How SMEs benefit from outsourcing accounting and tax functions
Benjamin Franklin said:
Beware of little expenses; a small leak will sink a great ship.
Whether you fly solo as an entrepreneur or manage a team, reviewing your financial statements and budgeting correctly from the onset will reveal operational inefficiencies in your SME and help you to maintain proper financial records as the business grows because it helps you to:
- Keep track of cash flow, profit margins and debtors
- Make quality business decisions
- Comply with company, tax, and other applicable laws
- Do proper budget management
- Pay employees on time and correctly
- Detect and avoid fraud and theft by customers, employees and suppliers
Hiring in-house versus outsourcing your accounting function
SMEs and start-ups often face the problem of the need for an accountant but not (ironically) having the cash flow to appoint one in-house. Ignoring accounting and tax compliance is, however, just not an option.
So, what is the solution?
Outsourcing to an accounting and tax specialist, such as Huysamen Westraad Incorporated
- Outsourcing the accounting function gives you access to a wealth of resources and experience at a fraction of the cost of an in-house accountant.
- Economies of scale allow us to share costs across our entire client base (this helps reduce the cost for each client).
- In effect, each client has access to the skills, experience and infrastructure of our entire team of qualified chartered accountants and tax practitioners.
- Our team can help you, from starting up your business to managing your monthly accounting and planning your estate (view our auditing, accounting, financial management, tax administration & planning, secretarial, advisory and administration services).
Other benefits of outsourcing your accounting function
- You don’t need to have an outsourced accountant on your payroll or worry about employee (HR) matters.
- We do everything – including reminding you of what you need to do and when to do it.
- We do all the work you don’t want to do and only give you the information you want.
- Outsourcing could lead to massive savings in costs (you only pay for the services you use).
- Access to a team of Chartered Accountants, Registered Auditors and Registered Tax Practitioners (and accounting firms always have to keep updated with the latest changes in relevant laws and regulations).
- Need more convincing? Look at this: Ten reasons you need a chartered accountant in Durbanville.
HUYSAMEN WESTRAAD INC.
Based in the Vineyards Office Estate in Bellville, our team of chartered accountants, tax practitioners and registered auditors are led by partners Gilbert Westraad and Tiaan Hoon, providing expert tax and accounting advice and practical solutions to our clients in the Cape Peninsula and surrounding areas since 1987.
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