The owners of small businesses face a choice between opting for in-house accounting or hiring a qualified accountant from outside the business. Although the first option might seem simpler, there are real problems that can arise from keeping your accounting within the company.
It is not always true that accountants working directly within the business itself produce lower quality work, but many business owners do take the easy route of employing a friend or colleague who is self-taught, rather than someone properly certified. Going to a specialist accountancy firm guarantees that your company’s finances will be overseen by someone properly qualified for the job.
While having an accountant on the premises might seem like it would be more convenient, most in-house accountants only work the standard business hours of nine to five. By contrast, an outsourced small business accountant from South Yorkshire or any other region will often be available at all times of the day and night, which is vastly preferable should a crisis occur.
Increased fraud risk
The available evidence indicates that embezzlement and other forms of financial fraud are more likely to be committed by accountants who are in-house employees of the firm. This is because they will have access to the firm’s internal data systems and confidential information, which is not an issue with an outside accountant.
At Adaptive Accountancy, we provide round-the-clock help and advice to small businesses. Give us a call and see what we can do for your firm.