In past times, small companies and enterprises were reluctant for hiring a full time accountant from eFirm. It is because they were of the view that maintaining books and accounts could be done by any of already existing resource and so, they didn’t feel any need of such hiring. History shows that those entities who owned this view in past had suffered material losses with the passage of time. This is because without a proper accountant or a financial controller, you would not be able to, maintain proper books required by law, maintain appropriate record which show true and fair results, formulate tax planning, present record to authorities in case of any query or notice etc. Most importantly, if your books do not show accurate financial results, you would never be in a position to ascertain the status-quo of your company. So, categorically speaking, it hinders your financial and non-financial results. Especially for business and corporate strategy formulation, everyone knows that every decision is based on historic or past records. For example, a small company can choose a specific product to be more advertised which was sold the most in previous financial year. Similarly, performance appraisals of employees can be processed by reviewing past financial results. On other hand, even small scale businesses has to forecast its sales, expenses, cash flow management etc.
Now, is it possible to prepare an effective budget for future without hiring a professional small business accountant Melbourne CBD? Don’t you think it is a specialised work? As time flies, overall awareness of people has been increased dramatically and due to which, now a days every small scale company with its incorporation arrange a qualified accountant for itself. Here sometimes people ask either structuring an internal resource is a valuable option or outsourcing? Remember that both of the options has some pros and cons. For example, structuring an internal department with a qualified finance team might allow to avoid autonomy crises and keep control but on other hand, it is very costly and also require an effort. Also, there would be some compromise on quality because professional consultancy firms always enjoy a competitive advantage because they always employ most experienced and competent individuals.
So, either hiring a qualified finance controller or outsourcing, one thing which should be noticed here is that arranging an accountant even for small scale business is very important. It is a matter of survival and cessation. However, especially in Australia, one can also see that large number of professional services agencies are proffering all kinds of financial services with a vow of best output in lest cost packages. Keeping this in mind, conclusion can be drawn that outsourcing is a valuable option because it will impart an ultimate ease and comfort to a business.