Thriving in the Pandemic – What all SMEs can do to cut costs?

Outsourced Accounting Services Singapore

The Covid-19 Pandemic has hit us hard globally. It has significantly changed our lives – the way we work and live! Consumer behavior, attitudes towards office work, and views about society itself has changed. Increasingly, we see businesses – big or small are turning to Technology and Accounting Professionals for help.

Below, we share some quick-wins on how you can easily reduce some of your business expenses: –

Outsource Accounting Services

Outsourced Accouting Services

Outsourcing is when a company hires an outside contractor to perform the task for them instead of hiring their own employee to do it. The most commonly outsourced work include IT, Accounting, Corporate Secretarial, Digital Marketing, Customer Service and Payroll.

Benefits:

·         Cheaper and professional reach: By outsourcing, company can tap on the rich talent pool at the fraction of the cost. The outsourced company are typically specialized in the field and can achieve greater economies of scale. At the same time, you do not need to incur incidental costs such as staff training and benefits in bringing an employee into the company.

·         Improves company focus: By outsourcing, the company share some of the responsibilities with the contracting company. This helps the company to focus on their key activities to grow their business and at the same time, ensure compliance and other activities on check.

 

Drawbacks:

·         Staff morale:  Outsourcing means reducing internal headcounts. This inevitably results in reduction in staff which may impact overall staff morale. 

 

·        Communication issues:  At times, due to time differences and language barriers,  communication can break down and this may impact the quality of work.

Digitalisation

Covid-19 pandemic has changed the way we work. Companies have pivoted towards a hybrid on-line-offline business models allowing employees to work from office as well as from home. It was noted that over 35,000 enterprises are now registered for e-invoicing, up from just 1,000 enterprise a year ago.

Digital transformation is not just about updating technology or adopting a new platform. Rather, it is about workflow effectiveness and productivity. For example, the traditional “Pen and Ledger Excel” accounting is not only prone to errors but also a daunting desktop activity which is often pushed to the last minute. Conversely, an Accounting Software will empower you to send invoice and capture bills on-the-go.

Office Space & Telephone Line

Accounting Firm Singapore

Rentals in Singapore are high! Gone are the days when an office meant a cubicle or four walls and a door with a traditional telephone line. Explore your office location – can you operate outside the CBD? Can you downsize your office space with co-working arrangement? 

 And Do you know that many SME have ditched their traditional telephone lines and opt for cell phones, VoIP and virtual phone lines. 

 

Get Professional Accounting Firm in Singapore's Help Today

Every business is unique. Above are just some of the quick-wins to reduce your business costs. For best results, you should always have a well thought-through plan. Reach out to our professional team for more information today.

Contact Accounting Consultancy for the best advice and solutions. We have helped many SMEs over the years to reduce costs and improve productivity. As the trusted accounting firm in Singapore, we have a team of dedicated certified Accountants to provide you with professional accounting services.

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