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Four Common Issues Associated with In-House Accounting in Atlanta
If you own a business, you want to be in control of things related to your business. You want to prevent mistakes from occurring in all aspects of your business, particularly accounting. Because of this, you may want to consider handling your accounting needs in-house. Although recruiting in-house employees has its benefits, some major issues can arise with this option. But you can avoid these issues when you work with one of the best Atlanta accountants to handle finance-related tasks for you. The following are issues that can arise with in-house accounting:
Cost of Services
When you hire an in-house accountant, you will have to spend a significant amount of time and money hiring, screening, and onboarding a new employee. And when you hire a recruiter, you will have to spend extra on the services. Plus, you must consider other costs such as the salary of the employee and the benefits package. However, outsourcing allows you to just pay for the accounting services being offered.
Lower Quality of Work
Accounting is a difficult task and one that you should not compromise on. It requires extensive experience, strong mathematical skills, and close attention to detail. When you choose to do it in-house, you may just afford a two-man team to handle the job, unless you can spend a fortune on recruiting a big team. Because of the smaller workforce, you can’t delegate for your accounting needs, and work quality can be an issue. An in-house staff may not have the necessary experience or insight to deliver high-quality work. Because of this, mistakes can be made.
Outsourcing your accounting services allows you to access a team of accounting experts. This team has the knowledge, expertise, and experience available in one affordable package.
Outdated In-House Training
When you recruited an in-house accountant, you probably looked for someone who has up-to-date and valid certifications. However, their training will become outdated over time. Accountants must stay current when it comes to accounting software and integrated applications, as well as amended regulations and tax rule changes.
However, if your in-house accountant has a heavy workload, they may not be able to update their training and knowledge. Thus, the quality of your in-house accountant will suffer. By outsourcing, the right accounting firm will make sure its employees are up-to-date on the latest technology, tax codes, and regulations.
Internal Fraud
Small businesses are susceptible to fraud because they do not have all the necessary resources to carry out the checks and balances necessary for detecting and fighting fraud. Outsourced accounting services providers ensure accounts are reviewed by several people, giving separation of duties and following up on each possible sign of issues.
Umar Nisar was born and raised in the busy city of Abbottabad. As a journalist, Umar Nisar has contributed to many online publications including PAK Today and the Huffing Post. In regards to academics, Umar Nisar earned a degree in business from the Abbottabad UST, Havelian. Umar Nisar follows the money and covers all aspects of emerging tech here at The Hear Up.
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