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How to choose the best corporate services provider to outsource your accounting department?
Even though engaging with an accounting service provider seems unreasonable, especially when outsourcing the duties to an external corporate services provider, many SMEs and startup owners from Singapore and worldwide are doing so. Conventionally, accounting services is seen as a highly confidential department due to the systematic tracking of an organization’s financial information including tracking of income and expenditures, annual audits, and conducting payrolls. However, in recent years, more than one in three (37%) small businesses are outsourcing their accounting services as they are becoming increasingly aware of the benefits of doing so. For one, with a huge part of accounting being able to be outsourced, smaller businesses with limited resources can reprioritize their focus towards job functions that matter more for the organization- customer services or research and development. Nonetheless, for companies looking to outsource their accounting department, hiring a trustworthy and reliable corporate services provider is often a lengthy process filled with many trials and errors. Hence, we put together a guide to help such companies shorten the selection process. Read this article to know if you should be outsourcing your accounting department.
Efficient usage of the Cloud
In a digitized economy, companies should make use of the technology available efficiently. The traditional approach within the accounting industry is to hire an external accounting service provider and have them visit the business location where the documents are stored to get work done. However, this is often inefficient and expensive for the outsourced accounting services provider and the business. The development of cloud-based accounting solutions offered by corporate services providers will enable their clients to store documents electronically and efficiently. Furthermore, this would save both the client and the corporate services provider the inconvenience of arranging for an on-site visit to get the necessary jobs done quickly.
An all-in-one concierge services solution
The accounting department is not the only team that exists within the company. Various divisions are required to build a well-established workforce. The five core essential departments include administration, marketing and sales, research and development, accounting and finance, and human resource. SMEs or startups often find themselves in a dilemma of prioritizing specific departments over others to fully maximize the limited resources that are available to them. Want to know more about the various functions of each department? Read more about it here! Hence, by choosing a corporate services provider that provides other outsource services, SMEs can enjoy perks like improved project management and better coordination between the job functions.
Transparent pricing and efficient budgeting
Cost is often regarded as a sensitive topic to discuss, especially within Asian countries and corporate service providers are portrayed negatively as clients are often scammed by those that offer lower outsourced accounting fees while charging exorbitantly high fees on other vital ancillary services. Thus, clients should not shy from the perceived higher fees when discussing a potential partnership with a corporate services provider. However, this does not mean the higher charges will incur fewer hidden costs. Clients should request a deep dive session with the potential provider to fully understand the job scopes and the cost for each service provided. That way, clients would have detailed information to make decisions.
Accounting software and expert advice
One of the criteria companies should prioritize is the inclusion of software fees into the monthly package and the qualifications of the outsourced corporate service provider. Accounting software is an essential tool to retrieve financial data as it helps with financial reports, generates invoices and quotes, and even simplifies the tedious payroll process. Click here to know more about choosing the best incorporation service provider for your business! Furthermore, by outsourcing accounting services, businesses will not only enjoy the benefits of using the best accounting software tool available but also have access to a team of qualified and experienced accountants who are familiar with the tool. It would also save SMEs and companies the trouble of hiring an in-house accountant with the risk of not having a reliable one.
Fast response rate and efficient service
In a fast-paced working environment borne through time-sensitive and pressing deadlines, working with a corporate service provider can guarantee a fast response time that will help ease the pressure clients face, especially during hectic seasons when preparing financial statements for decision-makers. This is where hiring a service provider that shows reputable working experience with their past clients or one that consists of a well-experienced team who has great time management skills, plays an important role in ensuring deadlines are met. Especially when working with a remote outsourcing company, the response rate could be much slower than when engaging with an outsourcing company that works on-site. Hence, clients should hire an outsourcing company that guarantees immediate response, especially within working hours, for a smoother outsourcing process.
Why should you outsource your accounting service to PikoHANA?
✓Fast response time with excellent service. Our mission is to provide high-quality services and fast response time without the hefty price tag since we have dealt with corporate service providers that offer poor services and slow response time despite the high cost. A maximum of 30 minutes response time between 9 am – 5 pm (SGT) is what we guarantee! ✓Best accounting software provided. When you come on board the PikoHANA journey, we provide your business with only the best accounting software including Xero and Talenox, together with a team well-experienced with the software. ✓Deep dive with clients from the beginning. We strongly believe in only having your business onboard the PikoHANA journey when we understand the job functions needed to be filed. It includes your understanding of what our packages include and what needs to be added before committing to us. Click here to find out how you can be onboard the PikoHANA journey today!
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