If you own a business, you will no doubt employ an accountant in some capacity. Though you may think that you are able to do your accounts on your own, you should actually have a professional handle them if you have no background in this area yourself. However, do you need an in-house accountant, or can you outsource this service? Let’s take a closer look.
Is the Business Big Enough for a Full-time Accountant?
To justify a full-time accountant, you need to make sure that you have enough business for them. If you are unable to provide them with enough work to keep them busy throughout the working day, you may have to supplement them with other tasks. This can not be an ideal position for many accountants, especially if it was not specified in the job description when they applied for the role.
Alternatively, if you can provide them with plenty of work to do, you should consider hiring them. You do not even have to have that big a business to find the justification for a full-time accountant. With just a small legal office or letting agent, you may still be handling enough each month to warrant a member of staff to fully oversea transactions.
Can You Support Them?
Firstly, you need to make sure that you have the revenue to support a full-time accountant. They will be a highly trained and valuable member of staff. Even if you hire a graduate accountant, you need to be able to give them the salary they deserve.
On top of that, you need to provide them with what they need within the office. Obviously, this goes beyond a desk and computer and other things you may provide your employees with. You may want to invest in specialist software that can help them out with their job. For example, BTC specialise in software for accountants that could be massively helpful to your accountancy employees. Make sure they have the right software here to do your part as an employer and support them in the workplace.
Would You Be Better Off Out-Sourcing?
It might not be necessary to have an accountant on the staff full-time. Depending on the size or nature of your business, it might be better for you to instead out-source your work to a professional accountant at their own agency. This comes with its own set of pros and cons.
Some of the advantages here are that you will not have to pay the costs of a full-time accountant. You will most likely be paying a retainer’s fee, which is more affordable than a salary overall. However, you are not going to be your accountant’s only client. If you have an issue that needs to be fixed immediately, there is no guarantee that they will be able to do so. Instead, you may have to wait until they are able to approach your issue. If you want to have your accountant’s sole attention, you should think about hiring one yourself.
Having an accountant on your team means that you have access to a trained and professional member of staff at all times. No matter what, you can be certain that you have someone who can help you approach any monetary conundrums that the business might be facing. If you feel like you could benefit from having an in-house accountant, you should consider hiring one. They will prove themselves to be one of the most important members of your staff, and they could be key in helping the business run as smoothly and as successfully as possible.