Few things in business matter more than how effective your money management is. In today’s market, there are more options than in times past, and you may be considering outsourcing your accounting and bookkeeping needs.
There are benefits to both outsourcing and managing your accounting in-house, so how do you know what’s the best choice for your business? Our team of accounting professionals has put together some of the main differences between in-house and outsourced money management to help you make the right choice for your business, and here they are.
In-House
In-house accountants and bookkeepers are employees of your business only. They often work in the office with you and can answer questions with the immediacy of someone physically present. As owner or manager of the business, you can dictate precisely what their job entails and can potentially add responsibilities you need to be handled if they are agreeable.
For many small and medium-sized businesses, something to keep in mind is that the expense of maintaining an in-house accountant or bookkeeper can be costly. Not only are you paying the salary of the employee, which is likely $50,000 or more, but you also have to fund the overhead costs that employees require. This includes their medical benefits, retirement plans, payroll taxes and days off.
Outsourced
Outsourced accounting and bookkeeping services are professional services that exclusively employ money and numbers experts who are immediately available for your needs. You aren’t hiring a person for your account; you’re paying for services completed. If someone working on your account is sick, there is always someone else at the service who can complete the work, so you never have to worry about things being missed or late due to personal circumstances.
In fact, there are usually at least two people who are responsible for overseeing your account and reconciling your numbers. These kinds of internal controls make sure the accounts are accurate and help eliminate potential mistakes before they can negatively impact your business. This second set of eyes also helps reduce the chances of fraudulent activity that is more likely to occur when there is only one person handling the money of your business.
With outsourced accounting and bookkeeping services, you don’t have to pay the overhead costs that come with an in-house employee. Instead, you pay only for the services you need. You also don’t have to devote time and energy to finding and hiring individual employees which can be very time-intensive and costly when you add up placing ads, screening potential hires, interviews and training.
Get A Customized Quote For Your Outsourced Accounting Needs
Outsourced accounting and bookkeeping aren’t right for every business, but for small and medium-sized businesses, using these services can be a smart financial move. For more information about how outsourced accounting and bookkeeping services can benefit you and your business, contact KDK Accountancy online, or call our team of professionals directly at (407) 759-5363 for a free consultation today!