Answers to frequently asked questions (FAQ) about accounting outsourcing Hong Kong
In business management, one of the things that you cannot afford to get wrong is accounting. If your enterprise is at a critical moment, such as scaling or drawing new strategies, how the accounts are done will be an important contributor to success. One of the best ways of handling your accounts is accounting outsourcing in Hong Kong.
However, many people are skeptical about outsourcing accounting services because they are bringing third parties to their operations. Is accounting outsourcing Hong Kong a good idea? When should I outsource? These are some of the common questions, and to help you make the right decision, here are all the answers that you need.
Should you consider accounting in Hong Kong?
In most businesses, finances and accounting are the most crucial functions because they ultimately define how successful or otherwise a business is. When you outsource accounting and finance, it comes in handy to help save time and money for your organization.
The time that you could have used to handle the accounting and finances can be directed to another core area, such as product development, marketing, and building networks. This is what you need to rapidly grow to the next step.
Over the years, outsourcing accounting and financial services have evolved and now come with multiple benefits for companies. In addition to saving on time, the experts you partner with can help offer professional advice and guidance that you can rely on for success.
Between outsourcing and doing the accounting on your own, which is more expensive?
When you outsource accounting services in Hong Kong, there are numerous direct and indirect benefits. If you outsource full-time equivalent (FTE), your company can save up to 50% of working with on-site employees.
The main reason for this is that the firm you outsource the accounting services from takes care of its employees, meaning that you will not be required to meet costs related to their salaries, healthcare and other related benefits. Also, the outsourced firm will come with its equipment, which implies that you will not need to buy them.
The good thing about accounting outsourcing is that the firm you contract provides a clear management plan so that you can compare the convenience and costs.
Should you be worried of data accuracy when outsourcing accounting services?
Before you can contract a firm for accounting outsourcing in Hong Kong, it is prudent to do some research about its operations. You can achieve this by reading through reviews of clients who have used the selected firm to understand their level of satisfaction.
Once you pick the preferred provider, you need to agree on delivery service level agreement (SLA) and key performance indicators (KPIs). This way, you are assured of achieving specific targets, including accuracy. Once the agreement is clear, you should not have any worry about accuracy or meeting the legal standards.
How many employees should your company have to consider accounting outsourcing Hong Kong?
This is another area that often gets managers and entrepreneurs confused about when to hit the button for outsourcing accounting services. Well, there is no specific answer to this, and you should go for outsourcing services irrespective of your company’s size. If your firm is still growing, outsourcing can be of great help to cut costs and help sharpen your team’s skills.
For larger companies with a fully-fledged accounting unit, outsourcing can come in handy to help to reduce the workload and increase efficiency. So, do not simply look at the number of employees; always consider outsourcing based on your operational needs.
From the above answers to the common questions on accounting outsourcing in Hong Kong, it is pretty clear that it is an excellent idea for both new and well-established companies. So, do not hesitate to pick the best firm of accounting experts, and that might be the stepping stone to catapult your firm to the next level.