When a company is seeking out services from accounting experts, it is a common dilemma if they would choose to hire its very own full-time accountant or just to ask for accounting services from a reputable accounting firm.
Well, both choices are good and have its benefits.
This decision would only depend on the company with regards to their available resources and on how much would they risk.
This article would focus on comparing the necessity of hiring a full-time accountant and hiring an outsourced accountant.
Now, let us point out its strengths.
When a company decides to hire a full-time accountant in the company, this would mean a long term deal between the company and the employee.
The company pays the employee on a regular basis, asks the latter to do jobs related to his or her line of work or even beyond what his or her line of work indicates.
A full-time accountant would have the job of managing the financial issues of the company, having him or her keep track of the history of sales, purchases and all operating expenses.
And, having a hired accountant of your own would mean full accessibility to that person at all times.
On the other hand, when a company would go for an outsourced annual compilation services, this would mean a staggered way of payment for the services acquired from the companies would be needed only as necessary.
Also, accounting firms can give advice to the business of the best ways it could do regarding their money dealings.
Accounting firms have more professional expertise in money matters that could make a significant impact on the company.
Also, with outsourced accounting services, jobs can be done quickly as they have a team of professional accountants.
Whether a full-time accountant is hired or an outsourced accounting service is sought, the bottom line is the company’s discretion, on as to where it would be willing to invest for a service.
There would be no correct or incorrect answer for this kind of decision.
It mainly depends on the company’s style of handling its business and as to where it would deem fit and be comfortable dealing.
After all, it now boils down to the company’s strategy of making things work according to its preference and ways of innovating.
Should you need assistance or would like to find out more about annual compilation services in Singapore, please send an email to Contact@AccountingSolutionsSingapore.com, and our business advisor will contact you.