6 Reasons to Outsource Your Accounting Audits

The importance of good accounting services is immeasurable regardless of the size of the business. There are many options available for dealing with the financial aspects in the company but it is essential to choose the one that will give the most benefits. Some of the larger companies hire an accounting expert or even a whole team on a permanent while others choose to work with an independent firm. The choice to outsource accounting tasks has risen in popularity within Singapore as most businesses recognize the vast advantages of this alternative especially for conducting audits.

An expert in this area evaluates the state of the company’s finances and ensures that the business is protected. The tasks include making certain that the financial and operational data is accurate, ensuring the compliance to legal requirements, determining if there are any risks and protects the available assets. If you are still hesitant about outsourcing, consider these detailed benefits and reasons to engage a quality firm for accounting audits.

Specialist Knowledge

When you engage services relating to the company finances, it is vital to get the best there is. Most business owners have identified the need for experts who have experience and extensive education with regard to the accounting. Even with good accounting audit software, there are weaknesses that can only be recognized by a professional who has covered similar problems. There are also changes that will occur with regard to the financial dealings in businesses. A committed firm always has the information in a timely manner which will be beneficial to the business. Since there are many financial aspects, specific experts are engaged for each task. For instance, an auditor in an accounting firm will deal primarily with only related work making them extremely competent.

Wide Range of Services

An accounting firm has a team of professional that are skilled in various areas of the business. Basically, when you hire such a company, you will get varied skills that would not be found in a single employee. Even with training and experience, it is rare to find someone who has attained complete proficiency in all areas and can manage the finances flawlessly. Outsourcing will give you the services that you need including auditing, tax management, offering strategic advice on how to advance and tracking the simple but extensive tasks that make financial management easier.

Lower Costs

The cost of hiring a specialist firm is more affordable than most business owners assume. A fulltime or even part-time accountant is costly because a salary is required to retain their services. Moreover, a qualified and experienced individual is expensive and a cheaper recruit may cause long-term damage that may have severe financial and legal consequences. A firm will only charge for only the time that has been committed towards the company. This means that there is good productivity without unnecessary payroll expenses. The total savings that can be made through outsourcing auditing and other accounting responsibilities can be up to 40%.

Limited Fraud

There are many businesses that become victims of fraud cases unnecessarily. Small companies form the largest portion of these problems and the funds that remained unaccounted for quite significant. The main cause of this is the lack of a finance controller who is vigilant about the activities in the business. Such an individual is able to identify anomalies in the data relating to transactions and billing early on as they occur. However, an employee for this task is expensive and not many businesses can afford. There is a cheaper alternative in identifying and preventing fraud. An outsourced firm that is well-versed in auditing will be able to look for early signs of fraudulent activities. They will also put some measures in place to mitigate the risk of such an occurrence.

Time Saving

Accounting tasks such as carrying out internal audits can be time consuming especially for a business owner. Even if the said person has trained in that work, valuable effort is spent dealing with numbers and books instead of other operations that require their precious input. The time could be spent on business management, innovative ideas and strategizing on how to attract customers and popularize the brand. By outsourcing in-house accounting, time is freed up for these activities. There is also the possibility of expanding the business when the firm and the employees work together towards a common goal. The goals that have been set by the company can be compared with the options that the accountants have presented. If each expert is committed to accomplishing their assigned tasks, ways to cut back on costs and to maximize profit can be found. Subsequently, there can be a way to expand the business and cultivate a more successful brand.

Enhanced Reliability

Reliability is imperative when dealing with finances in a company. A small mistake can be very costly and it is vital that all the details presented after the auditing duties are accurate and credible. A single employee will be required to work on a lot of books and documents and identify any discrepancy in a timely manner. It is difficult to keep accountability of all the business transactions while being keen with regard to any exemptions and possible loopholes. If you want proper attention paying to the auditing work, you should engage a firm. The engaged accountant will go through the records and another will double-check for mistakes. Having a team to work on the problems is more reliable that a single in-house employee. 
 

Hiring Accounting Services

Whether you are looking for auditing services or a general accounting practice, ensure that you hire the best. There are quality firms with capable accountants in Singapore who will offer professional assistance. Make sure that they are qualified, credible and that both past and current companies approve of their work. Inquire about the areas of expertise to determine if it matches your present and future needs. Apart from auditing, they should be able to cater for the tax needs, offer business advice and cover all the other basic accounting disciplines. You can also evaluate other features including the cost of services, the customer support and general compatibility before making the final decision.