Does Your Business Need an In-House Accountant or a CPA Firm?

It takes a lot of hard work, time and skills to keep a small business running smoothly, day to day. There are so many tedious tasks that take time away from the important work that needs to be done. Even if you have all the brains and brawn to wear all those different hats, trying to take care of everything yourself could soon become very overwhelming. When you add bookkeeping errors to the mix, it could also become pretty costly to a business. Wouldn’t you rather focus on the important aspects of your business?

If your budget allows, you could hire an in-house accountant or CPA . You could also outsource and have an accounting firm take care of all your accounting needs. There are a couple of things to consider before you make a decision about which way would be more feasible for your budget.

An in-house accountant may be more convenient, but is it cost effective? You will need to calculate the cost of wages, benefits, workspace, rent, utilities, equipment, and software, as well as other supplies. All of these things will need to be updated from time to time too. If your employee needs time off, do you have another employee that can step up and take care of the books or will you need to make the time to do the job yourself?
Outsourcing your accounting or bookkeeping tasks to a traditional or virtual CPA firm may be more cost effective than you think. You may be able to save on some of those things you need for an in-house accountant. A CPA firm can analyze your cash flow and offer professional advice about how to grow your business and make a profit. Hiring a CPA firm will give you more time to provide quality service to your customs instead of being buried in paperwork. You will also be less likely to miss out on important tax deductions too.

In addition, hiring a virtual CFO service like Summit Virtual CFO by Anders will provide you with insights you may not ordinarily receive from a traditional CPA firm. We work with our clients to provide services you'd normally receive from an in-house virtual CFO, such as creating and updating a dynamic forecast that keeps you up-to-date on your financials in real time.

If it's becoming difficult to keep track of your financials while trying to grow your business, feel free to reach out to us and schedule a free consultation with our Virtual CFO team.