Most business owners rely largely on their in-house accounting department to receive an analysis on their financial statements at the end of every month. It is what they are used to.

At the same time, it is a fact that with the growing number of advancements across business environments, sticking with what traditional may not always be a good idea.

So what’s the other option? It’s outsourcing. Even though outsourcing may not be viable for every other business, it can considerably lower costs and provide you access to a wide array of accounting expertise which wouldn’t be possible otherwise.

In this blog post, we help you identify the various differences between in-house and outsourced accounting options:

Internal Controls

The right degree of internal control helps ensure that precise information makes its way to the accounting department for timely record maintenance. At the same time, internal control also allows you to maintain check to avoid any errors. When you have a single fulltime employee handling your books and accounting, you are at a significant risk of fraud. The accountant paying your bills may also be reconciling your statements—you just handed over the keys to your bank.

With outsourcing it’s different. For starters, it considerably reduces the chances of fraud. Most outsourced accounting companies have multiple verification procedures and professionals monitoring financial statements. These steps are implemented to review each accountants work multiple times.

Training and Quality Control

When hiring fulltime accountants, you typically consider experience and a track record that includes working with other reputable companies. At the same time, you might also want to consider screening as there are many self-taught accountants in the market. This might not always be a problem, but there is a good chance you might receive below par services with such accountants.

Outsourced bookkeeping service providers often practice more quality control and better combined expertise. The accountants here have the right educational background and most of the times are under training for the latest accounting platforms. This is what you need—accountants trained on an ongoing basis.

Reporting Procedures

More than often, in-house accountants and bookkeepers have too much on their hands. Many of them have other responsibilities like human resource management that can take up a lot of time.

In this case, financial reporting may be pushed aside because of additional responsibilities like data entry and invoice recording. These reports are essential to you as a business owner and you simply can’t afford any delays or mishaps here.

Outsourced accounting can help eliminate chances of erroneous and useless financial reporting. When you go for professional accounting solutions you get to choose which services you need.

This also means you can form a contract that also allows you to keep your bookkeeper. Often, outsourcing your accounting can train your existing employees effectively by educating them on the best practices.

Apart from all these benefits, professional accounting services also cost less compared to fulltime salaries and benefits. Get in touch with us and find out why a large number of business owners are outsourcing to us for accounting services in Boca Raton.