting tasks you outsource.
While external accountants do charge accordingly for their expertise, they also only charge for work carried out and allow you to remove the salary and benefit packages that employees will command. Slaving over books wastes valuable time that is better spent elsewhere in the business on activities that will bring in new customers.
We advise removing in-house accounting distractions and use the time to focus on core tasks. One important cost-benefit analysis reported that companies can save around 40% in monthly costs.
Most victims of fraud are privately owned businesses due to their lack of a financial director who will study your figures and highlight instances of irregular activity. The cost savings associated with outsourcing accounting should allow you to appoint someone to fulfil this role and implement proper fraud prevention measures.
Trust The Experts
Remove the risk of employing the wrong person or hoping your in-house accountant makes sure they keep up to date with constantly changing rules, regulations, and penalties. Outsourcing effectively lets you access a whole team of experts in their particular fields.
Accountancy firms will have several employees who specialise in specific areas of the industry. Professional accountants know the industry inside and out and their specialised expertise, paid for only when you need it, provide peace of mind on top of other time and cost savings.
Stop, Collaborate and Listen
Crowd theory states that the opinion of a group is far more likely to offer a better solution than the musings of one or two people. This method is based on regular ideas and regular crowds, so if your group is comprised solely of experts within a dedicated accountancy firm, then the impact should be even greater.
Myriad loopholes and exemptions in tax and accountancy mean that this isn’t an area you want to take risks with a sole in-house accountant. Compared to a team of experts in their sectors, each brought to bear on the relevant tasks; a lone analyst has a thankless and near impossible task keeping up to date with rules and regulations and providing a complete service to their employer.
Leave Room To Grow
Outsourcing your accounting activities allows you to grow tour business at any rate without experiencing problems. By sending accounting tasks out of house, you retain the option to pass more and more tasks to your accountancy firm as you grow. YThis leaves you free from the inefficiency of alternating between your in-house accountancy team being either overworked or overstaffed as you take on new people to cope.