When you start a business, regardless of its size, you will feel comfortable managing and tracking your own financial transactions. Be it managing bills, recording transactions, scanning receipts, or making balance sheets and profit and loss statements, you will feel at ease when tallying up the numbers. As the business grows, you may start to feel pressured by the increasing number of financial transactions you have to record. As such, it will be very taxing on you to hold a double role as an employer and accountant. There is also a possibility of you simply being unable to handle so many tasks on your own.
Sooner or later you will have to choose between two options: setting up your own in-house bookkeeping and accounting department or outsourcing accounting tasks to a company that offers best bookkeeping services in Singapore.
Many small to medium-sized businesses operating in Singapore rely on outsourcing their bookkeeping functions to a reputable accounting firm and here are some important reasons it is a good option for them:
More Time To Focus On Building The Business
Whether you are a small business owner, or you are running a medium sized company, your overarching aim for your company is to grow and be as profitable as possible. You simply cannot achieve your desired goals without giving it your full focus and attention. If you are spending late nights keeping track of your business transactions, you may not be able to fully focus on the daily tasks of running of your company, much less your long term, profit making goals. Bookkeeping is a tedious task and demands a lot of time, energy and resources. Outsourcing your bookkeeping operations free up plenty of valuable time that can be put into bettering the company.
More Money In Your Payroll Head
If you own a small business, it is imperative you only keep employees who are actively contributing to the company on your payroll. While an accountant or a bookkeeper is an important part of your business as they keep track of your business transactions, you do not want to hire a new employee and bear all related expenses such as training, hiring, and insurance. When you outsource your bookkeeping tasks, you only pay for what you need when you need you hire an accountant.
Expert Advice At Your Finger Tips
When you outsource your bookkeeping department to an external accountant, you can be sure of having good financial advice at your fingertips. This is because most of the companies that only offer accounting services to their clients hire the best talent available in the market. Since these companies specialise only in bookkeeping and accounting, you can count on their expert financial advice.
Access To Better Technology And Robust Systems
For many small businesses operating in Singapore, it is not feasible to purchase the latest bookkeeping software and programs as they are very expensive. Outsourcing all bookkeeping operations to an outside firm specialising in this field allows you to have access to better technology and robust systems.