An outsourced accounting department offers professional services for a wide range of processes in accounting, bookkeeping, and payroll. It can also provide expert assistance to ensure adequate financial controls within the company, even access to necessary accounting software that can streamline day-to-day accounting tasks.
Accounting Functions That Can Be Outsourced
Whether it is a newly-incorporated company, a small business looking to expand its market, or a large corporation – the following are the accounting functions that can be outsourced:
- Compilation of Monthly Financial reports
- Computation of Estimated Chargeable Income
- Computation of Quarterly GST Returns
- Issuance and Mailing of Signed Cheques, Fund Transfers, and/or Payment Vouchers
- Liaising with Auditors, Financial Institutions, and Other Third-Party Entities
- Payment Processing for Vendor Invoices and/or Employee Expenses
- Preparation of Financial Statements for Statutory Compliance
- Statutory Accounting
Why Companies Should Hire an Outsourced Accounting Department
Access to Expert Accounting Resources
Hiring an outsourced accounting department means getting access to a pool of professionals with a wide range of skills and expertise which are beneficial for the growth of the company.
Lower Your Overhead Costs
Cost-conscious efforts to keep expenses at bay within the company have its place and are commendable. By engaging an outsourced accounting department to handle various accounting processes of the company, this will eliminate expenses related to office space, staff salaries, employee benefits, and training
Lesser Paper Trail
There are times when hard copies of paper invoicing should be filed within the office for compliance restrictions or other related reasons. For accounting processes that require minimal or zero paper trail, it is best to outsource to a team of accounting professionals – this would significantly reduce the need to purchase office supplies and storage equipment.
Improve Accounting Processes
The company can take advantage of the best processes that an outsourced accounting department practices – to either change or upgrade its current financial procedures which includes reducing the closing cycle of its books or improving the timeliness of its data acquisition and reporting.
Improve Operational Efficiency
This allows business owners and their employees to spend less time and effort handling the books or overseeing accounting tasks and more on managing operational activities that are crucial for the growth of the company.
Reduce the Risk of Internal Fraud
If accountancy is not the core competency of in-house employees, there is a risk of internal fraud, either by accident or unintentional negligence. When there is a third-party service provider that handles the accounts, they can identify weaknesses and implement stringent control to avoid any discrepancy.
Understand the Numbers
When a company engages the services of an outsourced accounting department, they would be able to obtain an in-depth comprehension of the numbers that drive its business and help define and measure goals that can lead to better productivity.
Attract Prospective Investors
No investment-driven businessperson would support a company that is not in complete control of its finances. With the right third-party service providers, the company’s accounts information can be readily available upon request.
Moreover, the sound financial advice they will receive from an outsourced accounting team can help create a realistic business proposition that can attract prospective investors to contribute to making their goals a reality.
Stay on Top of Compliance Deadlines
When outsourced professionals are overseeing a company’s accounts, it provides a sense of security and confidence about having its regulatory requirements fulfill with accuracy and timeliness. This also eliminates the pressure of a deadline or even the stress brought by late submission penalties.
Scale the Business
Having an outsourced accounting department to handle the financial processes of a company is akin to getting expert guidance on how to expand specific areas of its operations or which aspects of the business call for cutting back on expenses.
With the mentioned, it allows the business owner to make an informed decision on when and where to shift the company’s resources to raise profits or to widen its influence in the industry.
Choosing the Right Outsourced Accounting Service Provider
Choosing the right outsourced accounting service provider depends on the specific needs and expectations of a company.
Your company will be highly proficient with all accounting matters when you make the wise decision to collaborate with Corporate Services Singapore. Predictability, reliability, and efficiency in your billing and cash flow are just some of the essentials that you can anticipate to be delivered accurately and punctually. Furthermore, you will uncover a wide range of customized and cost-effective accounting services packages that can support your business towards the route of success.
Let the Professionals at Corporate Services Singapore improve the health of your company by solving and analyzing your company’s accounting work by using their skills in mathematics, law, and finance! Seek a no obligation discussion and quote today to discover that an outsourced accounting department is indeed the right choice for your company!