As a business owner, you always want to make sure that all operations run properly and efficiently. You want to ensure that you are in control of all of your company's operations. This way, you simply know what's going on. This approach puts you in the driver's seat. Without a doubt, accounting and bookkeeping are an important part of a business. And while having in-house employees do the accounting and bookkeeping has some benefits, there are a few pitfalls that cannot be ignored. Let's take a look at some of the disadvantages of having an in-house bookkeeper and/or accounting department.
Having an in-house accountant or bookkeeper actually costs more than outsourced accounting services or outsourced bookkeeping services. Hiring an in-house bookkeeper or accountant is much more expensive than outsourcing. It takes a significant amount of time to recruit, screen, and train onboard a new employee. There are also other costs to consider, such as employee's salary, benefits, and contract duties.
To save your company money, it is smart to use outsourced services for your bookkeeper or accountant. When you do this, you only pay a single fee. As a result, the cost is much less expensive.
Quality of Work
Both accounting and bookkeeping require strong mathematical skills, experience, and attention to detail. Mastering these professions is not easy. Unless you are willing to spend a lot of money for a team of bookkeepers and accountants, likely you will only have one or two people doing these tasks. This presents a problem in work quality. These employees may not have the experience or the insight to give you high-quality work. In the long run, you wind up with costly mistakes and you may not even notice it until it's too late. With outsourced bookkeeping and outsourced accounting, you get a team of experienced and trained experts, and you receive these professional services in an affordable package for your budget.
Old School Training
It's always important for both accountants and bookkeepers to know what's happening in their industry. They need to know about the latest technology in addition to all of the changes in financial laws. With in-house bookkeepers and accountants, you have to stay on top of your employees' certifications. Likely, you will need to provide constant training. With the heavy workload for accountants and bookkeepers, it is difficult to keep up with ongoing training. Companies that provide outsourced accounting and outsourced bookkeeping always provide their employees with ongoing training. It is a huge selling point for these services.
Lack of Ability to Scale
If your company grows, and you only have one or two accountants or bookkeepers, you're going to lack the ability to scale. There will just be too many demands on your own in-house bookkeepers and accountants. Your financial needs are just going to grow faster than what your own accountants and bookkeepers can keep up with. That can cause lead to issues and overall setbacks for the company. Outsourced accounting and outsourced bookkeeping eliminate the problem. You can scale up and change your package as needed. It's as easy as that. You can easily get a plan that is designed for your company's unique needs with an outsourcing firm. Plus, you'll be getting top talent that is experienced and uses the latest technology.
To learn more about how outsourced accounting and bookkeeping can help your business, reach out to AccountingDepartment.com today!