How much does outsourcing bookkeeping services cost in Singapore?

The cost depends on the scope of work your business requires. Contact our dedicated team of experts to find out more!

How do I choose the right accounting company to outsource for my business?

You can consider determining factors such as: Reputation Scope of services Local experience SCI has a team of knowledgeable accounting professionals that are industry experts and are experienced with compliance!

What kind of bookkeeping services do companies provide?

At SCI, we offer these bookkeeping services for your needs: Bookkeeping and financial statements Payroll GST Tax planning

The 6 Benefits of Outsourcing Your Bookkeeping

Why is Micromanaging Hurting Your Business?

Are you performing what a business owner should do, or are you micromanaging and affecting the core part of your business – revenue-generating activities?

Many people who start a business make the same mistake. They want to do everything, which ends up making their business suffer.

The problem is that they don’t realise the consequences of their actions. They are so busy being involved with the day-to-day activities of their business that they neglect what they should prioritise.

When this occurs, the business’ performance suffers. This leads to stagnated growth, which affects its financial health.

This can lead to a disaster that blindsides you out of nowhere. But the reality is that the problem was right under your nose – you were just too busy trying to do everyone else’s job.

Why Should You Outsource Your Company Bookkeeping?

If you’re not watching your business’ finances carefully, who will? If you have a problem fully letting go so your employees can do their jobs, it can be difficult for you and your staff.

You cannot manage your business’ finances effectively if you are in charge of ensuring that your business is constantly growing.

It would help if you had someone else to handle this process so that they can report back to you on what must be done to improve it.

This is why outsourcing your bookkeeping can be an ideal solution to ease your worries.

Your finances should be in the hands of a business or professional that focuses on ensuring that your business’ financial health is their top priority.

You can try to do this yourself, but you will be too overwhelmed and distracted by the constant changes in your business to give your finances the proper attention it needs.

We understand that you are worried about how much money is coming into your business, but that is only one part of the multifaceted process of your finances.

If you need more evidence as to why you need to outsource your finances to a bookkeeping company, we share 6 reasons why this is your best option.

1. Outsourcing Accounting Lets You Focus on Your Business

Your main priority as a business owner needs to be the growth of your business. It is hard to focus on money-generating activities while trying to manage your money simultaneously.

Of course, you want to know your business’ money inflows and outflows, but this can become too complicated, especially when your business has many aspects to it.

When a bookkeeper is handling your finances, you get the ability to look at your business as a whole.

Your finances can take a long time to sort through – time you can better use to improve your business. Therefore, you must delegate tasks to people skilled in a specific area of focus.

Everyone has a role to fill, and you must allow them to do their job without your constant involvement. When people get their jobs done, it will enable your business to be productive, which leads to growth.

This is what you want for your business. As the owner, your role is to:

Set the vision
Outline the goals to be accomplished
Provide your employees with their responsibilities
Develop more ways to grow your business further

2. Outsourcing Bookkeeping Can Save You Money

Believe it or not, outsourcing to a bookkeeping company saves you money. When you do bookkeeping in-house, it may add unnecessary overhead costs.

As a small business, payroll should be for employees who bring money into your business, such as salespeople. By outsourcing your bookkeeping, you are paying for what is done.

Your bookkeeping company does the work when you send your financial information to them at the end of the week or month, and all that is being paid for is the work done in that period of time.

This is the cost-effective and flexible arrangement you need as a small business owner.

3. Expert Consultation

A bookkeeping company focuses on providing expertise that is focused solely on your financial needs. This means that the company is not doing sales, marketing, or customer service work — finances are their only priority.

Just as you are an expert in the particular business you operate, you need to place your financial information in the hands of an expert.

When it comes to your business, you must choose expertise and experience. You want to be serviced by a company that is great at what they do.

They will be sure to stay up-to-date with the information within their industry and follow the best practices that benefit their clients.

An expert will also have the latest software since it allows them to effectively do their job. Hence, by outsourcing to an expert, you get access to the best software without having to purchase it yourself.

Your business might be unable to pay for extremely expensive bookkeeping programs, nor do you have the time to keep up with changes in laws and regulations.

The top systems create nightly backups and keep organised records and books for years, ensuring that if the IRS ever does come knocking for an audit, you will be more than prepared for them.

Related Read: Stay compliant in Singapore »

4. Professional Accountants

Finances can be complex due to the dynamic areas of your business. When you outsource your bookkeeping, you are placing your financial records in the hands of professional accountants.

This is important because bookkeeping can take up a lot of time to do accurately. One bookkeeper may be insufficient to manage your company’s every need.

Therefore, when you outsource, you are provided with a team of workers who check each other’s work to ensure that your business is provided with the best services possible.

You are also separating your business’ duties to perform effectively. When your various business functions operate effectively, they align together to produce a better and more cohesive unit.

5. Professional Bookkeeping Staff

A small business tends to operate off of hustle. This means the atmosphere can be fast-paced and hectic as the focus is on ensuring money is being generated every day.

This is why it is best for a small business to only hire individuals who thrive in a high-energy environment.

When a company can eliminate the distractions of the office from their workplace, it allows them to provide a more focused approach to their bookkeeping jobs, which benefits their clients.

A bookkeeper cannot focus on intricate financial details with the hustle and bustle of a business environment.

Therefore, removing the bookkeeping function from your business environment by outsourcing helps you focus on your business, and helps the bookkeeper focus on helping your business as well.

6. Growth Advice

Your focus as a business owner is for your business to perform effectively and consistently grow.

You want the best advice that shows you how to produce this from a financial standpoint.

This is why outsourcing to a bookkeeper will help your business to implement the necessary measures that will allow it to thrive. Doing so enables you the opportunity to expand or cut back very easily.

Whether you’re looking to grow your business or cut down on spending, having a reliable team working on your behalf will help you achieve your goals.

Outsourcing provides flexibility that in-house bookkeepers cannot provide. It will help your business immensely. As an entrepreneur, you are not a superhero. That is why you hire employees who can help you build your business.

However, employees can be expensive. If you want the benefit of having a dedicated staff, but lack the money to bring on additional employees, outsourcing your bookkeeping gives you expert services for a fraction of the price of having full-time employees.

Remember that you want to grow your business instead of stagnating it by being in the way. The best business owners know when to give up control and when to take control.

Outsourcing Beyond Bookkeeping Services

Delegating control to a professional can be a cost-effective and efficient strategy that can also provide a more competitive advantage.

It isn’t limited to just bookkeeping as well – you can also apply it to other business processes, such as human resources and legal departments.

It is important that you understand this difference so that you give your business the best opportunity to grow year after year.

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