As we have established earlier, a big part of accounting is keeping good records of all financial transactions but it is also about predicting or projecting financial situations. Thanks to existing records and known cost of doing business, a good accountant can assist you in your planning and affect your bottom line positively.
For the least he will help you avoid known financial or taxation trappings.
Indeed keeping records is only the basis of our work as their knowledge of the tax codes can help you save substantial amounts of money legally. Syahrin & Co. knowledge of business practices, legislations and regulations are a must for any company that wants to endure and succeed in the competitive business world we live in today.
To start with, some company formations in Malaysia are legally bound to do
statutory reporting and get their records reviewed and audited once a year.
Having said that, the benefits of having an accounting firm for any business will
always out weight the cost it generates. The time saved is undeniable, allowing you to focus on running your business rather than prepare tax returns, financial
statements or GST reports.
Accounting services vary from firm to firm. Some accounting firms stretch
themselves to offer bookkeeping, tax liquidation, company secretarial, corporate advisory and administration services such as payroll and HR services.
It’s important to know that in Malaysia many of these services need special
licensing so accounting firms sometimes collaborate across firms to offer a
broader variety of services to their clients.
First, It is important to know what accounting responsibilities you need an accounting firm for. Take into consideration your own financial level skills. Do you have the time and the knowledge to carry out some accounting tasks or do you need an accounting firm to take over those responsibilities?
While it may look like an unnecessary expense, remember again that even if you have the skills, accounting is a time-consuming job that may be better used growing your clients base or sales revenue.
The experience a good accounting firm brings to the table adds value to the company in many ways. They help you save cost, increase revenue and lower taxes paid every year thanks to an in-depth understanding of regulations.
These days there is a growing demand to outsource bookkeeping and accounting and not only that, clients are seeking consulting services as well.
If you find a good accounting firm they may take a CFO role in your company and help you grow faster in the early stages of your company’s lifetime.
There is a huge cost benefit to this approach saving you the time to find, hire and pay for a CFO salary. It is, of course, important to establish a good relationship with your accounting firm before you are able to form this partnership approach, but it will have a huge value for your company.
As mentioned above, with some company entities like public limited and public listed and the Malaysian entity Sendirian Berhad (Sdn. Bhd.) you are legally bound to produce an annual statuary report that is prepared by an accounting firm and revised by an audit firm. If you set up a sole proprietorship or partnership you are not obligated for the same requirements.
This leaves you with a choice as an entrepreneur when incorporating your company if you will need an accounting firm for the financial statements and annual reports.
Complying with statutory standards and rules, Syahrin & Co. help you with not only financial statements and annual reports but also your SST reports and more importantly an overall overview of your bottom line profit margin, which is a great indicator of the financial health of your company and long-term viability.
Cost can greatly vary depending on the tasks needed. The time needed to complete the task is in direct correlation with its cost. For example, a yearly preparation of tax returns will take a lot of time and therefore more costly.
It becomes more complex to find the right service at the right cost as each
accounting firm will have different prices for the same service or benefit. Syahrin & Co. can charge you by the hour and there is a wide range of cost/hour on offer.