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5 Reasons to outsource your accounting services in Singapore

There are many parts of the business that you need to watch after when you run a business, there are also many parts of your employees that you need to watch after. Businesses are tough to run, managing people is even harder than you think. It doesn’t just mean that you are paying salary therefore they will put in their best. You must manage and motivate and deploy work appropriately. This is something most startup owners fail at. Because School doesn’t teach you leadership as much, most people have no idea to manage a big team of talents.

Reason 1:

Accounting services for a small company can be easy to do but it takes up a lot of the entrepreneurs time. Time is of the essence at the birth of a business. One should focus on growing the revenue end so that there are more business coming in to ensure the survival of the business. Accounting is some what secondary compared to closing sales in the hierachy of needs for the entrepreneur. The entrepreneur should focus on going out, knocking on doors and making the sale. 

Spend the time to grow the business and revenue and you will achieve the success you wish to get when you reach the goals you aim for.

Reason 2:

Not many people are finance or accounting trained. If you are not trained in either sets of skills, it might take some work to figure out how to do bookkeeping for your business. Accounting is not something that everyone has the innate talent to get onto at the get go.

There are many aspects that you need to look into when you run a business and if you are to spend time learning and figuring out how to do your accounting when you actually hate numbers, you might end up losing focus on what is important, which is running your business.

This skills that are required for accounting work is better of carried out by staff members of our team who are professionally trained and able to handle such work. 

Reason 3:

The government spends quite a bit of time and effort on the company act every year. Since companies generate the most income for the government through taxes, there is some things that needs to be changed or tweaked every year. 

For someone who is not tuned to this part of the budget, business owners may not be aware of changes that might be significant for your business filings.

Accountants such as Koh Management Pte Ltd, look into the budget and figure out how changes can be of advantage to our clients and assist them to maximize their gains out of the changes to the budget every year. 

Reason 4:

Hiring a full time accountant in Singapore can cost you quite a bit. For someone who is experienced and able to work independently, it will probably cost you $2,000 – $3,000 and even depending on requirements of education and experience. This is something that will cost you more in terms of out going cost when you are just starting up. Startups run on a low budget, businesses usually do not survive long enough to generate revenue because their expenses are just too high at the beginning.

Accounting cost is something that many owners do not want to spend their precious start up funds on to hire someone full time. 

Outsourcing this part of the business to professionals like us will be easier on your limited budget and will keep you going for a longer runway to generate profits that you need to keep the business afloat. 

Reason 5:

The idea of outsourcing is when the accountants have the wealth of experience in looking at the numbers of the business and giving you ideas and insights that you cannot see yourself. 

For most accountants, they will have dealt with quite a number of businesses in the same sector as yours. This will easily translate to whether your numbers are healthy in the first place. 

Sometimes you might be spending too much and this is something that ratios will be able to tell. You can compare across the industry and if yours is significantly higher, something might be wrong. 

This insights can be delivered to the founders that are you, people who hire us. This will help you run your business in a more efficient manner and this adds up to business success. 

Koh Management is a Singapore leading SME professional firm that assist customers with accounting, tax and corporate secretarial services. 

If you are keen to find out about our new Xero Cloud Accounting Services , you can visit us here:

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1 Comment

Seethalakshmi M
Seethalakshmi M
Oct 14, 2020

Congratulations for providing the great post. Those who come to read this information will find lots of helpful and informative tips about accounting services in Singapore.

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