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.
Table of Contents
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.
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, Quickbooks, and MYOB. 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.
FAQs in Outsourcing Accounting in Malaysia
- When outsourcing your accounting functions, you are hiring a firm or service provider that takes on certain financial responsibilities of your company. These accounting services will vary depending on your chosen firm and software.
- In Malaysia, here are the 5 top benefits of outsourcing your accounting and bookkeeping functions:
- Outsourcing is cost-effective.
- Drive core business functions
- You get access to qualified accounting experts
- Receive reliable accounting reports
- Reduce fraud
- We use industry-leading software such as XERO, Quickbooks, MYOB that will provide you with accurate real-time data and enable you to make strategic decisions for your business in Malaysia.
WeCorporate content team comprises experienced in-house and freelance writers who share trending and insightful content to empower and aspire entrepreneurs to change their gameplay in their business in Asia.
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