Should You Outsource Your Accounting? A Guide for SA Business Owners
Staying on top of your business finances is key to success, and Hood Sweeney is here to help as South Australia’s leading business advisory and accounting firm. Founded in 1976 and now celebrating 50 years of professional service across Adelaide and regional SA, our experts can help you explore the difference between in-house and outsourced accounting. Check out our helpful Q&A to learn more about what’s best for your business.
What Is In-House Accounting?
An in-house accountant is employed directly by your organisation and is part of the staff. An internal accountant handles all of the bookkeeping, accounts payable and receivables, payroll and compliance, while providing information to the CFO (if you have one) to influence budgeting and forecasting. This setup may offer the convenience of having an accountant right there all the time, but with it comes the extra salary and employment costs, as well as the need for continuous training.
What Is Outsourced Accounting?
A reputable business advisory firm provides outsourced accounting, which delegates financial management tasks to a trusted third party. Bookkeeping, tax preparation, payroll, audit support and superannuation are all common responsibilities for an accounting firm. Outsourcing is common for small and medium-sized businesses that may not need full-time accountants in their office. Outsourced accounting minimises the burden of business administration so you can focus more on core activities, while experienced accountants handle the books.
What Are the Risks of In-House Accounting?
Some businesses find having just one person doing all the in-house accounting stretches resources and time, making it hard to manage. In addition to ongoing salary expenses, there’s the risk of employee turnover, which often disrupts operations with an immediate loss of unique business and institutional knowledge. Then there’s the cost of recruiting someone new to handle the key accounting tasks. Additionally, some in-house accountants may be strong bookkeepers, but need more expertise in complex tax strategy and compliance issues.
When Should You Outsource Business Accounting?
There are several signs it’s time to consider outsourcing to a business accounting firm. If you have been using an in-house accountant or trying to do it all yourself, it’s worth looking into how much time and resources can be freed up with the right third-party partner by your side. If your business is growing, or you have accounting needs that change with the seasons or special projects, outsourcing can provide the infrastructure and flexibility you need with scalable support and costs.
How Can You Get Started With Professional Accountants?
The best thing to do is research leading accounting firms with a strong reputation, particularly working with businesses like yours. Look for qualifications such as membership with the Chartered Accountants Australia & New Zealand and CPA Australia. Other memberships to consider include the Australian Institute of Company Directors and the Family Business Association (SA). If you’re interested in qualified outsourced business accounting and the many benefits it provides, Hood Sweeney would love to hear from you.
Let’s Chat About Business Accounting in South Australia
We are passionate about helping organisations of all sizes and sectors achieve greater financial success and compliance through robust accounting and business advisory services. Contact Hood Sweeney accountants today to get started with our trusted accounting team in SA.