The role of accountant is becoming much more complicated than ever. Expectation from bosses of businesses' finance and accounts department is increasing and is now not limited to book keeping or law compliance.
In the past, many business owners in Kuala Lumpur (KL) Malaysia may not fully understand the role of finance and accounts department. Business owner or key manager are not provided with monthly financial statements and they end up making decisions and business strategies based on limited, unstructured and inaccurate financial data.
Management accounts such as income statement, balance sheet, cash flow statement are prepared yearly for audit and tax filling purpose only.
By engaging a qualified and experienced accountant and chief financial officer (CFO), the business owner can enjoy huge benefits of:
i) Cost savings by reducing unnecessary expenses such as interest, penalties, wastage, goods return and others
ii) Tax minimization through proper planning and taking advantage of government incentives
iii) Profit improvement by eliminating unhealthy business unit or product line
iv) Cash flow enhancement by speeding up collection
v) Reduce mistakes and irregularities by designing and strengthening internal control system, company's policy & procedures
vi) Plan and align business model with updated and accurate financial information
It is advisable for business owners to engage reputable accounting firms as their "Outsource CFO" in order to manage financial system, people & technology infrastructure with minimum cost.
Latest Job Seeker's Report has indicated that accountants are very in demand and the Malaysian market is lacking qualified and experienced accountant. Furthermore, most business owners are not ready to hire a full-time qualified and experienced accountant or CFO which will cost businesses salary in the range of RM 5,000- RM 15,000 per month.
YYC Advisors Sdn. Bhd. is the advisory arm of YYC & Co.(AF0055) which has been established for more than 39 years. YYC & Co is an Accounting Firm that has been operating in Kuala Lumpur (KL) Malaysia since 1974. Through "Outsource CFO" service, YYC Advisors Sdn Bhd has managed to improve and enhance the financial function of many companies.
A lot of business managed to transform to healthy level and enjoy the abovementioned benefit through advice and collaboration with YYC Advisors Sdn. Bhd. Our clients range from small to listed company and are in a wide range of industries such as construction, manufacturing, trading, retail, food and beverages, services, IT, investment holding and more.
Please contact us if you want to find out more about this service.