Outsource accounting? To many small businesses, it would seem a far fetched idea to put your business financial information in the hands outside the boundaries of your company's site. But is it? With online businesses, banking online, online trading, and these are big businesses with multi-million transactions across a global scale.
Everybody wants the highest possible service and the lowest possible costs. For admin and finance costs, here are some considerations most companies probably face:
- the cheapest labour;
but labour will not be cheap indefinitely, beside there is latent inefficiency with staff management.
- automation is the way to go;
most firms of a certain size and turnover find this is worthy, once you overcome the initial capital outlay, and be prepared to pay for upgrades every few years down the road.
- piece meal rates;
pay as you use style business service have been around for years, finding the one that suits you is like fitting a suit. But everybody would love to have a tailored suit if they found the right tailor.
Qualified accountant at the fraction of the full-time accountant's costs? Is this new? No, think time-share, think resort villas. Most millionaires would find it not practical to invest their money in a far-out resort with spectacular views and quiet ambience and end up hardly utilize its facilities except once a blue moon. So, the birth of time-share, you love the place, you don't want to be block out by others who booked it before you had the chance. So you buy a time-share plan for that paradise getaway and its yours at your schedule's planning. So how far-fetched is it for small businesses to invest likewise in a qualified accountant on a time-share basis / or rather outsource basis?
So now you would ask, what are the benefits of an accountant versus a accounts executive who is willing to work for less. The main reason is analytics, legislation, compliance, taxation, gearing ratio. Generating a profit and loss, balance sheet is easily done nowadays with off-the-shelf software like MYOB, UBS. But who is to ensure transactions are where they should be in-line with taxation, compliance, GST, taxation issues, or are there any incentives you have missed out? Running against compliance issues with IRAS is real big headache you can do without, hindering your business, with bankers, with creditors. So to conclude, outsource an accountant is like buying a insurance policy, a time-share on a premium service.
Everybody wants the highest possible service and the lowest possible costs. For admin and finance costs, here are some considerations most companies probably face:
- the cheapest labour;
but labour will not be cheap indefinitely, beside there is latent inefficiency with staff management.
- automation is the way to go;
most firms of a certain size and turnover find this is worthy, once you overcome the initial capital outlay, and be prepared to pay for upgrades every few years down the road.
- piece meal rates;
pay as you use style business service have been around for years, finding the one that suits you is like fitting a suit. But everybody would love to have a tailored suit if they found the right tailor.
Qualified accountant at the fraction of the full-time accountant's costs? Is this new? No, think time-share, think resort villas. Most millionaires would find it not practical to invest their money in a far-out resort with spectacular views and quiet ambience and end up hardly utilize its facilities except once a blue moon. So, the birth of time-share, you love the place, you don't want to be block out by others who booked it before you had the chance. So you buy a time-share plan for that paradise getaway and its yours at your schedule's planning. So how far-fetched is it for small businesses to invest likewise in a qualified accountant on a time-share basis / or rather outsource basis?
So now you would ask, what are the benefits of an accountant versus a accounts executive who is willing to work for less. The main reason is analytics, legislation, compliance, taxation, gearing ratio. Generating a profit and loss, balance sheet is easily done nowadays with off-the-shelf software like MYOB, UBS. But who is to ensure transactions are where they should be in-line with taxation, compliance, GST, taxation issues, or are there any incentives you have missed out? Running against compliance issues with IRAS is real big headache you can do without, hindering your business, with bankers, with creditors. So to conclude, outsource an accountant is like buying a insurance policy, a time-share on a premium service.