While there is no denying that there are plenty of companies out there with inhouse accountants/departments who function well and deliver excellent results; there are some major benefits to outsourcing which you may not have considered.
So, if you’re in the process of expanding your business and you’re leaning more towards hiring an inhouse accountant to take care of the books for you, hold off before making that decision. In this post we are going to look at 3 hidden benefits to outsourcing.
Before we begin, you might want to know what sort of tasks you can outsource to an accounting firm and the short answer is: everything. Thankfully, due to the incredible software platforms that are available to accountancy firms today, there is nothing that they can’t handle.
With that in mind, lets look at the benefits:
It’s Cheaper!
Not so much a ‘hidden benefit’ though its important to mention all the same. When you hire an inhouse accountant or an entire department, you have to consider pay rates and employee benefits. So, we’ve started with the obvious, but let’s delve a little deeper into the why:
Motivation
Any reputable company, such as Prime Numbers Tax Accountants will go above and beyond to exceed expectations and bolster their reputation. Accountancy is a competitive industry, which is why there are so many incredible companies out there, who will do whatever they can to deliver the very best results.
Now ask yourself, what motivation will your inhouse staff have to go above and beyond? Again, that’s not to say that there aren’t exceptional individuals out there who have an inherently strong work ethic and are extremely passionate about what they do. And of course, there are incentives that you can put in place to encourage a stronger performance but again, that will likely require spending out yet even more money.
Perspective
One of the greatest benefits of outsourcing and yet the one which is seldom considered: perspective. By outsourcing to an outside firm, you’ll have a fresh set of eyes who will be able to bring an awful lot of new ideas to the table. Naturally, you’ll want to work with someone who has significant experience with accounting in your given industry, though their experience with other industries will almost certainly have a positive effect on the decisions that they make.
In addition to that, any decent accounting company will work in great synchronicity, with all departments. Work will be triple checked and innovative ideas will be shared.
Technology
Of course, no quality accounting firm is complete without the latest in technology. And much of the very best in tech is going to be either difficult to come by or incredibly expensive to run. This is why it is so important to outsource your work to an accounting firm; so that you can save money on having to invest in high-quality software.
Of course, there is cheaper and more accessible accounting software available, however accounting firms will be using something rather different.