Outsourcing Accounting and Tax Services
Managing your business finances, especially balancing your accounts and paying your taxes, are demanding tasks that will require a lot of your time and knowledge. As a business owner, you have a lot of things going on your mind and responsibilities to attend to. Eliminate your “number stress” and hire somebody to handle all the calculations and compliances.
Here are seven (7) reasons why you need to outsource your accounting and tax services
1. More time to focus on the core business
You will have more time to monitor the business operations and think of new ideas to expand your company because you need not spend too much time in supervising your employees in sorting and recording all your receipts, invoices and other source documents and asking them if taxes have been paid already. Getting this nitty-gritty tasks done by an outsourced firm will let you focus on doing things that make your business more profitable.
2. Spend Less, Save Money
When you outsource your accounting and taxation services, you don’t need to hire multiple high paying accountants anymore. Also, your human resources expenditures will lessen because you don’t have to pay salaries, bonuses, and membership contributions for the employees.
3. Access to experts
Engaging an accounting firm means accessing the experienced and expert professionals in the field.
4. Always updated
Laws, rules, and regulations governing businesses especially on taxes are frequently changing. Firms and outsourcing companies are normally up to date to ensure their clients are compliant all the time.
5. Peace of mind
For many, taxes are not enjoyable and very stressful. Having a partner firm to take care of this is the same as relieving yourself from stress and let you concentrate on other things. No need to worry and fear about BIR audit anymore since you have a partner to back you up.
6. Accurate and more reliable financial information
Since the firm is independent and has no hidden interest to their clients’ business, you can ensure more reliable outputs/reports that are useful in making economic decisions and strategic moves. The risk on having a personally motivated financial information is lesser if not totally eliminated.
7. Security
Some companies are suffering from missing documents like tax returns and duly stamped audited financial statements which must be kept for at least 3 years. This might be due to irresponsible employees which you can only discover when tax and other government authorities are looking for the important files. When you outsource a firm to handle your accounting and taxation functions, there is no reason to miss documents because they know that this will be their responsibility, unless those documents are being filed in company premises.
In addition, when you are not satisfied with the accounting and taxation services provided, it is easier to go after the firm and pursue legal actions than to chase irresponsible employees. Your interest will be the top priority.
Outsourcing Accounting and Tax Services
Disclaimer: All content provided in this article is for informational and general discussion purposes only and may become outdated due to constant changes of the laws, rules and regulations over time. It does not substitute for an expert or legal advice. Contact your preferred professional for more detailed and accurate guidance based on your circumstances. For comments, suggestions and inquiries, please contact us at info@kgconsult-ph.com
