5 Benefits of Outsourcing Accounting Functions in Malaysia

While some companies prefer to hire in-house accountants to keep track of their finances, it is increasingly common for businesses to outsource accounting services to Malaysia and other countries in the region.

Today, we’ll be looking at 5 reasons why outsourcing your accounts and bookkeeping needs may be good when you set up a company in Malaysia.

Read on for more information.

Benefits of Outsourcing Accounting in Malaysia 

1. Outsourcing is cost-effective

Typically speaking, outsourcing your accounting and bookkeeping functions will cost less than hiring somebody to work in-house. Outsourcing saves the money and time you need to train somebody on the job; you also don’t have to worry about payroll taxes, quality of work, insurance, time-off, and other factors. You also won’t need to invest in the software as this will be supplied by the accounting firm. WeCorporate is a XERO partner and recommends XERO accounting as cloud accounting solution.

In addition, if you are a company based in a foreign country, outsourcing to Malaysian accountants also means that you’ll access a cheaper workforce than you would back home, but with the same level of dedication and expertise.

In fact, the accounting principles and processes are universal regardless of the countries your company is operating in. The only difference will be on the accounting standards and Malaysian accountants are trained to prepare accounts under International Financial Reporting Standards which is a widely adopted standard around the world especially in commonwealth countries.

2. Drive core business functions

As you save money by outsourcing your accounting functions, you can invest more money and time into business areas that will drive revenue (building a website, marketing, growing your inventory, etc.).

3. You can work with qualified accounting experts

When you outsource your accounting needs, you can work with professionals who have vast knowledge, qualifications, and experience in accounting. As such, they will be able to handle complex situations and provide a higher level of guidance, giving you peace of mind that your company’s finances are in safe hands.

4. Receive trustworthy reports

When you work with an outsourced accountant, you’ll receive trustworthy and reliable financial reports generated from industry-leading software such as XERO. As such, you can use this real-time data for analytical purposes and making growth-oriented business decisions.

5. Reduce fraud

Sometimes, if a company’s finance functions rest in the hands of a small number of in-house accountants, they can be at greater risk of fraud. When you move your accounting functions to an outsourced party, you limit this risk. Accounting professionals can identify any financial issues and will flag any errors and inconsistencies.

Related Read: Guide to opening a corporate bank account in Malaysia

Why Outsource Your Accounting to WeCorporate?

While outsourcing may seem daunting, when you find the right firm to handle your finances, you’ll benefit from all of the factors listed above. Eventually, your business strategy will become more effective, and you’ll be able to plan clearly for growth thanks to financial accuracy and professional guidance.

Beyond outsourcing your accounting functions, our WeCorporate team can provide you with other corporate services in Malaysia such as payroll, corporate secretarial, and tax. Get in touch with us to learn how we can support your business in the long run.

Christine

Christine is a content writer at WeCorporate whose focus is mainly on the business landscape in the APAC region. She also occasionally writes on trending topics and provides useful insights to aspiring entrepreneurs and seasoned businessmen alike.