Article by listed accountant TSHAKALISA DUBE
Any business new or old, big or small needs efficient accounting services to sustain and grow. Bookkeeping allows for proper registration, proper tax filing, compliance with laws and regulations amongst other things. Having your accounts in top shape all year round is a remarkable achievement that can help your business function smoothly and provide grounds for sound and promising business decisions.
As your accounting needs will continue to grow with your business, you need to pay careful thought to a long term and viable solution for this vital part of your business.
Setting up a small or medium enterprise involves multiple challenges. One such challenge right at the beginning is setting up a sound and reliable accounting department. Accounting is a function that forms the core of any business set up across all trades. Business decisions rely heavily upon the financial information at all stages from planning to execution. Efficient book keeping and financial control ensures the business runs smoothly and similarly, all future business growth is possible only if the books are in order. Data, statements and projection are all vital financial figures to which an entrepreneur must have ready and round the clock access for sound business performance. It is easy to register a company than it is to sustain it. In 2013 there were 2.2 million registered companies and only 0.8 million contributed to tax. Most companies either fail at inception or never live to realize their full potential.
Apart from hiring and setting up an accounting department, modern business climate offers you the choice to hire professional and experienced accounting outfits for an affordable price. Accounting firms that operate as outsource partners provide reliable financial services at relatively lower costs and give you the benefit of sound and efficient accounting without the headache of running a full department. The quality of work and the experience made available by these accounting firms to their clients may otherwise be unaffordable and outside the reach of many smaller businesses.
If you are starting out in your business, engaging an accounting firm provides you the opportunity to avail the services of qualified specialized resources without the burden of hiring people and running the office. And in case you already have an established financial services department, outsourcing part of the work can help in reducing and managing the workload and increase efficiency. According to a recent estimate, outsourcing your accounting work can reduce your business cost by as much as 40%. Hiring a specialist accounting firm does not only bring your running costs down but also provides your business with the benefit of an efficient and experienced accounting service. The bottom line is that it saves you the time and effort of poring over financial matters and leaves you free to fully concentrate on running your business. Outsourced services include payroll, accounting/ bookkeeping, management accounts etc.
If you are setting up a new business or simply thinking of a restructuring to minimize losses and increase efficiency, you need to take a detailed look at the services we offer!
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