Whether it’s running a food cart, a boutique production studio or a salon, the need to manage finances is essential to any small business owner. A qualified team of accountants will not only keep your books in order; they can help your business save by offering cost-efficient spending solutions or even help your business earn by helping you make accurate financial forecasts.
Yet for businesses that are just starting out, it can be difficult to allocate time and resources for accounting personnel as you focus on getting your company off the ground. That is why for small to medium enterprises or new business owners, outsourcing is a viable solution to fulfilling your accounting needs. Here’s a closer look at the specific advantages outsourcing your accounting:
Financial Savings
Money can be tight when your business is just starting out. By outsourcing your accounting, you can pay for the specific accounting services you require without incurring the additional cost of hiring an employee. This will help you save on expenses like benefits and insurance and also on work space, office furniture, computer and software that you may not be able to afford just yet.
Outsourcing your accounting also gives you more flexibility in terms of scale. Whether you are looking to grow your business or suddenly have to cut back, you have a team who can help provide different plans and options to achieve your goals, which in-house accounting can’t provide.
The dynamic roster of Pinnacle Sources and St8 led by Christine Li (front row, 9th from left).
Time Savings
Think of the weekly hours it will take to manage in-house accounting staff—taking away from the time you can spend on business. Outsourcing your business’s bookkeeping operations frees up valuable time that can be put into better use for the company, such as improving your operations, product or marketing. Entrepreneurs also don’t have to deal with the typical headaches involved with recruiting, hiring, retaining and overseeing staff because that’s what the outsource service provider will handle.
Expert Services
Outsourcing gives you a great way to have full-time knowledge on your team without having to pay for it around the clock. By putting your books into the hands of highly skilled staff who understand the best practices, your job becomes a whole lot easier—and efficient. Accounting service providers also have to constantly hone their skills to keep up with the competition, ever increasing the quality of their work. This means when you go to an accounting service firm, you can trust that your accounting will be handled well.
Access to top systems
Outsourcing your accounting operations gives you more access to the top tools in the industry. Most businesses can’t afford to pay for the extremely expensive bookkeeping programs nor can they afford to spend the time keeping up with changing laws and regulations. By outsourcing, you’re essentially purchasing those tools and that knowledge by proxy. In addition, these top systems create nightly backups and keep organized records and books for years, ensuring that you will have access to reports and will always be ready should an audit be required.
Contractual Obligation
Accounting service providers face higher liability than in-house staff, which makes them less of a risk for your business—they’re more likely to follow through on their obligations because they have more to lose if they don’t. Furthermore, dealing with the contracts or agreements of outside providers can be much easier than dealing with the hiring negotiations, employee management and other human resources issues involved with employees.
One of the companies who offer outsourced accounting services is Pinnacle Sources Global Consultancy Inc. They provide end-to-end business solutions for start-ups, from business registration, HR and recruitment, and accounting services that streamline a business’ accounting tasks to help them reduce costs and maximize profits. Through a team of skilled Certified Public Accountants, Pinnacle Sources can help you not only keep track of expenses but help the business create and manage budgets, forecast future revenue and track the financial health of the business.
Pinnacle Sources Managing Director Christine Li
A testament to their outstanding commitment to service is their growing list of clients, numbering over a hundred clients in industries stretching from agriculture to business process outsourcing to public relations as the company recently celebrated its third year of operations earlier this year.
To find out more about Pinnacle Sources and their services, visit www.pinnaclesources.com
ComCo Southeast Asia is the PR partner of Pinnacle Sources.
