5 Reasons Why Emerging Entrepreneurs Need Outsourced Accounting！
No matter if you are starting, growing your business, or have an established company, you may think of outsourcing certain tasks in your company to professionals.
Outsourcing bookkeeping and accounting is currently one of the most popular outsourcing strategies.
Without any doubt, bookkeeping and accounting are suitable for outsourcing as the tasks are routine, procedural, and recurring in nature. However, you may want to ensure commitment from the outsourcing professionals. At YYC, we are a passionate Accounting Team with a mission to help businesses in Malaysia on their growth journey.
The long-term achievement of your company will be determined by the way you keep your finances today. Regrettably, many entrepreneurs don’t seek professional advice until they are under certain investigations with tax audit being the most common.
There are many benefits of outsourced accounting services. Here are 5 reasons why you should make this valuable decision for your company.
Be prepared for Income Tax Filing Season
If you are struggling with your accounts at the tax filing season, you certainly need help from YYC outsourced accounting team.
At YYC, we offer a range of services that can be customized to the needs of your company. When your records are kept consistent throughout the year by YYC outsourced accounting team, the tax filing season should be fast and easy. You will be surprised at how smoothly filing your income taxes can go.
Reduce Operation Risks
All companies need to set good standards for internal controls to protect against fraud, theft, and basic human error. However, when your company is depending on just a few people filling multiple roles, this can mean less checking and lead to greater operational risks.
By outsourcing your bookkeeping/accounting, you have a clear separation of duties with “check & balance” to reduce any risks.
Access to Latest Accounting Software and Practice
Bookkeeping/ accounting functions are transforming due to the advancement of cloud accounting. If you are using cloud accounting, real-time financial data is available at the touch of a button at any time and anywhere. All you need is your device and access to the internet.
At YYC, we have a team of well-trained talents in cloud accounting. We can assist you to prepare an accurate financial statement using cloud accounting software. Many of our clients are feeling relieved for their accounts are already cloud-based and they do not have restrictions in accessing their financial records during the recent MCO in Malaysia.
Save Time and Money
You may think you can’t afford to outsource your bookkeeping/ accounting.
However, in our previous experiences, the cost of doing a long-overdue accounts and cleaning up accounting mistakes could be far more costly than preventing it at the initial start-up of your businesses.
What about an in-house accounting team?
If you hire an in-house accountant, then you are adding another staff cost to your payroll. This is a fixed cost along with additional costs of office space, equipment, office supplies, staff benefits, and IT costs. By adding the total costs of having an accountant as a full-time employee, you will realize that it is inexpensive to outsource accounting work. Besides, there’s the time involved with hiring, guiding, and monitoring an in-house team.
By outsourcing, you can save time and money, not to mention your peace of mind when you know an experienced team is supporting you.
Have Good Visibility of Your Businesses and Management in Time of Crisis
It’s common for entrepreneurs to fall behind on preparing the accounts. This causes decision making to be ineffective and understanding the financial position of your company has become a guessing game.
Having accurate and up-to-date financial statements can be an advantage for your business. You will make wise decisions confidently. Furthermore, you can analyze and take immediate action to resolve issues that could negatively impact your businesses.
There will always be external factors beyond your control that could negatively affect your company. Global pandemics, natural disasters, recessions, geopolitical risks – sometimes all of the above, and all at once.
Having a committed outsourced accounting team is never more important than in times of crisis. This is just another reason why maintaining accurate, up-to-date records is so critical.
Finally, if your accounts are not up to date or you do not have the latest audited accounts (backlog), it is difficult to grow your business and your uncleared backlog issues will continue to drag you from moving forward.
At YYC, we offer a range of services that can be customized to the needs of your company. Our team is always ready to answer your questions and provide solutions that are most applicable to you.
We invite you to call our team to know more about the available services.
Contact us today to see how we can support you.