As a business owner, choosing how to handle your finances is one of the biggest, if not the biggest, decisions you can make. There are many things to consider when choosing between hiring an accounting firm versus using an accounting software. There are benefits of both options so here are a few things to keep in mind while deciding how to handle the finances of your business:
Hiring an Accounting Firm
One of the biggest benefits of using an accounting firm for your business, is the personal touch that comes with it. When dealing with large sums of money, your business can really benefit from a personal advisor that knows you and your situation well. When forming a personal relationship with an accountant, they are in the best place to advise you about financial decisions.
Complex Accounting Issues
When dealing with large scale financial situations, it is extremely beneficial to leave your money in the hands of a professional. An accountant can provide years of experience and expertise when dealing with these larger and multifaceted accounting issues. An accounting firm is extremity valuable to larger corporations, especially those who do business internationally.
Using Accounting Software
Using an online software is often the cheaper than an accounting firm, which makes it more desirable for some businesses. Some software even provides free trials and can be significantly less expensive than hiring an accounting firm. If cost is your chief concern, it might be beneficial and to looking into an accounting software.
Especially with the rise of mobile banking, online accounting software can often be reached whenever you need them. As long as you have all of the proper documentation, it could be possible to complete your taxes in under an hour. Also, a good accounting software will make the process straightforward and easy. However, this is often only true if the sources of income and investments are not complicated in the first place.
When making the decision to use an accounting software or higher an accounting firm, it really comes down to your personal priorities and particular needs. Hiring an accounting firm means having the security of knowing that a knowledgeable, experienced professional will be handling your business’s finances. However, if your business is running on a smaller scale and your budget cannot afford an accounting firm, current accounting software is a suitable option as well.