If you’re considering finding an accountant in West Palm Beach to outsource business accounting duties to, it’s best to know what to expect. Nowadays, more and more businesses choose to outsource to experienced CPA firms for a variety of reasons.
Explore some of frequently asked questions about outsourcing accounting responsibilities in part one of our series below. If you’re interested in speaking with a team of experienced accountants West Palm Beach businesses can depend on, contact Weinberg & Co. WPB today to schedule a consultation.
Reasons A Business Might Need To Hire An Accountant in West Palm Beach
The primary reasons a business chooses to outsource accounting to a CPA firm include:
- Accounting responsibilities are neglected after an employee leaves.
- Outsourcing to a CPA reduces, if not entirely removes, recruitment and training costs.
- A serious offense is committed by an employee, such as fraud or embezzlement.
- Increasing transaction volumes that in-house accounting staff is incapable of keeping up with.
- A CPA firm can make managing accounts payable and receivable more efficient.
- Immediate need for managing administrative or financial processes.
Questions About Outsourcing Accounting Duties
If there is already an in-house bookkeeper, why is there a need to outsource to a CPA?
Bookkeepers are responsible for regularly updating accounting records following important transactions. A business can benefit from hiring a West Palm Beach accountant because experienced CPAs are able to improve cash flow and design a comprehensive database for all accounting records. Accounting firms also provide bookkeeping services on top of playing a proactive role in all other processes, often in a more cost-effective and efficient manner.
Will there still be a need for a company accountant after hiring a CPA firm?
Yes, more than likely. Business accountants generally perform different services than CPA firms. You West Palm Beach accountant would be responsible for preparing financial statements, federal and state tax returns, submitting financial reports to banks, and other key duties. In-house accountants are generally responsible for financial planning, structuring, and management. The primary difference is CPA firms have more resources to handle a higher amount of tasks to enable businesses to become more efficient.