5 Things You Didn’t Know An Accounting Firm Could Do For You
As one would know, accounting and auditing play an essential role in the success of today’s businesses. Thus, if you seek to optimise the operations of your business, then hiring an accounting firm in Singapore that can streamline not just your accounting services but also a wide variety of functions in your business would be a wise decision to make. Contrary to common misconceptions, the services offered by accounting firms are not limited to just accounting and bookkeeping.
In fact, an accounting firm can provide you with strategic pieces of advice to improve your business operations and assist you in coming up with clever ways to boost revenue. If you are wondering whether or not outsourcing accounting services for your business is worth it, this is the article for you! Here are some of the essential functions you probably did not know an accounting firm could do for your business;
1. Fix your cash flow
No matter how financially capable a business may seem, it can sometimes still face certain challenges – especially if it runs out of money at the wrong time. Even a profitable and highly active business will likely not last long if its expenditure is too high and payments are slow to arrive.
Fortunately, accounting firms know the ebbs and flows of revenue and outgoing costs. Hence, outsourcing or hiring one can help you predict the impact of certain scenarios on cash flow and formulate effective strategies to deal with the situation. Notably, an accounting firm can help you develop a spending plan to ensure that there is always money in reserve in case your business faces a worst-case scenario.
2. Handle unpaid invoices
Unpaid invoices are common in businesses. While you may not always need to chase debtors, you cannot afford to ignore the issue. Suppose you want to eliminate unpaid invoices as much as possible, you should ideally hire an accounting firm that knows how to set up an invoice system which automatically sends reminders to customers when their bill is due.
3. Manage your debt
Debts can be good or bad, and an accounting firm can help you distinguish one from the other. It will look for the least costly borrowing strategies for your business with the right combination of low interest and repayment flexibility. If you need debt refinancing, an accountant can also take care of that for you – they will advise you on the best time to use spare cash to reinvest in the business or pay back loans.
4. Expand your workforce
One might think that hiring individuals is the job of the human resource department only. However, in reality, staffing up your business can also be a function shared by your hired accounting firm. An outsourced accountant can assist you in determining the sorts of hires that will benefit your business the most. They will then work out the cost of hiring, training, paying a worker and assist in getting your payroll right.
5. Launch a startup
Engaging the services of an accounting firm is not only ideal for Small and Medium Enterprises (SMEs) and large corporations, it can also be beneficial for a budding business. Starting a new business essentially requires more than a good idea. Ideally, you would need to be sure that it will be profitable and become a success. This includes convincing lenders and investors that your business is going to succeed.
Some of the best things an accounting firm can do for you are to help test your idea, determine your startup and operating costs, and develop accurate revenue forecasts. An accountant can also help you identify which lenders are most likely to help finance your business and guide you towards the right people to tap for financing. This will ultimately save time and make your business launch much easier.
The assistance that an accounting firm can extend to your business goes beyond just accounting and bookkeeping. You may even be amazed at the many functions and services an outsourced accountant can deliver to your business. Hence, if you are still confused about whether or not hiring an accounting firm is a good business decision, the simple answer to your question is a resounding yes!
For the most reliable, efficient, and affordable accounting services in Singapore, OneStop Professional Services has got you covered. We offer a wide range of cost-efficient and valuable corporate services, spanning from accounting and auditing services to corporate secretarial services and nominee director search. To learn more about what benefits we can give to your business, feel free to reach out to us today.