There is one clear and common reason why the vast majority of smaller to medium businesses choose to take care of their own accounts – that being the cutting of costs. On the surface this would appear to make perfect sense as the very notion of involving a third party service provider immediately conjures up images of large and rather unnecessary bills. 

After all, why pay an external agency for something that can be handled in-house for free?

Well, the answer to the above question is that in-house accountancy is not only anything but free, but has the potential to be exponentially more costly than the third party professional solution. In fact, recent studies have shown than a business is able to save on average no less than 65% by switching to outsourced accountancy, though comparatively few continue to do so. 

If requiring a little more convincing as to the ways and means a switch could be beneficial, consider the following:

Equipment Costs

It is impossible – or at least ridiculously difficult – to appropriately handle company accounts without an array of hardware provisions designed for the job. From computers to calculators to modems to backup systems and so on and so forth, the expense of kitting out an accounts department in the first place is enough to make eyes water. What’s more, none of this equipment will be impervious to damage and wear over time, which means shelling out even more on occasion for repairs and replacements. 

Consistency 

Furthering the above, they often say that time is money and every minute wasted represents cash down the drain. As such, in the case of equipment errors or downtime the company stands to lose substantial time and money – something that can be ruled out by entrusting accounting needs to the professional.

Manpower

Given the fact that the equipment purchased to handle the accounts isn’t going to operate itself, sufficient manpower is needed in order to complete the task. This in turn means either taking on new workers or redeploying current staff to handle the duties – both of which have the potential to prove significantly more expensive than hiring a third party professional. 

Quality 

If a business wants to ensure its accountancy is handled 100% flawlessly and with unparalleled efficiency, elite professionals must be brought in. As such, the only options are to either extensively train existing staff, bring in a hugely expensive accounting executive out outsource the job to the seasoned professionals for a comparatively minimal cost. 

Legal Concerns

No business ever wants to find it has landed in hot water simply because of errors with end of year accounts, therefore making it impossible to put a price on the peace of mind offered by third party specialists with flawless track records. 

Physical Resources

Last but not least, given the fact that an Edinburgh self assessment specialist will be based 100% off-site, the business doesn’t have to set aside so much as an inch of valuable space which could be used for far more important and profitable matters. 

The list goes on, but essentially proves in every point why services like http://www.123-accountancy.co.uk really are indispensable for businesses of all sizes.