Whenever managers hear the phrase “outsourced services”, it gives them shiver on the spine because there are many misconceptions related to this aspect, especially when it comes to outsourced accounting services. However, many of them are not true at all and business owners should understand that sometimes outsourcing their financial department to a different Singapore accounting company may be the best decision in order for their businesses to work. Here is a list of myths on outsourced accounting services you should stop believing right away.
#1 – I lose control over my company’s financial
The first thing that comes to your mind the moment someone suggests you to outsource your company’s financials is that you will lose control of them, which is definitely not true. Always being in control of everything happening within your business is normal, especially when it comes to the financial department, but you have to understand that an outsourced accounting company can save you a lot of stress and time. They will focus on having your books in order and will keep you up to date with the latest financial position of your company. You will still be in control of your finances and have the power to make the right decision.
#2 – It is not secure
Many business owners are afraid to outsource their accounting services to another company because they believe a third party may still their data, but they couldn’t be any further from the truth. The secret to success in this case is to find a professional and reliable accounting company. It may take some time until you have found the best one in the industry, but everything will be worth in the end. What makes the difference between a professional accounting firm and a mediocre one is client confidentiality. Select a company that makes confidentiality their top priority.
#3 – It is too expensive for small businesses
Small businesses usually fail due to bad bookkeeping and poor accounting management because the staff lacks experience and training in this field. Outsourcing your accounting services increases the chances for your company to succeed even in a highly competitive industry. Even though you believe you may save money if you do the accounting yourself, you may end up making a big mistake if you do not have the necessary knowledge and training to do it. Outsource this service so you do not have to worry about this aspect anymore and can focus on other things instead, such as promoting your business for instance.
#4 – Outsourced means overseas
When they hear the word “outsourced”, many people instantly think it means “overseas” and this is another very popular myth they fall victim to. Outsourced refers to obtaining services or goods from a different source outside your company or contracting out work. You can find an outsourced accounting company that is located several miles away from where your business is located, so this myth is clearly false.
All in all, these are some of the most popular misconceptions people have on outsourced accounting services.