We are well aware that SME’s your accounting needs changes when the your company’s activities, structure, business goals and technology evolves or revolute. Due to difficulty to recruit qualified talents and lack of accounting knowledge, SME’s prefer to outsource the accounting function. However, the perceived costs saving from outsourcing approach may turn out to be pricy solutions for some SME entrepreneurs.
Outsourced Accounting Solutions Problems
- Service package remain unchanged over time and business’s new requirements are not fulfilled.
- Preparers are lacking up-to-date knowledge on GST, Tax, MPER and Company Act. This may affect compliance level.
- Service terminated without prior notice. This will lead to higher costs to engage a replacement and late submission to SSM and Income Tax Department.
- Documents (e.g. general ledger) are missing. Consequently company may need to pay higher tax when audited by Income Tax Department.
- Accounts prepared are often questioned by auditors and tax agents. Consequently auditors and tax agents will charge a higher time costs.
- Service level reducing over time. The initial quoted costs had indirectly increased.
- Accounts cannot be completed on time. Consequently, the business is operating without review on financial information.
- Accounts are prepared with extensive journal entries (i.e. short cut). Consequently the company may need to spend more administrative time (i.e. hidden costs) to extract information when audited by Income Tax Department.
- Accounts are not prepared using accounting software. Consequently, your future plan for computerisation will be distorted and costly.
The above problems come with extensive hidden costs to the company. Our professional accounting services will ensure that you are not facing the above problems. We want to help you to take care of your accounting with reasonable fees. You can safely put behind your concern on the above mentioned hidden costs. We committed to reward you with additional time on your business’s strategic objectives. We will provide you with timely financial information to make business decisions ahead of your competitors.
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