You know this is the right time to employ an accountant to help with your finances. Finding the right person to be your accountant could be challenging. You are facing tough decision on hiring a suitable accountant for your company based on the their working experiences, education, knowledge as well as personality.
To overcome this challenge, have you thought about outsourcing your accounting functions? Outsourced accounting services is currently one of the most popular outsourcing strategies. With YYC outsourced accounting team, you can expect accurate and updated financial statements from us that can be used to make good decisions and boost the potential of your company.
Are You Managing Your Accounts, All By Yourself?
Do-it-yourself (DIY) might be an option if you are doing minor repairs. However, do not try to prepare the financial statements of your company if you don’t have a good understanding of accounting standards, income tax law, and bookkeeping.
One of the usual dilemmas that we come upon is when business owners attempt DIY accounting for their newly established company. While things might seem fine at the beginning, even the smallest issues can grow rapidly into big problems. Consequently, you might end up paying more money to professional accountants to clean up the mess. These problems are easy to avoid by appointing the right accountant in the first place. At YYC, we can set a good foundation for your company and a successful future. We offer many years of experience helping entrepreneurs and businesses.
Here are the benefits
Save The Cost
Cost factor is an usual consideration when you are deciding to hire an in-house accountant or an outsourced accountant. The decision will usually take cost into comparison. 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.
Employees are often looking for training on the job, which means that you will need to incur training costs as they learn the skills that are related to your company. With an outsourced accountant, you can save the staff training costs by choosing the right person that specializes in the type of accounting that you need.
Support from the Professionals
An in-house employee can handle basic tasks. Due to frequent changes in accounting standards and income tax law, the employee can’t match the industry-specific skills that come from a dedicated accounting firm.
By engaging your bookkeeping/accounting tasks to YYC, you are collaborating with a wide spectrum of experts ranging from professional accountants, cloud accounting, tax consultants, outsource CFO, and business advisory. We are a group of passionate financial and strategic advisors with a brand promise to empower entrepreneurial success.
A Solid Foundation Enable More Focus on Business
Uncertainties arising from COVID-19 has resulted in the World Bank slashing Malaysia’s 2020 GDP growth projection to negative 0.1%. This is a sharp downward revision from its previous expectation of GDP growth of 4.5%. How to survive a recession and thrive afterward? You need to focus on your business rather than doing DIY accounting.
When you hire YYC to handle your accounts, this means that you can turn your focus to the business activities that are needed to develop your company. It is important to take care of back-office accounting tasks. However, these tasks can be outsourced so that you can have full attention on the businesses that will generate growth of your company.
When you have a good accounting system in place, then many of the common problems can be prevented. Besides, you can trust on accurate financial statements to make important decisions for your company. You can have immediate confidence in your business finances by putting your books in the hand of YYC.
How to Select a Suitable Outsourced Accountant?
The most important factor in choosing an outsourced accountant is to find the core competencies that will help your company grow. You need to know what services are needed and how much support is needed throughout the year for your company.
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.
Contact us today to check out how we can support you.