4 Ways Accounting Can Help Elevate Your BusinessDownload Now: FREE GST 2023 GuidebookDownload Now: FREE Employment Pass ChecklistDownload Now: Free Incorporation Checklist
Have you ever considered is it really necessary to invest into accounting and bookkeeping services? Regardless of whether you are a business owner or someone who is considering to start your own business, your accounts should be clear and accurate in order for you to make the right business decisions. Running a business is hard work, you have to manage both front-end and back-end operations, ensuring your business is able to respond to the changing business environment. You need to know the state of your business to make such decision, this is where monthly accounting services would be able to help provide you with clear data you need to steer your business.
Most businesses would have the option to either manage their own accounts or to outsource to a third-party accounting services firm. If you were to choose the former, you would have to ensure you
- Hire the right accountant who is able to take care of your business needs; time and effort would have to be spent recruiting and training to ensure he/she fulfils his/her job responsibility,
- Manage the accounts yourself; with the limited amount of time we have in a day, do you have the bandwidth to do so?
Working with an outsourced accounting and bookkeeping firm, assures you of professional accounting and bookkeeping services from the beginning, here are 4 ways an outsourced accounting and bookkeeping service can bring to your business:
1. Maintain Proper Financial Records
Some start-ups ignore the importance of accounting during the early days of operations, only to realise that they failed to manage their cost or fluster when it’s time to prepare their tax returns. Engaging an accounting and bookkeeping professional will ensure that your business transactions are tracked at the onset, so that you can manage your expenditure and earnings. Most professional accounting and bookkeeping firm would also be able to provide tax filing services, making it convenient for businesses.
2. Adopt Latest Technology in Accounting
Modern accounting firms providing outsourced accounting and bookkeeping services are familiar with advanced accounting software that can help some business owners automate their financial operations. Some of the common examples are point-of-sales systems which are integrated with accounting software – this allows companies to directly issue invoices and receipts which can be easily reconciled with the payment and collection.
Sprout is a big proponent and partner of Receiptbank, which allows bills and expenses to be captured easily via scans and camera phones to automatically input spending into the account system. We are well-versed with accounting principles and technology, we can also recommend cost-effective solutions as well as support the implementation of accounting solutions.
3. Fuel Business Growth
As your business grows and expands, you may need more detailed or complex accounting. Proper and regular accounting allows you to develop a better insight on your business as well as improve your management of cash flow. If you had chosen to manage your own accounting at the start, at this stage, you would need to either replace your existing accounts executive with a more skilled accountant or to hire an additional headcount, both of which requires you to spend additional time and effort in recruiting and training.
With a professional accounting and bookkeeping firm, you can easily scale up or move from annual accounting to a more comprehensive monthly accounting services. An outsourced accounting firm also provides you with more flexibility as outsourced accountants typically price their services by the hours spent, number of transactions or revenue size, this allows your accounting cost to be kept manageable and scale based on your business volume.
4. Access to Accounting Experts
Most professional accounting and bookkeeping service providers are staffed with a team of qualified accounting professionals. Accounting firms are kept updated on the latest news in the industry and can help to educate clients on best practices. Senior accountants are seasoned business professionals themselves, who can provide strategic insight in relation to the business’s financial and cash flow performance, thus allowing clients to obtain “CFO Services” at the price of a junior accountant!
Sprout Asia is also an accounting service provider that supports our clients in implementing accounting technology to reduce data-entry and paperwork, freeing up resources to focus on deriving insights from financial analysis to support management in decision-making. Sprout Asia offers budget-friendly monthly accounting services in Singapore with our team of chartered accountants, to help you manage your finances with ease and accuracy. Arrange a complimentary consultation if you are interested to learn about the Sprout’s approach and discuss the specifics of your business!