It is very crucial to understand about company’s financial health for growth and development of business. You can either hired own staff or outsourced your accounting needs. Outsourced accounting services are gaining more popularity in Singapore. Generally, companies look for outsourcing to management consulting Firm in Singapore due to the key advantages as follow:
1. Save Time
Hiring an internal staff require training, monitoring, updating with rules and all this will utilise your precious time especially when accounting is not your area of proficiency. Small and medium companies who outsourced usually face problem in retaining competent accountants. By engaging a professional, you can avoid staff conflict, recruiting and retaining issue that can surface when hire an internal staff.
2. Save Cost
Hiring staff is expensive. There are costs to recruit and retain staff, payroll & welfare, training and maintaining computer and software. It can also be expensive to recruit competent accountant for small company. With outsourcing, the company shares a portion of the total costs and incur lesser cost to recruit administrative staff for maintenance of operation.
Professional accounting firms are likely to have rich experience and good knowledge with constant updates in rules and regulations. Therefore, outsourced accountants are able to provide complete service in other area such as GST Filing in Singapore, Tax services, corporate secretarial service and take these areas into consideration when giving advice to company.
4. Team Support
With a team of staff in their area of expertise, outsourced firm is able to arrange for replacement when there is staff turnover or leave from work with no disruption in provision of accounting information. The accounting work will be reviewed by team of experienced staff to ensure quality in work.
5. Convert fixed cost to variable cost
Cost to have staff is fixed and it is a monthly commitment to pay as long as the staff stays. There are many factors to consider if terminate staff due to variation in transaction volume of company such as implication of staff morale, image of company. When company outsourced, most firm charged fees based on the volume of transactions. This arrangement allow company to convert fixed cost to variable cost.
In a nutshell, outsourcing allows your business to be more effective, efficient and competitive. FMD’s qualified team is ready to work with you to achieve your business goal!
Contact : +65 67486505 FMD Group
Visit : http://www.theaccountants.com.sg/
Adress : 701 Sims Drive #08-01, LHK Building Singapore 387383
Email : [email protected]