In Malaysia, every entrepreneur can register a company online. The government does have an online website for you to submit your information and application to register Sdn Bhd company and get your company SSM after days of processing. There is a service for foreigner register companies in Malaysia as well. Learn more here!
Many small-medium enterprises, new start-up businesses, and entrepreneurs find it challenging to hire a reliable and experienced accountant. Specially equipped with sufficient knowledge and professional skills to prepare and overview their company’s financial status, manage daily bank account transactions or operations, conclude the financial data, and prepare the invoices for the partner.
To be said, it is even more challenging to hire a qualified and accountable accountant at an affordable rate. Therefore, 1/3 of small-medium businesses outsource accounting services to a professional company.
In fact, most small companies are not confident doing the accounting part by themselves and are even likely to outsource payroll services. Contact us for more information!
Reasons That Small-Medium Enterprises Outsource Their Accounting Operation
1. Get More Time To Focus On Other Stuff.
When outsourcing your accounting operations to a professional firm, you are freeing up more time that can be better spent elsewhere to improve your business. Up to 62% of small-medium enterprises think they overpay their taxes and spend precious time repeatedly checking their accounts and financial statements.
By outsourcing your account services, this time can be better spent on daily business operations and brainstorming new ideas to improve company sales.
2. Cost Saving And Only Pay For What You Need.
By outsourcing, the small-medium enterprises eliminate the cost of paying the salaries, taxes, office supplies, and any benefits packages or allowance for the full-timer or part-timer. Small-medium enterprises only pay for the essential accounting services, nothing else. The professional firm can even be served as a company secretary service and provide valuable feedback to your business.
The cost-benefit analysis of outsourcing your accounting services to a professional firm can save up to 40% in monthly costs compared to the in-house accountant department.
3. Effectively Hire A Team Of Accounting Experts.
Outsourcing your accounting operations to a professional firm offers small-medium enterprises the possibility to hire a team with a higher level of skills to manage their business at an affordable rate.
Professional accounting firms must continuously improve their knowledge and skills to stay competitive in the marketplace. For example, they need to know the latest news of transfer pricing documentation to determine the potential risks.
They can easily share the latest accounting trends, accounting solutions, ideas on managing cloud accounting software. So, you will only have a team of experts getting stronger and stronger.
4. As An Advisor To Your Business.
An expert and experienced accountant will always know how to manage your accounting operation effectively. Sometimes you will get an insight from them regarding taxation, accounting software, cutting down on spending, or even how to overview your financial statement.
Besides, professional accounting firms may provide you with lists of improvement options to maintain your financial health.
All valuable feedback and suggestions will maximize your company’s profits at the end of the day. Outsourcing your accounting operations provides you with the high flexibility and options to manage your business more efficiently.
Look For The Best Accountants In Town To Outsource Your Accounting Operations
You may see how beneficial to have a professional accounting firm to manage your business from the above. Anyhow, there are still many other reasons small-medium enterprises tend to outsource their accounting operation.
Also, having the right one for your business is important too. Before you work with any professional account firm, make sure they have the same vision and understand your business and your company goal.