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In-House Staff vs. Outsource Accounting- Which is better?

Every business owner is in turmoil today concerning whether they should hire an in-house accounting team or opt for outsourced services. We understand that outsourcing is sometimes not meant for every business. But if it fits your business needs, this could be better than any in-house cost-consuming option. Here in this PPT, we have outlined some major factors explaining, what is better, outsourced accounting or an in-house team?<br><br>http://www.accountingtotaxes.com/

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In-House Staff vs. Outsource Accounting- Which is better?

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  1. IN-HOUSE STAFF VS. OUTSOURCE ACCOUNTING ACCOUNTING TO TAXES Which is better?

  2. IN-HOUSE One of the major challenges that every business enterprise encounters is the search for someone to handle their accounting needs. The process of finding the right employee or vendor can be daunting. Traditionally, businesses relied on in-house teams for their accounting work. ACCOUNTING TO TAXES

  3. OUTSOURCING However, with the advancement in technology and the growing list of outsourced accounting companies, many companies can access great accounting solutions as per their requirement. ACCOUNTING TO TAXES

  4. TODAY'S TOPICS What difference does it make when you opt for In-house accountant or Outsource accounting? • Training In-house Vs Outsource • Hours of service In-house Vs Outsource • Costing In-house Vs Outsource • Productivity In-house Vs Outsource • Fraud In-house Vs Outsource ACCOUNTING TO TAXES

  5. Training in In-House When you hire an employee you have to provide them training related to your work. During the training period, you’ve to pay them without expecting any results.

  6. Training in Outsource On the other hand, when you outsource your accounting work they already have experience working for your industry, thereby saving you time, efforts, and money.

  7. Hours of service in In-House Your in-house accountant will typically work from 9 am to 5 pm, which is 40 hours per week. You can seek help when they’re in the office, once they step out, you’re left hanging.

  8. Hours of Service in Outsourcing With outsourced services, you’re actually working with a team of accountants that work round-the-clock, which is quite beneficial.

  9. Costing in In-House The salary of full-time bookkeeper annually is approx. $45,000 and accountant’s salary is approx. $60,000. So altogether it will cost $1, 00,000 without adding overhead costs, that is 20% additional on top of employee’s base salary such as medical benefits, payroll taxes, and a lot more.

  10. Costing in Outsourcing Whereas, when you opt for outsourced accounting services, it will cost you approx. $1500 to $5000 a month, depending upon your business size. It would cost your business maximum $60,000 a year, which is comparatively less than the in-house team without paying any overhead.

  11. Productivity in In-House When it comes to the responsibilities of the in-house employees, they are often overwhelmed with other unproductive tasks, which deviates their focus from core aspects. Maybe because of incorrect invoice format to unpaid freelancer payment, chunks of papers to handle and a lot more, hampering the overall productivity.

  12. Productivity in Outsourcing Outsourcing accounting and bookkeeping services is all about handling non-core activities, enabling your employees to focus on what they do best. You can utilize the free time on developing business growth strategies, enhancing overall productivity

  13. Fraund in In-House According to the research report, 22-28% of businesses face fraudulent issues with their in-house employees, proving to be the biggest threat to the business.

  14. The number of years an employee remains in a company, more is the vulnerability to fraud commitment.

  15. Detecting fraud in-house depends on the business owner as some are concerned about every on-going process in the business and a few have no idea.

  16. Fraud in Outsourcing When the work is outsourced, chances of fraud are less common and unlikely to occur. The reason being outsourcing companies are built on the model of trust; if they break the trust, they break their business model as well as reputation in the market, which they simply cannot afford.

  17. Which One is Better? As per the points mentioned above, it seems that outsourcing accounting services is a better way than hiring a full-time accountant or bookkeeper.

  18. Are you looking for one such company that can cater to all your accounting, bookkeeping, and tax needs at one time? Get in touch with AccountingToTaxes (ATT) today! WWW.ACCOUNTINGTOTAXES.COM

  19. Contact Us WEBSITE www.accountingtotaxes.com PHONE NUMBER +1 646 688 2821 EMAIL ADDRESS info@accountingtotaxes.com ADDRESS 12648 Agave Bay St Victorville, CA 92392 United States

  20. THANK YOU!

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