As you realize that your in-house accounting team, including yourself, is not knowledgeable enough to independently handle your accounting jobs, you prefer to engage an expert accounting services company to manage your accounts and simultaneously train your in-house accounting personnel
If your business is growing, but profit is not growing proportionately, you must look for some external expert to handle your accounts and financial statements. It usually happens when facts are buried in books of accounts and don’t correctly reflect the actual financial health of your business
If you need to raise funds for your business, you will need professional finance and accounts reports for banks and other potential investors and will usually opt for an experienced external accounting services company for necessary support
When high employee expenses of your in-house accounting team start making dents in your profitability, you normally choose a cost and time effective accounting solution by engaging an accounting outsourcing company
When you identify inaccuracies and inconsistencies in your books of accounts maintained by in-house accounting personnel, you usually go for outsourcing accounting services guaranteeing accurate, transparent, and high-quality accounting services.
As your business grows fast and requires substantial financial information to be processed and accounted for, you usually opt for external bookkeeping and accounting services.
If you are spending lots of time in day to day accounting activities and can hardly make time for other value-creating business activities, you decide to switch over to external accounting services.
Regulatory non-compliance and penalties usually force you to look for outside help and hire external accounting services