One of the most important questions that are preoccupying small and medium business owners is how it would be efficient for them to have an internal, or external, outsourcing team that would take care of their finances. Naturally, this is one of the best things that they can do for their business.
However, most of them are outsourcing their finances to a specialist like CFOShare who usually does a good job of taking care of their finances. But, some of the businesses are considering managing their finances on their own as their company grows. This is the reason they are starting to develop their own accounting teams within the company.
According to several sources, the vast majority of business owners are much more comfortable when they can see their papers physically and talk to their accountants in person. There are a lot of reasons why you as a business owner should opt for having your own team to manage your finances. That’s the reason we’ve decided to present you with a list of the reasons why outsourcing your accounting might be a good idea.
Before we continue with the list of reasons, we are feeling like we need to say that not all of the companies need this. You need to do a little research and decide what your goals and priorities before you decide to use something like this. Now let us continue with this list of ours in the next part of our article.
Prevents Time Wasting
As you can presume, interviewing costs a lot of money and time. If you are the one who calls the shots in your company, then you know that all the time that can be saved needs to be saved. Time is money, right? Most of the time, you will need to go through a lot of CVs. Sometimes, these numbers can reach hundreds or thousands. Naturally, we are speaking about the time you are going to spend before you are going to start with interviews.
After that, you will see that some of the candidates are not good for a position in your company, or they are good but asking for too much. It can happen that some of the candidates don’t even show up at the interviews. Even after you hired the accountant, it can happen that for some reason, he or she can resign and left you to struggle with your finances. This is the first reason why you should opt for outsource accounting. You are going to have all the time in the world to care about the growth of your company.
The second on our list is one of the best advantages you will have after you opt for creating an accounting team within your ranks. You can hire accountants with less experience for work and hire the one that has a lot of experience to monitor and review their work. That way you will save some money and time, while you have the highest possible quality of work in the process. In some cases, when you need some more profound work, you can hire some external help to do it, like a tax specialist.
By hiring an accountant to be a part of your company, you will have many more options. For example, that accountant will have his eyes on everything that is considered important for the company itself. From the most profound work to the lowest possible priority. This insight into the company’s modus operandi will prove essential for the work that he needs to do. This is the second reason why you should recruit an accountant to work in your company.
As you probably know all contracts are a bit inflexible. This is the main reason why you should outsource your accounting, payroll, or tax function, which makes it perfect for scaling purposes. You will agree with us that it wouldn’t be too much of a problem for you to use some of your company’s revenue to boost up your accounting. However, you can’t negotiate about extra hours with someone who has 40 hours per week work in the contract. With outsourcing you accountants, you can negotiate a payroll that is based on the volume of work. For all of the extra work, you can increase the salary of your employees. Furthermore, you can discuss some targets you can set in order to give your employees an extra motive to work more.
Saving the Price
For example, if you are looking for someone to review your books, you can hire an experienced accountant to review the works of your in-house team of young and inexperienced accountants. You can have a significant benefit from this. You will have much more revenue at your disposal to work with. Also, you can decide to use some great accounting software, without paying for the full version. One big chunk of money that you can save, could be spent on very expensive seminars or paying your managers to do unnecessary interviews that you can do without spending a dollar on it. If you would like to learn more about this topic, you can visit this website, lokalerevisorer.dk.
Now, we’ve come to the most important difference between in-house vs outsourcing bookkeeping, the continuity. This reason is a combination of the previous four. If you are having an in-house accountant, that means that you are not going to be available to have your papers available at all times. For example, your accountant can take annual leave, but you need some work done quickly.
Naturally, there are some other things that could happen like sick leave, maternity leave, or even resignation. If you decide to outsource your bookkeeping, you will have a really dedicated team that will do the job that needs to be done with the utmost quality and more important, let’s say that the majority of your team is not available at the moment, you will always have one of them at your disposal, ready to do the work that needs to be done.