Your business finances have gotten busy enough that it is time to bring in some reinforcements. You may be searching for options but stuck on which direction to go. Two popular options are to either outsource your accounting to a remote CPA or bring an accountant in and do it in-house. To make an informed decision, it is important to understand what is required of each and how you will benefit.
Continue reading to understand the pros and cons of each option to help you make an informed decision.
Outsourced Remote CPA
- You can seek out a talented CPA without being limited to the options in your area. It can be a challenge to expand any area of your business, but when trusting someone with your financials you will want them in experienced hands. So it is best to make sure your CPA is talented, even if they are on the other side of the country.
- It will be less expensive. When you outsource your accounting to an independent contractor, there are the employee expenses you will not need to worry about. For example, at ProAdvisor CPA we offer flat rates so you know exactly what you will be paying each month.
- Outsourced remote CPAs can offer packages that include bookkeeping and tax services. This ensures that come tax season, your tax filer will need less from you.
- You may need to do some leg work in making sure the CPA gets everything they need. Some offices have a lot of hard copies of invoices or receipts that your accountant will need. Luckily, many remote CPA’s have apps that can help make this process easier.
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- An in-house accountant may have an easier time obtaining documents. If your company works exclusively with paper, then this may be a good option. However, you will want to make sure your hard copy information is backed-up somewhere, ideally, the safest place would be the cloud.
- You will have limited options when it comes to bringing someone in-house. If you are in a big city, it may be easy to find someone, otherwise, your options may be limited
- It can be costly to bring someone in-house. In-house typically indicates they are an employee and only work for you. This means it will be more expensive than an outsourced remote CPA, which would be considered an independent contractor.
You now know a bit about what it would be like to work with an outsourced remote CPA versus an in-house accountant. While there are certainly benefits to both, we do recommend an outsourced remote CPA to help get your business up and running. It is an excellent stepping stone as your business grows and ideal if you cannot afford an in-house accountant, especially if you have more complicated financials.
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