3 Reasons to Outsource Monthly Accounting in South Africa
Finding the right service provider for your small business’ monthly accounting needs may seem like a challenge. To this end, you may be tempted to hire someone to perform the function rather than making use of professional monthly accounting services. Though it may seem to be more affordable and easier to do so, in-house handling of the function may not be in the best interest of business growth.
As such, let us consider the reasons why you should make use of professional monthly accounting services rather than handle the function in-house.
Monthly Accounting Services Are Cheaper Than In-House Management of The Function
If you hire a person full-time to do the monthly bookkeeping, invoices, bank reconciliation, and more, you have another person on the payroll. This means you look at yet another salary to pay, as well as training, medical aid contributions, UIF, and leave pay. The cost to company is thus higher than outsourcing the function.
If you run a medium-size business, you may need more than one person to manage the accounting function, doubling the cost to company. However, if you make use of professional monthly accounting services, it does not matter whether you have a small- or medium-sized business. The service provider has the resources to ensure the function is performed professionally and at a reasonable price.
You thus have lower employee costs, do not have to invest in training of personnel, and do not have to deal with HR issues in addition to the administration of more employees on the payroll.
Stay Compliant with Legislative, Tax, and Accounting Requirements
Do you have the time to read up on the latest tax, accounting, and payroll requirements? Can you afford time off to attend training for such? Are you willing to risk hefty penalties for inaccuracies or late submissions of VAT returns? If you outsource the monthly accounting function, you benefit from having up-to-date SARS, labour, and reporting financials.
More Time to Focus on Business Critical Functions
Do not get caught up on the administrative side of owning a business. The more time you spend on keeping books up to date, accounts in order, and payroll legislative-compliant, the less time you have to focus on business growth. When you make use of professional monthly accounting services, you have more time to focus on the strategic plans for your business, and can invest time in generating profits.
Many more benefits are to be realised when you make use of our services, which include, but are not limited to:
- bank reconciliations;
- invoice processing;
- trial balance;
- general ledger updating;
- debtor processing;
- creditor processing;
- VAT calculations and submissions; and
- fixed asset register.
The above, as mentioned, are only a few of the services we offer as part of our affordable monthly accounting packages. Ease your workload by making use of our services.Note: this article is for informational purposes only and does not constitute financial, tax, or legal advice. Call on us for advice rather than relying on the information herein to make decisions. Information is relevant to the date of publishing.