There are finite hours in a day, and you should be utilizing those hours effectively. Going over payroll as your business expands can start taking hours out of your day for little to no purpose other than to pay out money. So you have two options, hire an accountant or start outsourcing finance.
There is a clear winner here, and we’ll show why, in this quick article on outsourcing finance.
Pros of In-House Accounting
This is considered the first option for many, as it just means hiring someone to start doing the job you were doing more effectively. You can keep track of things effectively and have more than full control over what is going on. Communication is great because it is on your time rather than in other companies.
This employee can grow with the company and even will help to pick other employees for the department easier. Good employees can help a business stand out and trustworthy ones can help you make business decisions that shape the company with you.
Cons of In-House Accounting
On the other hand, you’ll be paying higher costs for the employee. This means wages, vacations, insurance, taxes, and equipment like computers, calculators, and the time needed to train them.
This also only frees up time for you, but you’re still fronting the costs with the business.
Pros of Outsourcing Accounting
Outsourcing accounting is perfect for those in-between stages of a business where it is starting to really kick-off but is not a multi-chain store yet. It typically costs less because there are no overhead fees and it is usually a flat fee every month to every year.
It also completely saves you on time of having to hire someone competent. Just because you hire someone for accounting does not mean they will necessarily be good at the job.
Outsourcing payroll services also allows you to not worry about getting everyone’s paychecks in on their time. You can live a relatively stress-free life in this area.
Check out this payroll service company for all your payroll needs.
Cons of Outsourcing Accounting
Communication is the biggest con of business outsourcing at any level. You have to rely on their time to get back to you, sometimes making it inconvenient. The digital world has minimized this setback, however.
The other con is that not all finance outsourcing companies do everything you need them to. This means they might do payrolls, but you also need inventory audits done.
Outsourcing Finance: The Smartest Move You’ll Ever Make
Outsourcing finance is great because of the cheaper costs than hiring and paying someone. It also takes the guesswork out of finding a good employee and provides you with a team of experts that are all committed to one thing, getting your finances and payroll handled effectively.
If you check out the rest of our blog, you’ll see we cover anything in business. From working from home to increasing customers, we cover it all. If you know a business that is growing in size, be sure to share this article with them.
