Many business owners consider bookkeeping, accounting, and tax filing the least enjoyable aspects of running their companies.
Countless business owners still manage their finances by themselves, mainly because they believe they’re saving money by doing so. However, for growing businesses, outsourced accounting and bookkeeping can absolutely be worth the cost.
It might save time and money, make better use of your and your team’s time, but also gives companies peace of mind knowing that their books are taken care of while they focus on their core business functions.
Here are the TOP 8 reasons why you should outsource your accounting tasks.
1. You want to save time
Today, many directors across Thailand spend hours on accounting and financial tasks. This may be unprofitable as important business decisions might be delayed or even rushed, which would likely result in more chances of errors.
Focusing time and efforts on bookkeeping is taking time, and subsequently money, away from what caused you to go into business in the first place. By outsourcing accounting, you’ll feel the weight lifted from your shoulders, both metaphorically and financially.
2. You want to save money
Usually, most companies consider outsourcing to be additional, and therefore an unnecessary cost for their business. There’s a common idea that outsourcing accounting and bookkeeping is more expensive than managing the processes internally.
However, in most cases, an outsourced accounting solution costs far less than what a business leader would pay themselves for the same job.
Also, consider what you could accomplish in the time it takes to put together a financial report, file your taxes, create invoices, or manage any one of a number of essential financial priorities.
3. You want to be more flexible and to minimize personnel
Extra personnel in your company will inherently generate more human capital costs, meaning more desks, computers, office space. Furthermore, employees require vacation leave, sick time, retirement accounts, and other benefits.
Managing additional personnel takes more time out of your day, plus, maintaining employees involves recruiting, hiring, firing, replacement costs, that can be avoided by outsourcing to professional bookkeeping firms like Gorioux Siam.
Outsourcing will allow you to stay focused on growing your business, and on driving down overhead costs. Moreover, you will have a professional accounting firm like Gorioux Siam, working for you, somebody who is always available , experienced, and is prepared to give advice based on a solid understanding of your business.
4. You want to increase your productivity
All the time spent in managing the books is time that you could be spending on other areas of your business and increasing sales. It’s a back-end activity that can even prove a distraction from running your business. Outsourcing it frees up time to spend on more productive tasks directly related to growing your business.
5. You want timely financial advices
When you outsource bookkeeping services, you are hiring an expert, someone with the latest knowledge and skills in bookkeeping in Thailand.
Outsourcing your bookkeeping to an accounting firm like Gorioux Siam will allow you to have a customized bookkeeping process that works for your business, and a team of professional bookkeepers managing your day-to-day finances.. You’ll be equipped with useful, actionable financial data to make the best business decisions.
6. You want to improve your financial visibility
There are insights you don’t get from simply paying your bills and updating your balance sheet when you have time. When your books are kept updated by professionals, you have better visibility into your business’s financial health. You can quickly identify challenges or opportunities and adapt your strategy by cutting spending in a certain area, or investing in office equipment to lower your taxable income for the year.
The financial insights can be a critical asset when it comes to forecasting and budgeting through every stage of your business.
7. You’re looking for tax-saving opportunities
A trusted bookkeeper will always be looking out for your best interests. As a small business owner, you may not even be aware of the tax saving opportunities available in Thailand.
8. You want to keep your financials up to date
Keeping your financial information accurate and up to date reduces innumerable headaches down the line. If your bookkeeper also does your accounting, you can be sure that everything will be in order, which means no problems and no stress for you. He will ensure that the datas in your accounting software are always accurate and kept up-to-date.
9. You want to use efficient accounting automation technologies
Small, middle and big businesses need to maintain proper internal controls to protect against fraud or simple human error. Therefore, most businesses use accounting automation software to save time, and to reduce risks.
Moreover, automation software will allow you to get real-time reports, and accountants will be able to assist you in catching potential problems, and resolving them in an early stage. Gorioux Siam is qualified in the automation tools such as Laconic, Xero, Express, Odoo, and more.
10. As an entrepreneur, you’re always looking on growing your business
This is perhaps the most important benefit of all. Entrepreneurial spirit is always looking for a faster, smarter, better way of doing things.
When the day-to-day accounting and bookkeeping tasks aren’t taking your time and energy, you and your staff can focus more on improving your core business.
When your business is growing rapidly, every minute of your time counts. And hiring a new employees consultant can take longer than expected when you have to learn a new system. But if you don’t put in that time while your business is expanding, the demands on your time will only grow.
If you are looking for an efficient and accurate way to get your books done, Gorioux Siam can help! Get in touch with us today to learn more about our outsourced bookkeeping and accounting services.