1.Time and cost saving

Through outsourcing your accounting function, you will spend much lower cost while getting the same level of quality from employing an in-house accountant.  

• You only pay for the work being done, service charge is normally based on hourly rate or monthly/yearly package depending on the volume of transactions.
• You don’t have to worry about: i) hiring inexperience staff or high staff turnover rate; ii) computing and filing your employee’s statutory contributions; or iii) paying for the related cost of equipment and an office.

2. Ensure compliance with relevant laws and regulations, including new accounting standards and payroll taxes

There has been issuance of new accounting standards in recent years by the Malaysian Accounting Standards Board and it will continue to do so to meet ever changing business arrangement and environment. By outsourcing your accounting function, you will not need to worry about if you have accounted a transaction not in compliance with the new accounting standards.

A great outsourced service provider will have the up-to-date knowledge in laws and regulations to assist you to avoid any penalties.

3. Allow more time and focus on your business

Outsourcing your accounting function will free you from your accounting burden and allows you to have more time to run a business. Timely financial reports provided by outsourcing company will enable you to monitor your business performance so that any business decision can be made scientifically and timely.

4. Expert access

Working with an outsourced service provider means you gain access to their years of expertise. Further, outsourced service provider hires professional who have an in-depth understanding of relevant laws and regulations.

Outsourcing company can design and set industry specific KPIs and metrics to be generated and presented for business improvement and corporate governance. Abnormal transactions could be identified and investigated through financial and KPIs analysis.

In addition, Small and Medium Enterprises (“SMEs”) can afford and attain certain CFO capabilities ie budgeting; and working capital management from outsourced service provider.

Outsourced service provider will be in a better position to assist you in addressing the questions raised and providing information requested by statutory auditors.