So, you have humble business beginnings. You started out with a couple of employees and you have probably experienced some sort of company growth over the past few years.
As the business expansion is imminent, so, too, will be the needs that you have to meet. For instance, if you own a shoe store, the bigger your store is, there is a huge possibility that you will also get a lot of order as well.
That being said, you’ve probably already hired some accountants to work for you, but as the business grows, your financial data would also be more complex as well.
If you have, say, two accountants working for you already and the added workload is not that much, then you can simply outsource some of your accounting services to meet the sudden influx of workload.
That being said, not all outsourced accounting services in Malaysia are the same and in this article, I will state some reasons why that is the case.
The Number of Accountants that You Will Get Varies
Not all companies offer the same services and not all firms that do provide the same services do so in a similar degree.
There are some accounting service providers that might give you one accountant that will handle all of the excess accounting needs. There are also some firms that would follow a team-based approach where you will be given a couple of accountants to help you. Sometimes, they will do some shifts to ensure that you get your transactions recorded at the time that you need it.
The question as to which approach is better, rests upon the owner’s needs. There are some owners that want only one person that will work in tandem with their in-house accountants. This would be the perfect approach if you only want one outsider to know all of your business transactions.
However, if you need the work to be done in the shortest amount of time possible, then getting the team-based approach would be far more beneficial for you.
Skills and Expertise Varies Per Accountant
If you are going to outsource your accounting needs, then you have to understand that not all accounting firms send accountants with the same skill sets.
There are other firms that take into account their value proposition. Perhaps, they will require their accountants to attend seminars and even get additional education just to hone their skills and improve their knowledge on some principles of accounting.
There are also some that would rather rely on technology (but they are well-versed in that regard). Again, this boils down to the individual needs of the owner.
Also, take into consideration the costs. The highly-skilled and more proficient accountant would be much more expensive than the run-of-the-mill professional.
Contracts Are Important
Not all contracts are the same. This is especially true when you outsource some of your accounting needs.
There are some firms that would ensure that every transaction in your financial books get recorded as accurately as they can be. This would seem to be the best approach given that their work is legally binding.
There are also others that would treat the contract on a per-service basis. There are some that you can contact at any time, while there are also others that you can only contact during business hours.