A Case Study
The Pitfalls of Clinging to In-House Accounting
A recent US survey showed that 31% of small businesses still keep track of their books on Excel spreadsheets. However, this reporting method was almost four times more prone to human error and potential tax problems down the road. The number one reason given for sticking to these methods was the cost of hiring an accountant.
Interestingly enough, the study also found that companies spent up to 55% more in labor keeping their own books. Switching to 21st century bookkeeping and payroll offered an average savings of 24% while saving employees almost ten man hours per week.