How Companies Can Boost Financial Health In 2019
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<strong>How</strong> <strong>Companies</strong> <strong>Can</strong> <strong>Boost</strong> <strong>Financial</strong> <strong>Health</strong><br />
<strong>In</strong> <strong>2019</strong><br />
Singapore, 18 February <strong>2019</strong> -- Corporate services and business financial solutions<br />
provider Corporate Services Singapore has encouraged companies to consider<br />
outsourcing to an accounting service provider as a means to improve their financial<br />
health this year.<br />
According to Hans Teo, general manager at Corporate Services Singapore, more and<br />
more companies are engaging with outsourced accounting services to help achieve<br />
sound financial management.<br />
“It is the ultimate goal of any company to run a stable business operation, which is<br />
only possible when sound financial management is implemented. No matter where<br />
you are in the cycle of your business, whether you are expanding or experiencing<br />
losses, ensuring that your company is financially sound to face these challenges and<br />
opportunities is extremely vital in the growth of your business,” said Hans.<br />
Any business activity affects the financial performance of a company. It is important<br />
for business owners to look into the impact of their decisions on the financial<br />
condition of the company. Management decisions on cash flows or profits must be<br />
carefully evaluated to ensure that the company remains financially viable to operate as<br />
a business.<br />
Effective financial management is also needed to finance business growth, manage<br />
losses and negative cash flows, ensure efficient flow of funds for business operations,<br />
timely meet tax obligations, and produce accurate reports that are essential for<br />
fostering trust and goodwill with shareholders.<br />
As accuracy and transparency are the pillars for sound financial management, it is<br />
crucial for companies to have an accounting team that embodies these qualities, on top<br />
of providing topnotch accountancy services.<br />
“It is for this reason that more and more companies are outsourcing to accounting<br />
companies to ensure that accuracy and transparency are always met when it comes to<br />
financial reporting and meeting government compliance. The expertise and experience<br />
of outsourced accounting services are valuable in ensuring companies are able to<br />
practice sound financial management at all times,” stated Hans.<br />
The Concept of Outsourced Accounting<br />
Outsourced accounting companies are third-party firms that offer accounting and<br />
bookkeeping services. <strong>Companies</strong> may outsource their accounting or bookkeeping<br />
functions to these firms without having to hire in-house accounting team.
“Having an outside firm watch over your finances is no longer considered taboo.<br />
<strong>Companies</strong> considering outsourced accounting are on the rise, thanks to the multitude<br />
of benefits that having one provides,” explained Hans.<br />
According to Hans, companies engage with outsourced accounting services in<br />
Singapore to take advantage of the following benefits:<br />
- Expertise<br />
Outsourced accounting firms provide a team of specialists who are experienced and<br />
knowledgeable in handling and completing accounting tasks, particularly meeting<br />
regulatory and compliance standards. Besides their expertise, they also provide<br />
valuable advice to help companies manage their finances more effectively.<br />
- Affordability<br />
The cost of outsourcing accounting services is relatively more affordable than hiring<br />
an in-house accounting team. Most companies consider outsourced accounting<br />
primarily for this reason to be able to reduce operation costs.<br />
“When you engage with an outsourced accounting firm, you only pay for the services<br />
you need. You don’t have to worry about employee compensation or packages like<br />
insurance or paid leaves,” explained Hans.<br />
- Easy access to the latest accounting technologies<br />
Outsourced accounting companies make sure they are always up-to-date on the latest<br />
accounting software and technologies that meet industry standards. This ensures<br />
clients with access to advanced solutions that guarantee accurate and transparent<br />
financial reporting.<br />
- Allows companies to focus on running the business<br />
When companies outsource the accounting function of the business, they can give<br />
more time on growing the business. They can focus better on their clients and coming<br />
up with strategies to increase the company’s earnings.<br />
“The focus of outsourced accounting is to streamline core business operations,” said<br />
Hans. “When core business operations are simplified, you will have more time and<br />
energy to develop your key business strengths.”<br />
About Corporate Services Singapore<br />
Corporate Services Singapore first ventured in the accountancy and finance industry<br />
in 2010 and has since evolved into a company incorporation, accounting, payroll,<br />
audit, tax, corporate secretarial, and advisory services provider catering to both local<br />
enterprises and multinational corporations (MNCs) in Singapore. With a trusted<br />
network of partner and affiliate companies, it has grown into a one-stop financial<br />
solution that provides competence and experience to assist clients in all stages of a<br />
business lifecycle.<br />
Contact:<br />
Hans Teo Han Siang<br />
Corporate Services Singapore
65 Chulia Street OCBC Centre<br />
#46-01 Singapore 049513<br />
(+65) 6602 8286<br />
info@corporateservicessingapore.com<br />
https://www.corporateservicessingapore.com
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