7 Reasons Why Outsourced Bookkeeping is Must for New Businesses
Bookkeeping is one of the most important aspects of any business. After all, what could be more important than money that is coming in and going out? It is usually the least glamorous of everything that is done at new businesses especially technology startups which are more focused on innovation and technology.
Other than the reason “It’s so boring”, we’ve compiled a list of the 7 most important reasons why you should go outsource your bookkeeping.
REASON #1: LET THE EXPERTS DO THE SWEATING
Even though bookkeeping may appear boring to the many new businesses (which are being opened in Singapore at a lightning pace), this is not always true. There are people who go into financial services and accounting because of their passion for these and these are the people who have the expertise and the knowledge to manage your accounting needs, delivering you a peace of mind as far as the financial aspects are concerned.
There are many accounting services for small businesses in Singapore and you can find the right fit with just a quick search on the net.
REASON #2: SAVE $$$$$
Hiring full-time employees in a new business can be a costly affair as this not only includes the salary of the employees hired but also a large number of expenses such as annual leave, CPF, training sessions, sick leaves, etc. Now, though this is usually not an issue for larger established businesses, small new businesses often have an extremely limited budget so every penny saved becomes a penny earned.
In this case you only pay for work which will be carried out.
REASON #3: NO UNWANTED SURPRISES
Surprise! I quit! The hiring of staff for your new business is a strenuous process and it takes a lot of time and effort to find the right employee.
Outsourcing your manpower - be it bookkeeping or HR, gives businesses a more reliable option, as most service providers for small businesses and SMEs in Singapore have a large talent pool and they will still be able to deliver your work on time, while ensuring the delivery of high-quality of services.
REASON #4: SPEND TIME GROWING YOUR BUSINESS
A CEO who has to spend a large majority of his time on the operational aspect of a business cannot give full attention to the strategic growth of the business. Outsourcing the bookkeeping function takes the focus away from the tedious and time consuming task, freeing the CEO to pursue business development opportunities.
Once you know that your accounts are being properly handled by an expert, you can move on to providing better service to your customers.
REASON #5: GET MORE WITH LESS
People who are in the world of business understand that fixed assets are a big responsibility as you need to catalogue, track and manage them. One thing is the cost of equipment, including furniture and computers plus the extra rent if you have to have a bigger space for this additional workforce, and there are other costs which are involved in the maintenance of all this equipment.
All these resources can be better invested in the business. One less headcount on the payroll saves more than just wages!
REASON #6: PREVENT INFORMATION THEFT
Every company has a lot of different processes taking place simultaneously and you may not want the details of this discussed by your staff. The risk of having your employees granted access to all your financial deeds puts it at a risk of it being discussed by them during their breaks. Adding an outsourced bookkeeping adds a veil of privacy in the process.
REASON #7: A UNBIASED POINT OF VIEW
There will come a time in a company’s life when tough decisions must be made, and having support via an independent source, who sees the same big picture do make the decision-making process a little easier. An outsourced bookkeeper will provide unbiased and educated advice as compared to an in-house bookkeeper especially when his job is involved in the discussion.