For large corporations, their in-house finance team will usually consist of some or all of the following - finance director, financial controller, management accountants, financial accountants, assistance accountants, payroll team, accounts payable team and accounts receivable team. While that's all well and good and often necessary for a company of that size, it's not always practical for smaller businesses with smaller budgets.
If your budget allows, you can always opt for a scaled-down accounting team that covers all of the essential finance functions, but you also have the option to outsource.
Here are some of the main benefits of in-house accounting vs. outsourced accounting to help you to make up your mind.
In-house Accounting for SMEs
Cost saving
Having an in-house accounting team means that you're not paying for outside contractors, and if you have staff with combined roles, you're saving even more.
They work solely for your business
Your in-house team will be totally focused on your business, compared to an outsourced function which will probably have a number of other clients to deal with.
Business owners can be more hands-on
With an in-house team you can be as hands-on as you need to be, If you have any urgent requests or queries, your team will be there to ask straight away.
Full time accounting services
Unless you decide that part-time employees are suitable for your business, you'll have accounting staff who are present and working for the entire working week.
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