Role of an Outsourced Accounting Vendor
Outsourced accounting vendors provide services ranging from bookkeeping, accounting, payroll processing, company tax, personal tax services and consultation services.
Many SME outsource bookkeeping to professional accounting firm to save cost and time, and burden to keep up-to-date with regulatory changes.
Certain businesses are reluctant to hire external accounting service providers as they are afraid of losing control over sensitive financial information.
For small and medium enterprises, penetrating and surviving competitive markets is an absolute necessity for growth and expansion.
Given the restrictions regarding expenditure and the available pool of human capital, management of financial and accounting operations is often a worrisome process.
However, thanks to the rising levels of network communications and an emergence of outsourced accounting services, the smooth running of finance operations is now a reality for SMEs.
Hiring an external source of services is a process that requires careful contemplation and an awareness of the expectations you must have from the service provider.
Being knowledgeable of the services that should be expected is the first step in ensuring that the right outsourcing option is chosen.
So what role should you expect an outsourced annual compilation services vendor to play for your SME business?
1. Cost Reduction
First and foremost, the greatest benefit of outsourcing accounting services lies in the logistical, technical and personnel costs reduction that outsourcing can render.
Outsourcing accounting services eliminate the need for an in-house accounting and financing department that would otherwise be a costly setup.
Such a cost reduction is particularly beneficial to SMEs that are already short on budget and can only afford limited expenditures.
2. Focus on Growth
By taking over the task of simplifying the accounting and financial processing of the company, the outsourced vendor ensures that all time, cost and skills are invested in the growth process of the business.
Therefore, before opting for any vendor, it is imperative for the employer to ensure that the vendor has the appropriate range of professionals and expertise that will help the company flourish.
3. Risk Management
While simplifying the task of the managing finance and accounts, vendors must also ensure that the process is error free and so must minimise the risk of errors.
The accounting services vendor can is legally liable for any form of non-compliance and sub-standard performance.
At Accounting Solutions Singapore, our professionals are focused on delivering services that are error-free and thus ensure that the significant management of your financial information is not compromised.
4. Data Acquisition and Analytics
Collecting, reporting and analysing financial data for precise financial projections is a pivotal task for businesses.
While other accounting services vendors limit their tasks to mere data acquisition and reporting, our team of interdisciplinary professionals does it differently.
We not only ensure a prompt and efficient data processing but provide you with the best advisory, consulting, and annual compilation services to enable an effective fact-based financial decision process.
Should you need assistance or would like to find out more about annual compilation services in Singapore, please send an email to Contact@AccountingSolutionsSingapore.com, and our business advisor will contact you.