Why Singapore Businesses Use Outsource Bookkeeping Services?
In a country like Singapore, the prominent business center in Asia, where the number of small and medium size companies grow at a steady rate each year, there is a rise in the demand for outsourced accounting services. Instead of hiring full-time employees into the company to do the bookkeeping tasks, more and more small businesses have found the ease and convenience of utilizing independent contractors or accounting firms to do the job for them. Below are some of the reasons why you should do the same:
As business owner, you can save tons when you outsource your data entry of your financial transactions of your company in Singapore into your accounting system to monitor the financial health of your company. Statistics show that independent contractors cost less than half to employ than a regular full-time employee. Not to mention, when you outsource your administrative tasks, you cut back on having to provide for other employee benefits like healthcare and other insurance coverage, vacation and sick leave allowances, pension funds, as well as overtime pays. The compensation scheme for outsourced bookkeeping services is simple and direct. You only pay for the work that you need done; nothing more than that.
Flexibility and Convenience
Employing a remote employee is less of a hassle than going through the whole process of advertising job vacancies, conducting interviews and tests, administering trainings, preparing and maintaining personnel files, and preparing payroll taxes. There is also flexibility with time and budget. Off-site bookkeepers often times will work around your set hourly rates or fixed rates, and established time frame for a particular work to be done.
Increased Productivity and Effectiveness
When you transfer the bookkeeping operations and other administrative tasks to a separate party, you lessen the work load of existing employees doing bookkeeping related tasks. In turn, you get to focus the workforce of your company to endeavors that could directly increase the business’s productivity.
Moreover, correspondence with the off-site bookkeeper will most likely be done through electronic means. This minimizes paperwork. As a result, you’re not only enhancing effectiveness but also cutting overhead costs.
Access to global experts and technology
Outsourced bookkeeping services are provided by professional bookkeeping experts who come pre-equipped with years of experience and updated knowledge of the Singapore financial reporting standards. You don’t need to pay to train them for anything to obtain the bookkeeping services in Singapore. Most often, the remote bookkeeper already has access to the top accounting and other business software, currently available in the market. This means that you get to avail of top quality systems and elite personnel work for the price of one, far cheaper than buying the system yourself and having someone in your full-time employ man it. These accounting firms such as Enterprisebizpal.com can maintain your accounting records and provide you with the financial statements that consist of the income statement and balance sheet from your financial records. Having such financial information in a timely manner will greatly assist you with monitoring your cash flow.
Control and Backup
One major selling point for outsourced bookkeeping is the implied capacity to backup record off-site. The technologically advanced systems used by the remote bookkeeper will most likely be able to automatically backup files and store them for a very long time.
Another advantage of cloud accounting or bookkeeping is control. You can maximize prevention of employee fraud because the records keeping tasks are done by an unbiased independent party.
All in all, outsourcing your bookkeeping operations is a great alternative to the traditional way. You can find such off-site bookkeepers advertising their services online or you can hire a freelance bookkeeper from online job sites. Bottom line, bookkeeping is an integral system that shouldn’t be neglected because it’s hard and tedious. Outsource your bookkeeping now and enjoy the benefits.
Find out how you can gain more and save more with outsourced bookkeeping to us, check out our low bookkeeping services fees starting from $100!