Australian companies are lagging their US counterparts in the use of social media like Facebook and Twitter and missing out on key benefits, according to a major accounting firm.

Deloitte's Online Practice partner, Katherine Milesi, says Australian companies are too slow to use social media even though most company directors believe it is important.

Ms Milesi said US companies used online tools more effectively and Australian companies were fearful of losing control of their brand. "There are more companies doing it (in the US) and there are probably more sophisticated models than are in Australia at the moment," Ms Milesi said.

"I think there has been an earlier uptake of social media (in the US), in line with their earlier up take of online. But that is not to say Australian companies are not getting involved, they are but in a more immature stage."

Benefits for businesses using social media include brand building, increased profile and increased employee engagement.

But Ms Milesi said Australian companies were hesitant to let control of their brand move from their central marketing department into the social media world.