A business structure comprises different departments, each assigned a particular function such as HR, sales, advertising, marketing, IT, and accounting, all of them handled by respective managers. But it is ultimately the CEO’s job to ensure all of them work in tandem towards a common business goal. But in large organisations, as workload increases along with the turnover, it is best to get in the experts to handle your finances. Many companies are now accounting services outsourcing, payroll and financing to avoid last-minute calculations and unidentifiable errors.
When you have a guarantee that your financing and tax compliance are well taken care of, you can concentrate better on driving the progress of other departments. Accounting and bookkeeping of a company require precision, necessary skills and good experience with analyzing finances. A lot of companies thus outsource their accounting services to experts to save costs without compromising quality. Accounting services outsourcing is usually common among small businesses. But choosing the right partner to manage your accounts is the key. PikoHANA is an expert at accurate and timely accounting with a trained team of professionals and a finance team allocated as per your needs.
Here are some key benefits of outsourcing your accounting services
- Cost-Saving: An outsourced accounting service is comparatively cheaper than hiring an entire team to handle your finance function. A new member has to be trained in the internal accounting system. You have to bring them onto your payroll and manage the overhead expenses behind every employee. It is much more convenient to have an outsourced team, experts in accounting and dedicated to handling your finance functions. Plus, a lot of outsourcing services only charge you for the time they put in. It can be calculated with monthly or quarterly plans. Getting a new software for accounting will have additional costs which you can divert to accounting services outsourcing.
- Time-Saving: Accounting is a tedious process and requires the utmost attention to detail when maintaining records. If you have an in-house team, they need to be briefed from time to time and overlook the accounting reports. But an outsourced staff is trained to manage your accounts and has the latest technology to make the function easier. You will save a lot of time.
- Expert Services: The main aim of accounting services outsourcing is getting experts to manage your financial records. An outsourced team comes with industry experience and is trained in mathematical skills to manage big numbers. They are considerably more knowledgeable and have financial experts who know the tricks of the trade to reduce errors. This is recommended for large organizations with more than 100 or 200 people in the workforce.
- Latest Technology: Accounting businesses constantly strive to be at the forefront by using the most recent technology. The most recent financial technology guarantees that your accounting is current and updated. As a result, you may keep ahead of the competition since you are more aware of your costs. It helps to understand where you are spending your money with a few easy clicks. Automated processes significantly reduce the chance of errors.
- Focus on Core Business Growth: Accounting services outsourcing gives you more time to focus on other aspects of your business. You can devise strategies for growth, build marketing campaigns, manage your advertising spending, and also be notified of your expenditures and cash flow. You can make better decisions for your business and work efficiently towards increasing its monetary returns.
- Detailed Work With No Errors: Accounting is frequently handled internally by one or two persons, which increases the danger of mistakes. An accountant who lacks experience is more prone to errors. Even if you employ a seasoned internal accountant, you must expect them to make mistakes throughout their learning phase. Outsourcing lowers the risk of mistakes and makes room for more internal controls by shifting responsibility to a third party.
These are some of the guaranteed benefits of outsourcing your accounting functions. But you also need to do a considerable amount of research on selecting the right partners to trust with your finances. If you are looking to outsource accounting services in Malaysia, consider PikoHANA.
Build a Trusted Team With PikoHANA
If you operate an organisation with more than 200 employees and want to get your accounting operations smoothly, get in touch with PikoHANA. PikoHANA have a expert team of employees that includes tax specialists, certified accountants, and corporate finance leaders you will be catered to by reliable professionals.
There are no worries about the guarantee as you will be assigned an account manager with a dedicated team based on your needs. Get specialised services including monthly accounting to payment processing. Whether you are regionally based in Malaysia, Singapore or remote, PikoHANA is equipped for your service.
PikoHANA helps startups and online businesses stay compliant while growing as fast as possible, through fractional finance services. A fractional finance team takes care of 100% of your needs while also developing a personal relationship with you.
It’s not just outsourcing – it’s the smarter way to grow your business, knowing that your books and admin things are fully taken care of by knowledgeable, easy-to-talk-to humans.