82% of small businesses use cloud accounting which is why the market is expected to reach $4.25 billion by next year. Do you run a small business with accounting and bookkeeping needs?
When you started your business, you might have been inclined to keep track of your finances yourself to keep things in your control and help you in making decisions as you moved forward. But, as your business grows, it may be impossible to handle it all as the demands on you increase.
New entrepreneurs face the dilemma of choosing in-house or outsourced accounting services. Keep reading to learn more about each one before making a decision.
The difference between In House and Outsourced Accounting
In-House Accounting
It’s likely that you’ve managed the finances of your business in-house up until now. If you choose to keep it that way, you may need to hire CPA services or a financial controller.
Your accounting division takes on the important role of handling your business’s cash flow, financial planning, and cost control. You can do this by investing in a cloud-based accounting system, using contracts with clear payment terms, sending out timely invoices, and managing your debt.
What Are The Benefits?
When you keep accounting in-house, it’s much faster to get answers to your financial questions. Your accountant will be available any time you need him or her.
You’re also able to access your accounts any time, from anywhere and you have more control over the company’s finances. You can also hire the person you feel most qualified to handle the accounting aspect of the business.
Outsourced Accounting
Despite the benefits linked to keeping your small business’s accounting services in-house, you may decide that outsourcing is the better choice especially if you as the owner are handling these tasks.
Outsourcing gives you access to expert advice and services while allowing you to handle other aspects of the business.
What Are The Benefits?
You will not have to find and train a new employee or worry about employee fraud or errors or sick days. The associated costs are likely to be less than hiring a professional accountant.
You have recourse if information that’s provided to third parties is not accurate.
Are you looking for an accounting firm to handle your finances? Check out these services and how they keep clients’ companies fully compliant and operating at top efficiency. They analyze data and budgets, offer business tax services, and more.
In-House or Outsourced Accounting Services: What’s The Verdict?
The case for outsourced accounting depends on your situation. If you have the time to keep an eye on your company’s finances while handling your other responsibilities, then it might be best to keep the accounting in-house. On the other hand, if the accounting aspect of your business is better in the hands of experts, it’s a good investment for a company to make.
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