702 Words|3 Mins Reading|15/4/2020

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Five Reasons to Outsource your Accounting Operations During Crisis

Today, the world is witnessing something that had never occurred before. Business and consumer sentiments have dropped significantly as the COVID-19 pandemic poses a threat to humanity with the number of infected people continue to be on the rise. The implementation of Movement Control Order by our government to stop COVID-19 from spreading had resulted in slowing down of the economy and disruption in the supply chains. Small and medium-sized enterprises (“SME”) in particular, are the most impacted with potential insolvency issues. This is where YYC comes in, bringing our expertise to help keep SMEs afloat.

Uncertainties arising from the large-scale disruptions to economic 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? SMEs would need to revamp existing business models, establish new business terms with partners, minimise fixed commitments and outsource certain support tasks in the organisation to 3rd parties or professionals.

When you think about a task you would love to outsource in your business, do bookkeeping and accounting come to mind? Bookkeeping and accounting outsourcing is currently one of the most popular outsourcing strategies.

Professional Expertise

By outsourcing your bookkeeping and accounting to a professional accounting firm, you are effectively hiring a team of experts. Our YYC outsourced accountants are ready to help you. We know the accounting standards, familiar with the latest income tax laws and hands-on with the latest accounting software. 

We can serve you on time and prepare your financial statements according to your requirements. In a time of recession, having the accurate and updated financial statements are crucial for immediate planning and decision making. Note that financial statements are usually the important documents require by bankers or grant or incentive application to government related agencies. Having a team of professionals working for you is far better in holistic support than having an in-house accountant.

Time is Money

Better use of time for business owners. As a business owner, outsourcing bookkeeping will help free up valuable time. Getting bogged down with back-end office administrative and related tasks can be a huge hassle and time-consuming. 

Your time can be better spent in business strategic planning and growing the business in pursuing new prospects, meeting customers and bringing in new sales. Be assured that by passing the bookkeeping and accounting hassle out of your hands to YYC outsourced accountants, you will able to boost the ability of your focus towards the growth of your business.

 Cost Savings

When you outsource bookkeeping and accounting tasks, you only pay for the actual accounting costs. You can save money by cutting costly remuneration packages to employ full- time accountant and at the same time eliminating other associated “hidden costs” such accounting software costs and office welfares. The cost benefit analysis of outsourced accounting versus in-house bookkeeping can save up to 40% in monthly costs.

Minimize Fraud or Errors

Perhaps the biggest advantage is that by having a team of experts working on your accounts, the risk of fraud or errors is significantly reduced. In the long term, employing a person to manage your finances is not effective, because even the best accountant can be wrong, which translates into loss of time and money. 

But when outsourced to YYC, you are ensuring that there is a team of specialists that are managing the accounts of your business in the best possible way.

Scalable Potentials

By engaging your bookkeeping and 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 mission to help SMEs and businesses in Malaysia on their growth journey.

Finally, finding the right professional accounting firm to outsource your business’ bookkeeping and accounting tasks is more than just preparing financial statements, but also to advise on business strategies and provide immediate updates on regulatory changes that affect your business. Our YYC outsourced accountants have all these qualities and we are ready to support you.

Wait no further and contact us immediately for an appointment.

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