From established corporations to new startups, outsourcing is a common practice in today’s business landscape. This prevalence is due to the fact that a business is akin to a machine, requiring many functions and components to run as effectively and efficiently as possible.
When starting a small business in Singapore, handling everything yourself remains feasible as the workload is still relatively manageable. But once you scale up and grow your company, you will need more hands-on-deck to shoulder the additional responsibilities that come with expansion. And since onboarding qualified people is not always the best or most cost-effective solution to get the talent you need, outsourcing is the ideal solution in many situations to fill that gap in your workforce. Therefore, when it comes to essential operations like accounting, here are the reasons why it’s best to leave it to the professionals of an accounting firm in Singapore.
1. Quick access to accounting and finance expertise
Outsourcing your accounting lets you access the knowledge and skills your business needs. Given the complex and delicate nature of their services, outsourced accounting firms only employ certified and highly trained finance professionals in their ranks, each with specialised experience in a wide range of industries. When engaging their services, you’ll have a team of these talented individuals handling your business’s finances with utmost proficiency.
2. Cost savings
One of the main advantages of outsourcing accounting is its cost savings. When it comes to employees, there are plenty of costs to consider, including their salaries, taxes, benefits, insurance, and everything else involved in recruiting and onboarding them. All these factors can quickly add up and make an in-house accounting department more trouble than it’s worth.
By outsourcing, you no longer have to worry about these obstacles. All you need to do is hand over the vital tasks that need to be taken care of, and you’re free to focus more on what you’re good at as well as growing your operations.
3. Lower tax burden
Certified accountants possess intimate knowledge regarding their profession and are thus familiar with all the tax codes that apply to your business. To remain competitive and qualified, they continually stay updated about new tax laws and where they may be relevant and determine how these state and national tax changes could benefit their clients. This translates to you making more money which can further be reinvested into your business. Furthermore, this means you don’t have to rush around during tax season since the task of catching up on tax laws is already taken care of for you.
4. Peace of mind
A team of qualified and experienced accountants can provide much-needed peace of mind when you’re confident that your business’s financial management is being taken care of by the right people. When you attend important meetings, this peace of mind assures you that the financial information you present will be accurate and easily understandable. Moreover, you can also be certain that you don’t have to worry about employee fraud causing a problem in your operations.
5. Scalability
Growth often comes in lumps. If you’re running a new business, this growth could get ahead of you. Businesses that achieve rapid growth often suffer from complications with their backend operations, slowing down their pace and costing money. There have been many instances when the economy experienced an upswing, but there are also times when it slumped, such as in the 2008 recession and recent pandemic.
In times like these, employee layoffs may seem necessary to be more efficient with your money. However, good employees are hard to come by, making them difficult and expensive to replace. Outsourcing prevents this by letting you scale up in response to greater workload when your business is at its peak. Conversely, you can also scale down during difficult times and not have to worry about letting go of employees.
Conclusion
The advantages of outsourcing your business accounting essentially boil down to the freedom and security it provides. You no longer have to second guess whether you’re staying tax compliant, have sufficient finances at your disposal, or if your business finances are at risk. By outsourcing your accounting and finances to the right people, you can better focus on the matters that require your attention.
All in all, engaging with outsourced accounting services gets you access to a full-service team of professional accountants dedicated to the success and safety of your business. Express Corporate Services offers top-notch accounting services in Paya Lebar that ensure you remain on top of your business finances while concentrating on what you’re good at. Get in touch with us today and get the tailored services and expertise that your business needs.