The growth in business will lead to significant cash flows and hiring an outsourced accountant expert will be the need of an hour. Whether to go for accounting outsourcing or financial planning might have been confusing you. The article will help you to decide whether to hire an outsourced consultant for outsourced accounting services or a financial planner for finance function services.
When to hire an accountant?
Outsourced Bookkeeping Services
An outsourced consultant or an accountant will take care of the bookkeeping services. It can be online bookkeeping or offline bookkeeping. The services include filing taxes, balance sheet services, ledger maintenance, preparation of reports, etc. to name a few.
Business plan
The business plan is the future goals for your firm. It also tells about what you have in store and what are you going to offer in the future. The outsourced consultant will assist you in project plans and figures. Outsourced accounting services make sure to equip their consultant with the necessary skills and keeps them updated.
Online Bookkeeping
Accounting software for online bookkeeping eases the task of maintaining records when the business grows. It is one of the significant benefits of accounting outsourcing. The outsourced consultant has deep insights into the latest software. Majority of the times this knowledge is found missing in the in-house team. Corporates prefer so outsourced bookkeeping.
Minimize risk and frauds
Frauds and risks to the business cause significant monetary losses & the company’s social capital is also affected. The accountants not only aim in minimizing the risks and frauds but also strive hard to prevent it in the first place. No wonder accounting outsourcing is given a lot of importance.
When to hire a financial planner?
Management of assets
Assets are the resources that help generate profit in your business. The land, cash, stocks, etc. are the assets to the firm. The financial planner will help the firm in managing the assets through his strategy based on the risk-return framework, the time duration of investment and objectives of financing.
Planning of insurance
Insurance planning is a critical component in the financial planning of the corporate and the individual. A proper insurance plan helps to mitigate the risk and be prepared for unforeseen conditions. The financial planner will guide you with various insurance plans and services.
Employee benefit plans
It is immensely important to give lucrative benefits to the employees. The perks can be related to the sick leave, health insurance plans, bonus, salary hikes, etc. The financial planner will make sure to chalk out all such perks maintaining the federal, state and local rules and regulations.
Valuation of the company
The valuation of the company is a tricky business. Valuation techniques and methods are complicated. The financial planner can help the firm on valuing itself and knowing its worth.
We are pretty sure you have realized when to call an accountant or financial planner. If you are looking for accountancy outsourcing solutions, Sapphire Info Solutions provides the best accounting outsourcing services in the UK.
We look forward to schedule a meeting with you!
