Internal Accounting Department!
To grasp the true value of outsourced accounting, we must first consider what a company’s internal accounting function entails. Companies with a turnover of more than €5-€6 million usually have their own accounting department with an internal accountant. So, who are the members of the team? Let’s take a look around.
Director of Finance
At a higher level, the Financial Director examines the company’s strategy and how it is growing, speaks with shareholders, and identifies ways to make the company more profitable, among other things.
Controller of finances
The Financial Controller oversees the team and processes, as well as performing monthly management accounts and journals, checking reconciliations, ensuring systems are up to date, reporting on KPIs, handling one-time tasks for management, and analysing data.
Payroll is responsible for ensuring that all employees are paid correctly for the hours worked, taking into account sick days, bonuses, holidays, taxes, and other factors. As you can see, an internal accounting function can easily have three or four people. However, even with this fully equipped accounting team, the company will need to hire an outside accountant. What exactly do they do?
Accounts payable and receivable are two types of accounts.
Accounts payable and accounts receivable keep a close eye on the company’s inflows and outflows, maintaining a complementary balance between the two.
A third-party accountant
Compliance is handled by an external accountant. They file tax returns with the Revenue Department and external reporting with the Companies Registration Office (CRO), among other things. They may also be in charge of auditing. The external accountant will need to communicate with the company’s internal accountant in order to complete their work.
Is Your Company’s Bookkeeping Enough?
Most small to medium-sized businesses, especially those focused on growth, will not be able to afford their own internal accounting department. As a result, many people believe that hiring a bookkeeper is their only option. While bookkeeping services are useful for assisting businesses with a specific function, such as accounts receivable or payable, they are only part of the picture.
Both internal and external accounting functions are handled by outsourced accounting.
TAS Consulting provides an outsourced accounting service that handles both your internal and external accounting requirements. What exactly does this imply? Instead of hiring a bookkeeper who only looks at your accounts payable and still expects your company to double-check their work, TAS Consulting could handle your accounts payable entirely. In practice, We would be assigned to you for one hour per week, along with a bookkeeper who would work for three hours per week. Now you have a full accounting service with the best processes in place, automatic reconciliations, and someone who is directly responsible for that function. the service does not have to be limited to accounts payable; you can use our other services as well, such as accounts receivable, financial director, credit controller, or a combination of them. Take a look at our Outsourced Accounting service to see how we can help your business grow by acting as a full-service accounting department at a fraction of the cost.
WHAT’S THE NEXT STEP FOR ME TO DO?
If you have any queries, or would like specific advice, then please do not hesitate to contact a member of our team.
call us on +353 (0)1 442 8230, 00353 851477625 or email firstname.lastname@example.org