In-house Accountant VS Outsourced Accounting team – The Better Option?
The battle and confusion are never-ending. Every business owner has had this thought at least once in their lifetime. But what really is a better option? In-house Accountant VS Outsourced Accounting team Let us first walk you through the deciding factors that you should consider before making the final choice
Sourcing and Training
Hiring and Training In-house team vs. Outsourced Accounting team
Depending on the complexity of your accounting needs you will hire a team or an individual to manage the accounting processes. While hiring an In-house accountant, the employer needs to have a basic knowledge of accounting terms and their requirements.
The employer also needs to make sure that the candidate they will hire fits their organizational processes and needs. However, the hassle reduces while outsourcing accounting services. As the third-party vendor that you choose to work with may have a team of professional accountants
Quality Control for inhouse team VS. Outsourced Accounting team
Most of the small businesses operate with than one or two employees working as their accountant. Here the chances of an honest mistake and intentional fraud increase. With Outsourcing Accounting work, the risk factor for fraudulent cases decreases. As there are multiple layers of employees working. Your vendors also make an attempt to ensure the work delivered to you is precise and reliable.
Financial Reporting by In House Accountant Vs. Outsourced Accounting Team.
Statements preparation and Financial reporting is a non-revenue generating job. But its impact on your business is very huge. Your In-house accountant may generate financial records precisely and also look after the company’s financial health. But In-house employees may get embroiled in other organizational tasks. This may pull them away for their actual responsibilities of keeping track of financial activities. Whereas, your offshore accounting team will be dedicatedly working for accounting jobs
Operational Cost of In-House Vs. Outsourced Accounting Team
While hiring an In-house team for accounting services, you need to hire at least two employees, one for bookkeeping and one for accounting. Their average salary can be around 20$ per hour and may go up significantly based on their qualification. Add to its employee benefits and training cost. However, For your Outsourced Accounting Team, you can choose how you want to pay for your team. You can even choose to pay only for the job that you get done.
Productivity and Efficiency for In-House Team Vs. Outsourced Accounting Team
As said above your In-house employee may have other responsibilities in the organization to look after. However, these distractions are significantly reduced for an offshore accounting team. Fewer distractions also result in improved productivity and work efficiency.
Deciding if you should opt for an In-House accounting Team or an Outsourced Accounting for your business’s accounting work can be a critical decision. Evaluate your business requirements and resources for a better understanding.
While choosing for an Outsourced Accounting Team, you can always rely on experts at OrangeIQ. Our experts are trained regularly and are up-to-date with the market happenings and legislation changes. When you hire OrangeIQ for financial services, you not only save on your operational costs but also get access to a host of benefits, and access to professional CPAs with expert qualification.
