It is basically about recruiting vs outsourcing. Recruiting and outsourcing, both suffer divergent consequences. It is very difficult task to decide where to hire and where to outsource. In case of crucial tasks like accounting, it should be done carefully. Here is something that may help you take the right decision.
Some of the leads of having hired accounting agency for accounting needs are:
- Perfect work: Professional accountancy agencies are better than employees as by appointing them you achieve the assurance of accuracy. In lower costs, you can’t afford to have skilled people but you can have the perks of expert agencies. The feeling of entirety, tranquility and flawlessness that you achieve from a professional agency, can never be achieved from hiring accountancy experts.
- Saving on T&D expenses: Many firms hire freshers or mediators and then train them in order to save on their costs. While they do that, they have to bear the losses that newcomers contribute to and also those extra training and development expenses that they have to incur in order to extract the best out of them. Even if they hire experts, they would have to pay huge amounts to them and still T&D would remain a mandate expense. By hiring an agency instead, it reduces a lot of headache and expenses relating to training of employees.
- Do what you excel at: The sole purpose of your business is not accountancy. You have other things that you do best in. Focus on those. By hiring professional accountancy services, one can have supremacy of optimal utilization of resources along with well-maintained accounts which would give you a catbird seat in the whole industry. Moreover, focusing over less things make you excel easily and speedily.
- Economical than hired teams: Hiring additional teams is a huge expense. It adds to recruitment budget, monthly expenses (salary) budgets, T&D budget, employee benefits budgets and many more budgets simultaneously. Other than this, freshers are not experts and experts are not steady. Hence finding even one accountancy individual that is right for your firm is a Hercules task. Also hiring leads to over consumption of existing resources. Resources should be used wisely and not vastly.
- Frauds and responsibilities: Staff management refers to a higher risk of frauds. Employees can do a lot in favor of themselves rather than in favor of firms while making accounts of their own firms. As accounts is a lengthy and detail demanding process, no one randomly can check on those errors. Continuous auditing hires would eventually put pressure on costs hence it is better to hire an agency. It saves you from several frauds as they can’t manipulate your accounts and keep extra money with them. They just have a ‘read only’ authority with them. No money directly comes to them but they are paid for their services.
- Up-to-date services: The new things in accounts keep on coming. New rules and polices and new technologies. As a firm accounting through internal resources, you are bound for giving your employees training for new rules and also you would have to try the new technologies in order to check which one is the best.
Apparently if you employ an agency, you would receive those services served in dishes. They would do testing and would suffer from their mistakes themselves. You are no one to be much effected. Otherwise they normally compensate you for the losses if they happen due to them.
- Timely services: With accounts aficionados, you would have quick services. They would be those serving you with time to time reports to have you in consideration at every step. So you would be having a swift and regular control over the accounts if you hire for these purposes.
- Partners can be more permanent than employees: It is true that a company can have a long term relationship with partners more easily than they can have with their employees. Employees may have grudges or may expect more. Negotiations with partners are more trouble free than those with employees.
Moreover, employees are exposed to more confidential information than outsourced agencies so employees can leak those to competitors if they get hired their afterwards. While working with agencies, you give them only needed rights and information so there is lower risk.
- Financial advice from experts: Along with apposite and time critical accounts, you can have financial advices from them as well. As they are exposed to a more competitive environment, they know better relating to various things. They can hence suggest you with their valuable suggestions.
- Easy extension of operations: When you have your internal resources with you, you may fear to extend your operations. Hiring professional accountancy representative would make you relieved from that kind of tensions.