Company Incorporation | 3 mins read | Last updated on 30 September 2019
The Accounting industry is evolving. With the advancement of technology, accounting works should be getting simpler and easier. Outsourced accounting has become a common solution for SME in Singapore. Not all businesses are suitable for outsourced accounting, there is always give and take position.
# PRO 1: SAVE MONEY for Sales & Marketing Expenses
It is often cheaper and more cost effective than hiring a in-house staff. The value of having a team of expertise, rather than just a person, is definitely higher, especially for Start-Up Companies. Money saved can be reallocated into promoting our products and services more.
# PRO 2: SAVE TIME to focus on Core Business
Business owners or Directors will free up a chunk of their time and focus 100% on their products and services. We always have time to make money, but we can never have enough money to make time! Use our time wisely, and prioritize on important matters.
# CON 1: OUTSOURCED COSTS > Hire a full time staff
Some businesses require daily or weekly monitoring cash flow, and profit and loss management. Accounting firm often requires higher fees and become unreasonable to outsource the role.
# CON 2: LESS CONTROL
Accounting firm often requires longer time than in-house staff to response to urgent request by the directors.
Weighing the pros and cons allows us to evaluate whether outsourced accounting is right for our business.
When it comes to our business, it’s our responsibility to provide a high-quality product or offering based on our industry standards. Likewise, an accounting services company is operating under more pressure to ensure compliance with MOM, ACRA and IRAS.