Top Challenges Faced By Accounting Teams
Anyone handling the nitty gritties of a business would know how crucial accounting tasks are. Accounting comes with a plethora of challenges and requires deep knowledge coupled with solid experience in the arena to make sure every step or decision taken is fruitful.
Accounting professionals and teams would agree that there are some unavoidable challenges that most of them face which require immediate remedies. Though there are many solutions to help teams effectively combat these challenges, most companies prefer outsourcing accounting services to accounting firms to keep themselves free of the additional burden.
Let’s look at the top challenges faced by accounting teams across industries and the remedies.
Challenge 1: Limited skill sets of accountants
Accounting is the backbone of any business and requires keen focus and knowledge. With the growing number of SMEs and businesses across Asia, especially in Singapore, the need for accounting firms who can assist them in ruling out the challenge of limited skills has sky-rocketed..
Managing complex accounts and numbers is cumbersome, and time-consuming. Not many professionals are well-equipped to handle such demanding tasks. This raises alarms of limited skill sets and can slow down business outcomes. Errors and discrepancies will eventually cause businesses to suffer.
Keeping this in mind many leaders and entrepreneurs often choose to outsource back-office operations to accounting firms in Singapore. They get a full-fledged team of accounting professionals from these firms to understand their needs and work in tandem with them. They also offer strategic advice and technological support from time to time along with analytics and data that help businesses take advantage of and scale the way they want to.
Challenge 2: Keeping up with updated laws
You need experienced accounting firms to take care of your accounting tasks with a high degree of efficiency. Accounts are just not about numbers but also about keeping up with the legalities of paying taxes and dues on time, accurately. There are huge numbers involved, apart from the changing dynamics of tax laws.
Missing out on key updates can wreak havoc on business outcomes and growth. A business can lose money, reputation, time and energy on unwanted lawsuits. Accounting firms in Singapore are the best partners to stay informed every time there is a change in tax laws or government regulations for businesses. They work closely with leaders and SMEs to make sure that every detail is considered and accounting tasks are carried out with ease keeping in mind the prevalent tax laws.
Challenge 3: Adopting Advanced Technology
Traditional accounting is a thing of the past. To meet business specific goals, accounting firms in Singapore and all over the world are adopting advanced on-premise or cloud based technologies to speed up accounting processes. However, when it comes to SMEs, adopting the latest technology for accounting becomes quite impractical.
Firstly, it incurs huge costs to the company, followed by costly training processes, maintenance and hiring of professionals with the necessary expertise.
This is not a one-time investment either, thanks to swift advancements in technology and the rising need for innovation. Thus businesses need accounting firms to help them leverage new-age accounting solutions and get benefits at affordable rates. Outsourcing accounting is therefore the best option for such a challenge and need.
In addition to the challenges mentioned here, accounting firms face many other issues. These impediments can easily be sorted out with the assistance of experts in accounting. You can get smart strategies, updated technologies, and make better decisions, all with the support of an experienced accounting firm in Singapore.
PikoHANA serves SMEs and other businesses with their experience in accounting. Experts will help them grow their business without having to combat challenges posed by inefficiencies in accounting tasks. Get end-to-end accounting support coupled with the benefits of new-age technology that they use to boost your accounting tasks.
Learn more about PikoHANA and its offerings. Or book a 30 minute free consultation with our accounting experts.