When starting up a new business it is, of course, imperative to ensure that your house is always in order financially. Whether regarding payment of staff or your company’s general accounts and finances you will inevitably want to make sure that this is being taken care of in the right way, or you will risk the eventual collapse of your business.
In order to ensure that this does not happen, you will want to have accounting and payroll services in place.
You have two options when it comes to business accounting and paying staff, you can either hire or train an in-house team to look after this side of the business or you can outsource the work and hire a payroll or accounting firm to do your bookkeeping for you.
The latter often works out to be the cheapest and most time-saving option, hiring an outside firm will allow you and your in-house employees to concentrate on business matters without having to get too involved in the financial side of things. It is also possible to hire a payroll company that can handle general accounting as well, this ties in both services with one company which of course is always going to be beneficial to your business.
Is it possible to include payroll in accounting services?
When it comes to bookkeeping you will, of course, want to hire a highly experienced company to keep track of your businesses finances. Whilst including payroll in with accounting might be wise, it’s imperative that you hire an accounting firm who specialise in performing certain tasks such as bookkeeping and business accounting and let them handle the payroll, as opposed to expecting a payroll company to do your accounts.
You can hire some payroll firms that deal with both accounting and payroll services but this does not guarantee that they specialise in either. Accounting is more of a specialised task and you will not want to hire a payroll company that offers the accounting service but cannot perform it to the level that you require.
This is why it’s often more logical to hire an accounting firm instead of a payroll company, this way you are more likely a top-level service in both areas. Whilst payroll processing is not by any means an easier task it does require a little less knowledge and experience than the tasks that are involved within the accounting and finance world.
For this reason, it is recommended that you hire an accounting firm if you want to have all your accounting needs taken care of properly.
Is it a good idea to combine accounting and payroll services?
Combining payroll in accounting is a wise decision especially if you are looking to outsource. It is of course much more convenient to have one company take care of payments to staff as well as take charge of the company’s books, considering that both of them are financially related there is no question as to whether or not it makes sense to combine the two.