| Q: |
Why outsource my Accounting Department?
|
| A: |
Outsourcing is not a new concept. For many years, companies have outsourced their legal, advertising, printing, and computer IT services so they could benefit from professional expertise without substantially increasing overhead and concentrate on functions that generate income.
YFM can assists businesses in creating efficiencies in the accounting department, meeting company’s compliance needs, enhancing internal control processes, and identifying opportunities for improvement.
|
| |
| Q: |
Who should consider outsourcing?
|
| A: |
Outsourcing will be for you if:
- You are spending too much time managing your books and not enough time growing or running your business.
- You want professional grade accounting but do not have the need for a full time accounting person or department.
- You need an understanding of financial reports, so that you can stay informed about your business on an “at-a-glance” basis.
|
| Q: |
Why is outsourcing cost effective?
|
| A: |
Employing a bookkeeper in-house can be expensive. That cost is not just comprised of salary, but the other direct costs such as employer CPF obligations, worker's compensation, medical insurance, retirement plans, and other benefits. Additionally, there are employee vacation, sick days, training, turnover and recruitment expenses need to be considered.
In addition, there are Accounting Software, additional office space, furniture and equipment training to be incurred should you decide to perform the function in-house. Our fees to provide superior service to your company are quite competitive by comparison; we also provide flexibility in adjusting the level of service to meet the seasonal needs of your business.
|
| |
| Q: |
How can outsourcing reduces my Year-End Work and Fees?
|
| A: |
Since we maintain your general ledger and subsidiary schedules as part of the ongoing recording of data and preparation of documents, your year-end work can be significantly reduced. That translates into lower accounting fees and faster turnaround time in preparing tax returns, audit preparation and financial statements.
|
| |
| Q: |
How is my outsourcing fee determine?
|
| A: |
Each client and business is unique, hence YFM calculates a monthly fee for each prospective client by actually diagnosing the existing accounting files, meet up to discuss with owners and management team to review the results of the diagnosis. YFM will explore the challenges and issues related to the accounting function to determine the scope of the work.
|
| |
| Q: |
What happen when there are changes in standards and legislation?
|
| A: |
There is no need for you to keep up with changes in accounting standards, Central Provident Fund or labour legislation. We will take care of the necessary changes.
|
| |
| Q: |
How much service do I need?
|
| A: |
When we work together as your financial outsourcing partner, you can choose from a wide range of services. From a few hours’ credit control to a full package including provision of a part-time finance director, the choice is yours.
|
| |
| Q: |
Won’t I lose control if the books are done by an outside service?
|
| A: |
The short answer: No. You will actually now have more control since you will have improved financials at your fingertips and have more time and money to plan instead of simply reacting to business events.
|
| |
| Q: |
Who controls the money and makes the decisions?
|
| A: |
You have 100% control of all monies and the decisions on how they are used or invested. You decide what individuals and which vendors get paid. We provide the data, but you approve all invoices for payment and sign all checks.
|
| |
| Q: |
Can other people access my data?
|
| A: |
No one can have access to your data without your company’s express permission. YFM can offer greater security than having software and hardware located in-house.
|
| |
| Q: |
How can outsourcing do better work and cost less?
|
| A: |
We are experts. Accounting and Bookkeeping is our only business. We assign duties to our staff best skilled to accomplish the task. We don't ask our staff to do work that they are under or over qualified to do. We have put into place appropriate controls to ensure accurate and timely processing of all accounting data.
Finally, we have developed systems and procedures for our staff that all of our staff are familiar with. If for any reason your usual bookkeeper is unavailable, another one can step in and be immediately up-to-speed with your needs. This makes us far less vulnerable to employee turnover than with an in-house bookkeeper.
|
