WPL & Co. Chartered Accountants

Small and Medium Enterprises (SMEs) dominates the intact business establishment, around the world. The SMEs in Malaysia, are a vital component and contribute significantly to the nation’s economy. Even though the sector is an important component, many of these SMEs cannot sustain themselves over the long term and face problems and failures in their survival within the first five years. The SMEs face many challenges in the current globalised environment. The main reasons for small business failure, among others, are poor financial management.

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A business owner must know, down to the last ringgit, where the money in the business is coming from and where it’s going in order for the business to succeed. Failure of the business can also occur if it lacks a contingency funding plan, a reserve of money to call upon in the event of a financial crisis. Some small business owners don’t have the skill or interest to manage cash flow, taxes, expenses, and other financial issues. Poor accounting practice puts a business on a path straight to failure.

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It drill down to the most basic, fundamental and tedious function : accounting and bookkeeping.

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A good accounting and bookkeeping system is a network of numbers that provide feedback about your business. It track the information that you must include on tax forms, enabling you to gauge whether your business model is cost effective, and to identify elements that are succeeding or failing.

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However, investment in a good accounting and bookkeeping system might not cost effective and time consuming for  SMEs. Hence, outsourcing your account and bookkeeping function might be the most practical option.

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Benefits of outsourcing your accounting functions:

• Reduced Costs

- requiring less staff time for internal accounting functions will allow you to save employment costs.

• Focus on Business Growth

- concentrate limited resources on your core business so you can be more profitable.

• Better Business Decisions Faster

- more reliable information to make improved business decisions in less time.

• Access to Expert Accounting Resources

- access to a team of skilled accountants having a wide range of experience, thus risk of non-compliance.

• Access to the Latest Technology

- you’re not only getting trained staff to handle the job, you also get access to leading accounting software.