Top 10 Reasons Why Outsourcing Accounting Functions is Good for Business

outsourcing accounting functions

A company owner who wants to operate on a leaner, more practical budget should seek the services of a reputable outsourced accounting service provider. Engaging third-party team of financial professionals can be good for your business and here are the top 10 reasons why.

  1. You’re wasting too much money on salaries and employees’ benefits

    Salaries and benefits for in-house accounting employees usually require a significant budget allocation. Though figures vary in different industries, just by looking at 2017 Kelly Services and Capita Salary Guide will show that accountants and financial controllers are among the highest paid workers in Singapore. If you want to reduce your overhead costs and improve your revenue, eliminate all those in-house employee-related expenses and opt to outsource your administrative accounting functions to a reputable outsourced accounting service provider.

  2. You’re working overtime to oversee bills and payroll

    Micromanaging payrolls, inventory reportings, bills payments, et cetera can take up considerable hours that can be redirected to making crucial decisions which can fast-track business operations and return of investment. As the most valuable human resource asset in your company, you should spend your valuable time to core business functions (such as planning of marketing strategies coupled with business developments which can result in a significant increase of revenue), and allow outsourced accounting professionals to attend to accounting and administrative tasks.

  3. Accounting isn’t your core competency

    Regardless if you have a newly-incorporated company, a fast-growing SME, or a multinational corporation, insufficient accounting knowledge or bookkeeping skills can impact your business negatively. Act quickly and engage the services of outsourced accounting financial professionals with comprehensive and constantly up-to-date accounting knowledge coupled with their ever-growing experiences – and let them manage your books and all financial records. This way, you can avoid all money-related inaccuracies that can harm your business.

  4. You don’t want to invest in new accounting software

    The right software for your specific accounting needs can sometimes prove to be expensive; if not, it is way beyond your allotted budget. When you outsource your accounting functions to a highly-regarded service provider, you don’t have to worry about not having the right software as they are well-equipped to get the job done.

  5. You may not know how to scale your business

    During periods of growth, it is important to make the right response immediately because operational successes depend on it. Without the right financial insights, scaling your business might not lead to a desired outcome. Outsourced accountants have solid financial expertise to help your company prepare for the future and realise the best action plan for any business investment you’re going to make.

  6. There is no transparency and visibility to your financial documents

    All company owners want up-to-date accounting records to decrease the risk of making uninformed business decisions. If you want complete access to your financial documents at all times, delegate the accounts to reputable outsourced accountants who can provide you exactly what you need to know about the financial status of your business.

  7. You want to reduce errors and fraud

    If you want to decrease errors, it is essential to update your books and reconcile all financial statements on a regular basis. This can be a complex process but an essential one if you want to detect fraudulent transactions early on. Realistically, this can be done with the help of outsourced accounting experts.

  8. You’re worried about legal consequences

    The essential duty of tax filing, annual reporting, and other regulatory compliance can be an intimidating task for any company that is not well-versed with the Singapore jurisdiction and its laws. Don’t wait until your records don’t match or that your business has already been used for illegal financial transactions. Having a qualified service provider to run your accounting and bookkeeping functions can relieve you of all worries about regulatory compliance as well as accidental or intentional negligence, which can result in serious legal repercussions for your company.

  9. You want to gain the confidence of prospective investors

    Even the wealthiest financiers would feel wary about putting in their investment to a company whose books are in total disarray. Maybe they have recognised your business potential but you have to make them believe that they are making the right decision in investing to your company. To win their trust, you must be able to prove that your company is in control of its finances spending re actively. With the right outsourced accounting professionals, you can have expert advice on planning a stable, realistic business proposal that prospective investors can easily understand and approve.

  10. You want to decrease your carbon footprint

    One of the most practical reasons for outsourcing accounting functions is to significantly reduce the use of paper, space, and other resources. Bookkeeping tasks and accounting reports can result to a series of printouts and waste of ink and other office resources. An outsourced accounting team at your service will ensure that you will receive a soft copy version of all the information you need, make the necessary revisions or updates if necessary, and just provide a hard copy version of the finalised financial report.

Getting Professional Help from Corporate Services Singapore

outsourced accounting serviceYou deserve swift, straightforward, and seamless accounting and bookkeeping functions – at the onset of your company incorporation even as you scale your business. At Corporate Services Singapore, there are outsourced accounting financial professionals who can provide full-range services that are appropriate for all your company needs.

Posted in Outsourcing Accounting.