Running a business means requiring the right bookkeeping and accounting team to manage your finances. Regardless if you have a start-up, a small business, or a medium-sized company, you will need reliable people to help you keep the business stable and ensure due diligence to legal requirements.
When your company has just started, you might be recording transactions manually or on a digital spreadsheet. However, as your financial needs keep growing, you might find it hard to keep track of things all by yourself. Even if you have a small team, they might not be well-versed in bookkeeping and accounting practices.
In such instances, you might start thinking about whether you should hire in-house staff or outsource services. Both these options have their respective advantages and drawbacks. Therefore, you must weigh which one is more practical for your business.
Ideally, you should have an accountant who has adequate experience, knowledge, and skills for the job. It is a bonus if they are familiar with business accounting software as they will only require minimal training when using the program. If you use invoice maker software for your business, it will help make most tasks easier for your bookkeeping and accounting team.
When you opt to hire in-house staff, you will have to evaluate the candidate’s qualifications properly. Although you can find someone who is the right fit for the task, the process is often a hassle and slow. Conversely, if you opt to outsource bookkeeping and accounting services, you can ensure that you work with well-trained and qualified individuals. Outsourcing firms screen their staff thoroughly to ensure consistency in their work quality.
There are many other factors to consider when picking between hiring an in-house accountant or outsourcing services. To know more about them, see the following infographic from KIPPIN, Inc.