One of the important parts about running such a large company is that accountants are needed to ensure smooth running of the business financially. Since we are becoming a global corporation when factoring in how many countries, we export our cigars to, it’s important that we stay on top of our corporation tax and sales taxes around the world, which differ significantly.
This is important for any business, however. It does not matter how global or local you are as a company. It’s important that you maintain a healthy account of all finances. Eventually, the IRS will come calling, and they will look for any penny that they can find that you haven’t already paid. It’s quite literally their job, and they can dedicate resources that you as a company cannot. That’s why it’s important to either hire your own inhouse accountant or outsource your books to a relevant and skilled accountancy firm.
We found a great accountant Philadelphia based company who was able to help balance the books for all our sales. This included both local sales in the United States, but also our global sales taxes. That was the defining key for us as a company when hiring an accountant. We decided to outsource since the significant volume of work would mean that we needed more than just one accountant, so it was cheaper for us to outsource to a firm rather than spend triple in salary.
However, it may be significantly different for you. You may decide that you want to go with your own inhouse team. You should investigate how a firm would handle your books compared to an inhouse accountant to decide what would be best for you. This way, you can avoid any potential issues that could arise. You don’t want to pay for a service or an employee to find out that either are redundant for your specific business.