Should You Hire In-House Accountants Or Outsource Your Corporate Taxes

August 17, 2021 | Written by: Sohail Afzal

Accountants Or Outsource Your Corporate Taxes

We all know that Accounting plays a vital role in any business. You can not grow your business well if you don’t have a competent accountant to solve your corporate taxes.

However, it might be difficult for a business owner to decide whether to hire an in-house full-time accountant or outsource the work.

You have to consider some factors before choosing between the two. Not everyone can do complex accounting functions. If you are an owner of the business, you might have so many other strategic operations. You wouldn’t have time for all the paperwork for filing the corporate taxes. That’s why you have to get your work done by an accountant. So, you will have to choose one of the two options.

Let’s make the comparison between hiring an in-house accountant and outsourcing it.

Quality of work

In-house accountants mean that your company hires them. They may have different skillsets and backgrounds. Most in-house accountants stick to one field and don’t have the necessary information to handle various industries. So, you could hire them, but when it is time for you to enter a new market and prepare and file the corporate tax returns, it might not be easy.

Accounting firms can have a broader range of experiences and expertise. They might be a certified public accountant (CPA). If you go for the outsourcing option, you can get an expert accountant who is a CPA. Not only that, but you can find the ones who have specific experience in preparing and filing Corporate Taxes. That’s going to be very beneficial for your business as everything would be done perfectly and professionally. Moreover, the accountants in an accounting firm are up to date with all new policies and certifications.

The Cost Factor

Another significant advantage of hiring an accounting firm is to save money. You might be thinking, how is that possible? Well, when you hire an in-house accountant, you’d be required to pay a salary to them. You have to ensure that you provide them with other benefits like insurance coverage, sick leaves, holiday pay, ongoing training cost perks, pension, etc.

If you compare in-house accountants and outsourcing accounting tasks, you will find outsourcing much more cost-effective. You just have to pay for the fee of the service you are going to get from them and no other costs. As a result, you’d save a lot of your money when outsourcing.

Conclusion

Suppose you compare the outsourcing and an in-house accountant option. You’d choose the outsourcing option as there are many advantages of outsourcing the accountants instead of hiring an in-house. Two of the significant benefits have been mentioned above, which are Quality of work and cost.

Quality of work is essential as a minor mistake could lead to big problems in your business. Hence, you have to make sure that you get the job done by a professional accountant who has been dealing in corporate taxes for a long time. Secondly, you are going to save your money if you outsource the accounting services you require.

Contact us now to get all the information regarding the corporate taxes.

Sohail Afzal CPA Toronto

Sohail Afzal, CPA, CMA, MBA

Sohail Afzal, (CPA, CMA, MBA) is the founder & CEO of GTA Accounting Professional Corporation. He is a highly experienced Chartered Professional Accountant and businessman himself and understands the challenges that many businesses face when it comes to cash flow management. As an experienced business consultant & tax advisor, he is helping companies grow by providing the technical, financial, and contractual information necessary for strategic decision-making.

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