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    Managerial accounting

May 16, 2022

The Convenience of Online Accounting & Bookkeeping Services Especially in the COVID-19 Pandemic

Companies have relied on manual records, spreadsheets, and accounting software to manage and monitor their financial resources for several years. However, the business industry is an ever-changing place. Thus, small- and medium-sized enterprises’ accounting and bookkeeping needs, too, are evolving.

With this change at the forefront of every company in Singapore, innovative and more agile business support solutions must be in place. As COVID-19 remains a threat to everyone, how do online accounting and bookkeeping services fill the gap between business needs?

Whether it is a small or a large business, employees are bombarded with work to meet daily expectations in terms of productivity and goals. All this is no joke to handle, from marketing to customer relationship management and everything in between. While you try to keep up with these activities, you unintentionally ignore your core business and administrative functions.

Although managing your own accounts might have made more sense when you started your enterprise because it saves money, outsourcing from another company to get things done could be more beneficial, especially as the economy is experiencing several challenges brought by a health crisis.

But why not rely on dependable online accounting and bookkeeping services? It will not only take some weight off your shoulders by reducing tasks on your plate but also keeps you away from the risk of COVID-19. If you hire a provider to handle your finances, you hit two birds with one stone.

Typically, businesses employ in-house accountants and bookkeepers to take care of their income and expenditure. But this setup is not for all as it is expensive and a long process. Because of that, it is practical to work with a service provider to perform accounting and bookkeeping activities.

Because the Traditional Approach to Accounting and Bookkeeping Is Changing, You Should Keep Up!

Because of the changes in the traditional approach to accounting and bookkeeping, it is even more challenging to keep up in a competitive market. There were manual records, ledgers, accounting books, and spreadsheets to cater to accounting needs before. Accountants also needed to keep up with the evolving bookkeeping and accounting requirements of small- and medium-sized businesses.

The ongoing coronavirus crisis forced many business owners to work remotely. But more than that, it also changed how many industries work in many significant ways. Therefore, having flexible access to your financial resources should not be an option but a must.

Additionally, the increasing pressure on small businesses to adapt digitised accounting and tax reporting is not helping any company owner grow their businesses. Instead, it forces them to engage in a whole new level of function they are unfamiliar with.

4 Advantage of Online Accounting and Bookkeeping Services in the Middle of a Pandemic

The list below will tell you more about the benefits of online accounting services. Let us get in-depth with each one of them.

  1. CSpecialised Business Solution

  2. Managing a business is not an easy task, as it requires several years of experience and a skilled workforce to achieve short- and long-term business goals. Sometimes, mistakes are even part of the process that leads to growth. But if you ask a successful business owner, success does not happen overnight—it takes time and constant learning. There is no shortcut to everything related to starting, managing, and growing a business. Thus, every step should be taken to ensure no stone is left unturned.

    Business is a challenging venture, so it is safe to say that it requires specialists. The ever-changing business laws and regulations in Singapore should be handled by someone who has a specialised set of skills. Getting online accounting and bookkeeping services ensures your business will get to experience the following:

    • Financial planning
    • Financial assistance
    • Forensic accounting
    • Managerial accounting
    • IT auditing
    • Non-profit accounting
    • Tax preparation
  3. Cost-Effectiveness

  4. The average salary of a full-time CPA is more than $100,000 annually, based on the Journal of Accountancy. Meanwhile, an in-house full-time bookkeeper is cheaper which you only need to pay over $40,000 every year. But it is vital to note that this range is only starting salaries. Employing an in-house talent also demands employment benefits. On top of that, you have to increase their pay every year depending on the arrangement.

    But it does not end there. You also need to hire a recruitment team that will hire your employees. You don’t need to get through all this, though. With reliable online accounting and bookkeeping services in Singapore, you can save money.

  5. On-Time Reporting

  6. Staying on top of your business functions is one way to ensure that you are on track to achieve your goals. However, you do not always have to manage and monitor your financial resources all by yourself. When you hire a service provider to manage your accounts, it ensures that you will easily access the following:

    • Losses
    • Profits
    • Tax Information
    • Personnel information
    • Payroll data
    • Insurance payment
    • Procurement

    Knowing this information, you can have an idea of what areas of your business need the utmost attention. You and your team can improve these areas with that knowledge. Also, with comprehensive account reporting, you will make educated decisions. It would be better to work with a professional team to look after your monetary resources. With them taking care of accounting and taxation functions, you can focus more on growing your enterprise as much as possible.

  7. Personalised Business Support

  8. Every business has different accounting and bookkeeping needs. In order to meet these expectations, service providers offer personalised services made specifically for clients. Doing this ensures that the desired results are met efficiently and within the target timeframe. That said, selecting the right online accounting and bookkeeping services provider is essential, especially in an uncertain time. The pandemic is an anxiety-laden period, and it is when you need trustworthy people more than ever working for your business.

    No Need to Look Far Because ContactOne Has the Experience and Expertise to Help Manage and Monitor Your Financial Resources

    The pressure of adapting to businesses’ digitised accounting and bookkeeping functions forces them to engage with the unfamiliar. The result is they don’t get it right on their first attempt. Only a strategic approach and personalised services will free enterprises from this burden.

    ContactOne provides innovative online accounting and booking services designed to help businesses stay on top of their expenses and income. Want to learn more? Call us on +65 6333 0633 or +65 8666 3633.