Outsourced Accounting - How dissimilar is it From In-House Accounting?

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Let's first understand the point of accounting before we delve into the specifics of the choices that any firm has.

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How is Outsourced Accounting - How dissimilar is it From In-House Accounting?

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Whenever anyone ventures out to start any business, there are three primary reasons:

a) Make profits

b) Grow to a global level

c) Give back to society by way of employment & wage by way of taxes & duties

In all the above three reasons, a firm is helped by accounting to not only know where the firm stands vis-à-vis the goals, but also helps the firm in taking measures to achieve the goals faster & in a better way.

But how does Accounting do this?

a) By development sure that all the transactions that the firm is entering into is recorded in a timely manner

b) Ensuring that all such transactions are grouped under the correct inventory heads

c) Ensuring that the profit & loss inventory and the equilibrium sheet along with other reports like the Cash Flow Statement, Funds Flow Statement, Debtors Aging article are ready in a timely manner & presented to the owner for taking the right actions.

Given the point accounting has on business, it is natural that businesses the world over reconsider accountants very critical. Probably that is the think why a Cfo goes hand in hand with the Ceo of a company.

Now that we have understood the point of accounting and accountants, let us now understand the differences in the middle of an in-house accountant and an outsourced accountant.
An in-house accountant means a firm hires an accountant as full time laborer to keep its books and conduct the finances. The benefits attached to having an in-house accountant are:

(i) In-house accountant is a someone from the same region as the firm and thus understands the firm and its environment better. This can be useful when the accountant has to analyze the conditions affecting the business.

(ii) An in-house accountant may be called on to enlarge a helping hand in areas other than accounting whenever there is a requirement of the business.

An outsourcing accountant is a someone not under the employment of the firm and has a contractual association with the firm to supply accounting services. An outsourced accountant can be in the same country as the firm is in or may be in a foreign country. The benefits associated with outsourced accountant are:

(i) Since an outsourcing accounting firm is a expert assistance provider, it would have highly skilled experts at its disposal who can be of gigantic help to a firm as they can add sizable value to accounting.

(ii) Unlike in-house accountants, a firm does not have to bear with leaves since outsourced assistance supplier will have someone to back up the someone who would be working for the business's accounts when that someone takes leave.

(iii) Since most of the outsourced accounting providers serve clients in different countries, they have people ready 24/7. A firm cannot ask an in-house accountant to be ready 24/7.

(iv) If the outsourced accountant is in a different country like India, there are a integrate of further benefits like:

a. Due to the incompatibility in time zone, people in India work when it is night at Us. So, work can be done overnight by an accountant in India.

b. Due to the foreign transfer difference, the Indian accountant can supply services at costs much lesser than the costs incurred on in-house accountant.

Thus the benefits of an outsourcing accounting supplier are far more than the benefits in having an in-house accountant.

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