Some small companies in Thailand may consider having only an in-house accounting team to handle their finances, or in some instances, handle it themselves. While this decision may work for some businesses, most businesses would be better off outsourcing their accounting and financial management to professional accounting services in the country since they can obtain more benefits than harm.
The following are some benefits of outsourcing accounting operations for the company:
Pouring efforts over bookkeeping and accounting issues on the back-end operations can be a huge inconvenience that takes up several hours of valuable working time. Outsourcing accounting tasks help the company to get more time to spend on crucial core business activities, such as attracting new customers and devising a feasible strategy to grow the business.
Outsourcing the accounting duties help the company save money by eliminating the need to spend on expensive benefit packages for part-time or full-time employees. Instead, companies only need to pay for actual accounting work done, hence, cutting down on productivity and payroll expenses.
A 2012 study released by the Association of Certified Fraud Examiner reported that the most common fraud victims are small, private companies that have less than a hundred workers, with median fraud amounting to an astounding $147,000. Outsourcing accounting operations help the company to obtain skilled accountants and advance accounting technology that can oversee the KPI and metrics that demonstrated abnormal transactional and billing activities, hence, reducing fraud.
Reputable accounting services in Thailand have a team of accounting experts who are knowledgeable on the latest tax laws and accounting-related tasks. They work around the clock for the company offering efficient services that fit its business.
Outsourcing accounting tasks allow the company to access a team of professionals who would double-check on each other's performance and ensure all findings and statements are precise, avoiding loopholes and errors.
Outsourcing accounting to a service provider makes it easy for the company to grow without having to go through the hassle of hiring new accountants to satisfy the need for more workforce. The accounting agency can increase and reduce its resources to accommodate its clients' requirements. It would also provide the company with several valuable options and suggestions which could significantly help the company down the line.
While hiring a reputable accounting service in Thailand can undoubtedly boost the company's productivity, companies should consider several factors before hiring the best accounting services provider in the country, which include the service provider's location, expertise, certifications, size, and rates.