BUSINESS ARTICLE

5 Ways accounting outsourcing services add business value

5 Ways accounting outsourcing services add business value

boardroomsuperadmin Accounting, Business Insights

5 ways outsourcing accounting services can help your business grow

Many companies outsource their tax and bookkeeping responsibilities, but still use in-house teams for all other accounting functions. If your company is among them, it may be worth reconsidering. What if you could outsource all of your accounting, bookkeeping and tax functions in a way that not only reduces costs and minimises risk, but also increases revenue growth potential?

An expert accounting services firm in Hong Kong can help you do just that by offering strategic accounting services.

Specifically, here are five ways that outsourcing accounting services can help your business flourish.

01 Facilitate business growth and expansion

Outsourcing accounting services can help to clarify your company’s financial health status. A complete picture of your company’s finances enables you to make more informed decisions. This becomes critical when you are planning for business growth and expansion.

Our team of professional chartered accountants at BoardRoom can help by painting a clearer picture of your company’s current cash flow and seasonality. They have the expertise to critically analyse your receivables and collections, so you can more effectively assess organisational performance. With this information, you can then make the best strategic decisions for your business.

02 Identify all the tax breaks your company may be entitled to

Navigating Hong Kong’s complex tax regulations can be challenging. Without expert accounting support, it can be easy to miss out on the tax breaks and exemptions your business is entitled to. The best way to maximise your company’s savings and deductions is to work with a professional corporate service provider who understand Hong Kong’s regulations.

Our team of tax experts at BoardRoom are not only well versed in local tax regulations, but they also have in-depth knowledge of international tax treaties. With professional advice, your organisation can avoid any double tax issues. What’s more, our team will go the extra mile to apply for any tax incentives that could benefit your business.

outsourcing accounting

03 Flag potential risk oversights in your tax and financial statements

As your company grows, the compliance regulations only become more complex. A single oversight in your company’s tax statements or profit and loss statements could result in hefty financial penalties.

Mitigate these risks and reduce your team’s administrative burden by working with a professional Hong Kong accounting firm that has extensive experience in local tax laws and procedures. Your company will gain access to a team of experts who will flag any irregularities to ensure compliance.

In short, your business will avoid any costly compliance pitfalls, and you will get to enjoy greater peace of mind.

04 Digitalising your accounting function

Accounting and bookkeeping generate a lot of manual paperwork. Analogue records make finding and retrieving data difficult.

The good news is that you can take advantage of outsourcing accounting and bookkeeping services to guide your company’s digitisation efforts. An experienced corporate services firm can help you streamline the entire accounting workflow seamlessly through a cloud accounting platform such as Xero.

With a cloud-based solution, you can simplify mundane tasks such as invoicing and reconciliation, with real-time collaboration among team members anywhere, anytime. This provides your company an accurate snapshot of business performance so you can make informed decisions, while ensuring data security with robust encryption measures.

05 Reduce accounting overheads and free up resources

Having one or two experienced full-time accountants in-house can cost thousands of dollars a month. Add to that the costs involved in hiring, inducting and training these employees.

In contrast, outsourcing accounting functions to a professional services provider means you might not need an in-house accounting team at all. Reducing salary overheads frees up company resources that could be better spent on increasing revenue.

Besides this, your company will also gain access to an entire team of accounting experts who can provide strategic advice on sustainable cost-cutting strategies to managing bookkeeping and tax.

Are you looking for a trusted accounting firm in Hong Kong?

BoardRoom is a regional accounting firm in Hong Kong that caters to large corporations and fast-growing SMEs. Our expertise extends from strategically outsourcing accounting services to managing statutory compliance reporting for companies across the Asia-Pacific Region.

Speak to one of our accounting experts today about how your company can regain precious resources and refocus them on what matters – growing your business.

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