Accounting Services in Malaysia are plenty and even if the notion is not entirely new (because it dates back at the time of the Romans), there is still a lot of misunderstandings and preconceived notions about accounting and its associated services.
So in this article, I am trying to clear some things out. Here are the things that you know little about accounting services:
Not All Accounting Services Are the Same
When you go to an accounting firm, the services that they provide might not be better than other firms. For instance, one firm might delve deeper on tax services and some would provide financial consultancy services.
If you are going to look for an accounting firm to get some of their services, you have to do your prior research so as to not waste your time.
Outsourced Accounting Services Doesn’t Necessarily Mean It’s Taken Overseas
A lot of business owners do not get the services of accounting firms who are known to “outsource” their services. But, you do not have to worry about anything.
While it is true that the term refers to getting services from offices that are not with the one you’re transacting with, this doesn’t mean that it refers to accounting services that are acquired overseas.
If anything, the operations are still in the same country, albeit managed in a different place. So, do not worry about your business data getting stolen or anything of the sort.
Always Have a Backup Plan
So, you’ve hired an accountant and they’ve done a remarkable job handling bookkeeping and tax services for your company. That is great and all, but what if a tragedy befalls them and they will need to resign abruptly, what happens then?
That is why in business, you always have to have a backup plan. Either, you hire two accountants for your company or you have one on-call at the ready whenever something like the aforementioned circumstance pops up.
Get One that is Certified
There are accountants that are really skilled but they do not have the certifications nor the prestige to go along with their work experience.
If you are running a business, then you need to hire accountants that, at least have, a certificate. That is so that you are ensured that they are guided by the principles set by the GAAP and that you are assured that they make little to no mistakes when creating your company’s financial statements.
Bookkeepers, Controllers, and Tax Accounts Have Different Roles
You might get an accountant that is well-rounded to provide different accounting services for your company. That is why most business owners immediately think that the accountant’s roles are one and the same, but that is actually not true.
Although there are some accountants that provide a full range of services- this doesn’t necessarily mean that they specialize in them.
For instance, some accountants know how to file taxes and do it in a great way, while others are pretty confident in their bookkeeping abilities.
These roles- albeit under the same umbrella of accounting- aren’t the same.
Cloud Accounting Platforms Are Now Reliable
Typically, accounting software programs are installed in the company’s computers to do the necessary accounting tasks. However, that proves to be limited in what they can do and they also have this limitation that if the local server fails- all of the data could be in jeopardy.
Clouding Accounting Platforms have been established to address certain issues such as the one I’ve mentioned above. They have come a long way and they are now very reliable and should be considered by any business owner out there.
Accounting Services Are Shifting from Hourly Rates
To help protect both the company and the accounting service provider, most business owners are now ditching the hourly rate in favor of a more robust monthly fixed rate.