As an entrepreneur, you are responsible for running the entire business operations. One of the most time-consuming and energy-draining tasks is to manage accounting functions.
If you’re always overwhelmed by the accounting tasks, don’t let it get in the way of your work hours for things that need your attention and growing your business for success.
Here are 10 signs that your business needs to hire accounting services.
You just started a business
Embarking on a new entrepreneurial journey involves a myriad of vital decision-making situations. The choices you make from the onset of your business registration up to the supervision of day-to-day tasks will influence the path your company is headed to.
If you want to increase your chances for long-term success, you should invest on hiring an accounting service provider with the right set of skills and experience to manage all financial-related duties.
This is to help you avoid juggling too many responsibilities all at once and enable you to focus on more important matters.
You have zero knowledge in accounting
When starting a business from scratch, this is not the best time to start learning about bookkeeping duties.
Time and effort are your two most precious assets that should be allotted to optimising your work force and processes – not wading through a complex new skill. It might end up costing your business more than it can save.
Use the accounting expertise of dedicated pros who can handle them quickly and efficiently.
You have fixed monthly expenses
This will help you to determine how to maintain a high revenue level and how to avoid difficult financial situations for your business.
You have varied accounting needs
Any business has a number of accounting needs that require varying degrees of time and effort to accomplish.
Some has to be done on a more frequent basis like updating your financial data or reconciling payments and receipts; other tasks don’t have to be done daily and can even be scheduled ahead of time like scheduling for supplier payments or chasing down unpaid receivables.
Your accounting needs, however complicated or trivial, are still tasks that only an experienced accountant can handle with caution and diligence.
Your business is growing fast
Whether there’s a significant increase in your sales or a steady rise in your fixed expenditures, the right accounting service provider can help you accelerate your projected growth for your company.
You will have expert insights on which purchases you should avoid, or why you should allot a more ample budget for a specific project – all of which can help hasten or delay your business growth.
You are spending too much time with accounting processes
Multitasking is a great skill to acquire but not at the expense of your business productivity.
Shifting from one task to another can lead to mental drains. If you have to work beyond office hours just to manage your accounts, it is about time you should invest in a professional accounting provider.
Your employees have different work situations
Maybe your company has other branches on a different location other than the main office or that the nature of your business allows your employees to work from home or to perform duties on specific hours of the day.
If this is the case, hiring an accounting professional is beneficial for your business.
Your accountant will organise any meeting or discussion to get a financial update from your employees with a staggered office schedule or that are on a different work location.
You have bad experience with bookkeepers
The fact is there would always be individuals who would fail to deliver on its promises. If you’ve had your fair share of bad experiences from unreliable bookkeepers, it doesn’t mean that you should just take it upon yourself to handle your finances all on your own.
Make an effort to research for trustworthy accounting service providers in Singapore and take time to talk with them so you can be confident that they can manage all your accounting needs.
You don’t understand taxes
If you’re bad with numbers or you simply just keep on forgetting the deadlines, a good accountant will help you make sense of all your tax obligations and keep your company’s tax affairs in order.
Keeping abreast of your tax submissions is one way to keep your balance healthier because you’re not worrying about hefty tax penalties or ill-prepared year-end accounts.
You want to minimise overhead expenses
The benefit of hiring an accounting service provider in Singapore is that you don’t need to set up an in-house department which would cost you more than just employee salary and benefits but also investment on infrastructure, computer hardware, as well as installation or updates on accounting software and such.
By finding the right accountant, you can simply eliminate all of these issues and focus on your business.
Accounting Professionals You Can Rely On
A trustworthy accounting service provider can do more than just proper books but also prevent your business from having problem with IRAS. With Corporate Services Singapore, you get access to comprehensive and customised accounting expertise and advice to support your business growth and success.