In-House Vs. Outsourced Accounting For Your Business
All businesses need to have proper, accurate organization of their books of accounts. It allows them to make informed financial decisions. Maintaining your business financial statements can be tiring and while a business may have an in-house accounting team, others simply choose to go with professional accounting firms. If you are confused as to whether you should have your own accounting team or consult an accounting firm, you may want to see the pros and cons of in-house and outsourced accounting.
The workflows for managing accounting and bookkeeping can be different, especially for the outsourced and in-house teams. For some businesses, they may find that in-house accounting works okay, however, for others it can be quite costly. If you are hiring a team to work in your company to provide in-house bookkeeping and accounting services, you should ensure that it has received proper training. You should screen it so that you receive the right processing and month-end reports.
Employing a team of accounting staff is going to cost you money. You will pay salaries and other benefits, and in the long run, you find that it costs you a lot of money. The staff needs to be trained to know upcoming trends in accounting processes and reporting.
Outsourcing, on the other hand, seems to provide quality and expertise. Because accounting firms invest in their staff, they ensure every employee is highly trained – after all, this is their line of business.
The overhead costs for employing in-house accounting staff can add an additional 20 percent on the salary. These costs include payroll taxes, retirement plans, sick days, vacation, medical benefits, screening interviews, and training. When you outsource your accounting services, you avert these overhead costs.
Applewhite Accounting Inc. can help with your bookkeeping and accounting needs. This will free you time to concentrate on core tasks for growing your business. It will also eliminate the costs that come with hiring in-house accounting staff.