Do you currently outsource your business’s accounting to a third party? You aren’t alone. Statistics show that over one-third of all business owners outsource their accounting. In-house accounting, however, offers several key advantages. Rather than outsourcing it, you may want to perform your business’s accounting in house for the following reasons.
You can save money by performing your business’s accounting in house. Outsourcing accounting services to a third party can be expensive. Many professional accountants charge up to $200 per hour. By having an in-house accounting team, you don’t have to pay these fees. All of the money that you save on accounting can then be reinvested back into your business.
You’ll have more control over your business’s books and financial records with in-house accounting. You can set up accounting processes and procedures that are custom-tailored to your business, allowing you to better manage your business’s books and financial records. When outsourcing your business’s accounting, on the other hand, you’ll have to rely on a third party. The accountant may or may not use your preferred processes and procedures.
Ultra-Fast Response Times
In-house accounting offers ultra-fast response time. With an in-house accounting team, your business can quickly respond to financial issues. The in-house accounting team can analyze financial records to identify and fix discrepancies on the fly. If you outsource your business’s accounting, you can expect longer response times. Professional accountants are oftentimes busy with other clients. You’ll have to wait until the accountant is available to look at your business’s books and financial records. Even then, it may take days if not weeks for the professional accountant to resolve the issue.
Security is another benefit of in-house accounting. By having an in-house accounting team, you can ensure the confidentiality and security of your business’s financial data. You have greater control over who has access to your financial information, which can reduce the risk of data breaches and cyber attacks. This high level of security can help protect your business from financial and reputational damage.
Improved forecasting is a benefit of in-house accounting. Having an in-house accounting team can improve your company’s ability to create forecasts. The in-house accounting team can use historical data and trends to create more accurate financial projections. Using these projections, you can make well-informed decisions about future investments and expenses.
What are your thoughts on in-house accounting? Let us know in the comments section below!