Are you a business owner shouldering the bookkeeping and accounting duties on top of everything else? Or are you contemplating hiring an in-house accounting staff, or considering asking an existing staff member who has some knowledge of accounting to take on the bookkeeping duties?
Here are 7 reasons why outsourcing accounting services to an accounting firm may be the best decision for your business this year.
- Save on employment costs
In Singapore, employing a staff to oversee your accounting will easily cost you at least $2,500/month, not including CPF contributions, 13th month and variable bonuses, medical benefits, salary increments, etc.
If you hire an accounting firm instead, you would only need to pay for their services, and not their salaries and bonuses, thus helping you save on employment costs.
2.Make human resource management easier for you
Similarly, if you employ staff to manage your accounting, you’d have to manage their job satisfaction, leave schedule, career progression, etc. There’s also the risk of them leaving and having to find replacements, and the challenge of attracting a committed and competent staff that fits your company’s culture.
With an accounting firm, your relationship with them would revolve around the services that you pay them for, which would be easier to manage compared to an employer-employee one.
3.More efficient use of your staff
By outsourcing your accounting duties to a firm, you can keep your team focused on your core services and revenue-generating activities. You wouldn’t have to allocate a bigger chunk of their time to help you with administrative tasks such as bookkeeping and accounting.
4.Let experts handle your accounting duties
Accounting firms, by nature, work on bookkeeping problems day in and day out, and build a wealth of experience from serving an assortment of clients of various sizes and from different industries. When you outsource your accounting to them, you can enjoy the peace of mind knowing that you’re in capable hands, and feel confident in the quality of your business’s financial information.
5.Gain access to advanced accounting software
Accounting firms are usually up to date on the latest, most advanced accounting software – these days, everything’s on the cloud – that are best suited for your business’s needs. Instead of spending time researching the various solutions available, and then mastering the steep learning curve on how to use your chosen software, an accounting firm can easily make a recommendation and log all the transactions for you.
6.Leverage technology for convenience and financial intelligence
With advanced accounting software comes the added benefit of being able to tap on data analytics to uncover valuable insights, such as who your most profitable clients are, or whether you are pricing your jobs right. An accounting firm would be able to help you generate these reports, which can guide you into making better informed business decisions.
7.Scale your business more easily
If your business suddenly grows and you need more accounting support, it’s easier to ramp up the service from your accounting service provider than to hire extra in-house staff. Similarly, if the reverse happens, you can speak to your accounting firm to step down on the services and pay for only what you need, instead of paying the salaries of redundant staff.
Get started today
If you find that outsourcing accounting services makes sense for your business, feel free to contact Quality Corporate Services at +65 6909 8234 or firstname.lastname@example.org to find out how we can best support you and your business goals.