Quality outsourced accountancy services in Malaysia
BoardRoom’s team of certified chartered accountants and finance professionals has the skills and knowledge to ensure your accounting is accurate, efficient and compliant with local statutory requirements.
Outsourcing your accounting to a trusted third party in Malaysia allows you to focus on your core business operations without having to manage an additional in-house accounting team. At BoardRoom, our team of highly trained staff are up to date on the latest laws and regulations, ensuring your company’s success.
With BoardRoom, your business can operate confidently and safely. Our professional advisors help you better understand the local industry landscape and strengthen your company’s overall performance by providing unique business insights.
Why outsource your accounting services?
Outsourcing business processes to a reliable services provider like BoardRoom can improve your business continuity by providing your teams with assistance as they need it – even during unforeseen events.
Having your accounting services outsourced also reduces key-person risk. This means that your company can save money by avoiding the costs of business interruption that can occur when senior team members are unavailable.
There are several factors to consider when looking at outsourcing accountancy services in Malaysia, including the provider’s:
- Expertise – do they have the right qualifications and skills?
- Trustworthiness – are they a reputable organisation?
- Transparency – are they able to properly pass on information?
Common accounting issues that businesses face
Many organisations generally experience some challenges when it comes to accounting, which prove distracting and can shift valuable resources away from growing your business. These issues usually revolve around:
Insufficient Resources – Accounting and bookkeeping requires considerable amounts of time and effort, and not having enough people to carry out the necessary jobs could be detrimental for your business.
Inaccurate Calculations – Human error is always a factor to consider when it comes to any sector of a business, however with accounting the margin allowed for this error should be considerably smaller. An accountant or small accounting team may be liable to make mistakes if they are under pressure. If calculations are inaccurate, it could upset the whole flow of your business, affecting employees, stakeholders, and partners alike.
Slow Processing Times – If your accounting services are in-house, the multitude of important accounting duties will be left to an individual or small group, which will inevitably result in slower output for each task.
Disorganisation – Every company has its own set of financial records, bank statements, tax forms, payslips, and so forth, which they need to keep in proper order. There are also a number of government regulations and requirements to stay on top of, meaning that proper organisation of all your accounting materials is crucial.
If you have experienced some of the above issues, outsourcing your accountancy and bookkeeping services to a reputable firm in Malaysia could do wonders for your company’s processes and growth.
Our accounting services
As one of the most trusted accounting services providers in Malaysia, BoardRoom ensures that your company fulfils all local regulatory requirements and keeps up a reputation of integrity.
01 Bookkeeping, accounting and reporting services
There is a wealth of data and insight available to your business when you choose the right accounting services provider.
BoardRoom’s Malaysia accounting and bookkeeping experts can help you with all your financial management and reporting requirements.
In addition to long-term support, we can also provide short-term accounting services to assist your internal teams when faced with unexpected staff turnover, leave periods or complex accounting requirements.
We can help with:
02 Accounts payable management
Ensuring a smooth accounts payable system helps maintain good relationships with suppliers by ensuring that their information is accurate and up to date. Paying your supplier and your employees’ expenses on time ensures a positive relationship with both groups.
We can help with:
Let our team help ensure your accounts payable is in good hands.
03 Consolidation of group accounts
Consolidated financial statements are an essential component of group company accounting. This critical information provides a whole-of-business perspective, which can be lost when only looking at figures for the parent company or a single subsidiary.
BoardRoom offers complete consolidation of group accounts and head-office reporting packages to ensure critical information on the entire business is not overlooked.
04 Cash and treasury management services
BoardRoom’s treasury management services can help your business manage cash, investments and other financial assets.
Our specialist team can help streamline and automate manual processes and time-consuming data management tasks, resulting in increased daily productivity.
Automated authorisation and payment initiation also eliminate organisational bottlenecks and reduce reliance on specific locations.
We can help with:
YOUR POINT OF CONTACT
Chester Leong
Managing Director Asia, Tax and Accounting
Frequently Asked Questions (FAQs)
1. What are the different types of accounting services?
From tax accounting to forensic accounting and external auditing to internal auditing, there is a broad range of accounting services that specialise in distinct areas of a business’s finances and needs.
In Malaysia, BoardRoom provide accounting services in the following areas:
- Interim Financial Reporting
- Bookkeeping and Statutory Accounting Services
- Consolidation of Group Accounts
- Accounts Payable Management
- Cash Management Services
- Preparation of audited financial statements in XBRL (eXtensible Business Reporting Language) format
2. How much do accounting or bookkeeping services cost in Malaysia?
The cost for quality accounting or bookkeeping services in Malaysia will depend on several factors, including the scope of the service, the number of monthly accounting transactions, the scale of your business and subsidiaries, and whether your business requires additional needs such support for accounts auditing.
In Malaysia, accounting services typically range from RM 1300 – RM 2600 depending on the provider. As with many business services, cheaper options may have lower upfront costs due to reduced scope, but can end up being more expensive in the long run if your business needs become increasingly more complex. You could potentially be opening up your company to risk factors and penalties for non-compliance with cheaper alternatives with reduced scope of work.
3. What can bookkeeping companies include as part of their services?
A bookkeeper is an outsourced accountant that you hire to manage your financial statements and provide you with accurate, up to date financial information regarding your business and its financial health.
A reputable bookkeeping company offers tax strategy, preparation, and filing services. This will often extend into payroll processing, account reconciliations, financial strategising and other accounting services.
4. Why should you outsource your accounting?
Outsourcing your accounting offers you the chance to remove the burden of complex and operational financial matters on your in-house team. By outsourcing to an accounting service provider, your in-house finance teams will have more time to focus on matters that need their direct attention. An experienced accounting firm can also help to provide invaluable financial advice which guarantees the success of your business.
Accounting outsourcing is also a stable and secure way to keep your books in order when going through a period of growth and expansion without the need to increase additional headcount thus saving costs for the business.
5. What should you look for when outsourcing to an accounting services provider?
There are several factors to consider when you start looking for an accountancy services provider, namely their expertise, trustworthiness, and transparency. As the information provided and managed by the third-party provider is sensitive in nature, your outsourced accounting partner must be able to manage your accounts professionally and with integrity. As your partners in success, the accounting company must also have the expertise to handle the most complex situations, and to grow and adapt alongside your business.
Communication should also be a key factor for consideration. When outsourcing to a team of third-party accountants, it is essential that good communication and transparency is maintained between both parties to ensure streamlined passing of information. This helps to reduce risk and errors when processing your financial statements.
6. Why do businesses need accurate bookkeeping?
Accurate bookkeeping is essential for business owners to monitor corporate finances and to generate accurate business reports like profit and loss statements, balance sheets etc. This allows business owners to make informed financial decisions and ensure that your business remains compliant with all accounting and tax regulations whilst being financially secure.
7. How can BoardRoom help with accountancy services in Malaysia?
BoardRoom has supported countless businesses from public-listed companies to large multinationals, and small and medium enterprises across the Asia Pacific region. Our team of talented bookkeepers and accountants in Malaysia and at our locations across APAC work tirelessly when it comes to keeping your daily bookkeeping transactions to managing your annual financial statements and reports. BoardRoom also provides tax advisory and tax filing services, ensuring your business remains tax compliant.