Should You Use QuickBooks or Hire an Accountant?

| March 2, 2015

QuickBooks is a financial bookkeeping and accounting program used by some small to medium businesses. The software holds a variety of features that includes financial reporting, credit card management, accounts receivables, accounts payables, inventory management, revenue reconciliation, and payroll transaction. It is designed in order to help users in managing various accounting functions in one umbrella.

Bookkeeping ServicesA business owner will hire an accountant when he/she has to manage a sea of receipts, cash flow statements, and invoices. An experienced accountant will aid you by tightening the budget, organizing the records and help to stay you on the right track. We recommend a particularly good Northern Beaches bookkeeper named Irena.  There are several advantages and disadvantages in hiring an outside contractor. They can provide expert advice by shaping your pricing structure. The good ones give regular tips on how to close or sell your business. They will dedicate more time in planning how to expand your customer base, improve marketing strategies, and develop new products.

Apart from their benefits, you should also think about their disadvantages to decide whether to employ QuickBooks software or accountants in your business. The services provided by the accountants are not free. They expect regular payments and personal benefits for the work they are doing for your business. The rates of the accountant will vary depending upon the size, type and work involved in your business. On the bottom line, you need to increase overhead though you are hiring a part time accountant.

Accountants are also humans. There is no guarantee that they will not make any error or mistakes at some point of the transactions. If the error is small, it can be corrected but if in case they make major errors, it has chances to affect your business on a large level. For example, when an accountant misses to track a valuable deduction, then it would totally affect the profit of your business. A business owner should work with an accountant just like business partner. The owner has to keep tracking, checking and monitoring the activities in par with an accountant.

If you are planning to take a right decision, first take a look at your business requirements, scope of your business needs and finally decide whether you need to hire an accountant. If you have to keep staring at numbers or require an outside perspective, then you have to bring a new pair of eyes for a greater benefit. On the other side, if you have the basic accounting knowledge and time to spare, then the solution is simple. You need to invest in QuickBooks accounting software.

Category: Business Finance, Featured

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