There is no doubt that an accountant will benefit your business, dealing with your financial affairs, tax planning and providing advice that will reduce your tax bill. The main question for a small business owner is whether to hire an accountant, or to outsource to a team of professionals.
Saving money
One of the biggest advantages of outsourced accountancy is the cost savings. Although in-house accounting has its merits, you will be paying employment costs, which includes training, sick pay, annual leave, National Insurance, and much more. Although there are some times during the year when there are many accountancy duties, there will be other times when you are paying a full-time accountant and there is insufficient work available. Outsourcing allows you to pay for the services you use.
In addition to saving money, outsourcing saves valuable time, as the results often have greater accuracy and are produced much more quickly. The time saved by a company can be invested in other areas to generate revenue.
Expertise
Outsourcing provides access to a team of professionals who have many years of experience in different fields. Rather than hiring an in-house accountant and maintaining training to keep up to date with current practices in a variety of topics, outsourcing will provide a team that has relevant knowledge in all areas, including taxes, regulations and laws, bookkeeping and more. Very often, information required by a business owner can be obtained immediately, rather than waiting for the in-house accountant to provide the required details.
A flexible service
For many new companies or small businesses, a healthy cash flow is crucial and outsourcing frees up finance, which will provide flexibility for a business. Rather than tying up resources with an in-house accountant, outsourcing allows you to pay for the services that you need. Often, you are able to pay a monthly sum, which aids budgeting.
Technology
An in-house accountant will require up-to-date equipment, with computers, printers, software, and other items that are all required to deal with payroll, bookkeeping, taxes and other duties. Outsourcing allows you to run your business without having to be concerned about updates to technology or changes to practices, like Real Time Information. Outsourcing results in greater accuracy, without having to worry about staying ahead of changes and updates.
If you have questions about the latest changes to PAYE or other aspects of your business, please contact us for advice.