Coronavirus Crisis: Why Outsource Your Finance Functions

Coronavirus Crisis: Why Outsource Your Finance Functions

The outbreak of the coronavirus which originated in China has been described as a serious and urgent global health threat. But it doesn’t just affect the global health systems, the coronavirus has permeated the global economy and has affected businesses everywhere. Recently, global stock market indices such as the S&P 500, NASDAQ, and Dow Jones have reported shock drops. Most Asian stocks have also been on a free fall since the outbreak.

But the effects of the coronavirus also present an opportunity for businesses – to test how well they can apply remote working technologies available today and survive this or any other emergency in the future. At the heart of every company’s operations is how it runs its finance functions.

By outsourcing to an accounting firm in Singapore, you’ll be able to continue running your company’s finance operations while working from home just as smoothly. Here’s why.

They still have access to expert advice

How is your business responding to the drops in stock market indices due to the coronavirus? Do you have an in-house financial expert to guide you through this crisis?

Most people agree that outsourcing to affordable accounting services is more cost-effective than hiring and maintaining an in-house accounting team. Plus, they are highly experience in various industries and equipped with a wide breadth of accounting knowledge to give a more objective and accurate advice for your business decisions. This also helps to ensure your business operations can continue without risking the health of your team of employees.

Productivity remains high

During times of crisis, companies often respond with business continuity plans which involves working from home. This can prevent crucial functions like finance to come to a halt due to the crisis and hamper productivity. Teams are also likely to be physically segregated to avoid the risk of infection between them, which can impact on their collaboration and communication capabilities.

When you outsource to an accounting firm in Singapore, like Ackenting Group, your business will tap into an existing and efficient process that will carry out activities such as reconciliation, payments, and invoicing, amidst a crisis. Productivity will remain high as you can rely on accounting experts to complete their accounting responsibilities on time.

Adapting to remote technologies

One of the biggest developments in accounting technologies today is accounting software that utilises cloud computing. This enables accountants to perform most of their functions remotely. Amidst such a health crisis, there are ways to carry out crucial accounting functions, albeit remotely.

But reliable, remote-working accounting technologies with high-security standards are not cheap or simple to operate. You will have to invest in both technology and human capacity. Hiring outsourced accounting firms takes away the headache of narrowing down to the best-fit technology and the cost of building your team’s capacity, ensuring they are well-trained to utilise the technology effectively. Our certified accountants at Ackenting Group are well-versed in different accounting software to cater to your unique business needs, so you can save on time and resources to focus on operating your business smoothly.

Maintaining low costs

Outsourcing to accounting firms is proving to be more affordable than maintaining an in-house accounting team. This is especially so at a time of a health crisis like now. It will not disrupt your business operations even as you work from home, and fret about incurring costs in technology or capacity upgrade.

Reach out to an accounting firm in Singapore and ensure that your business is able to operate remotely and maintain productivity amidst the coronavirus threat.

If you require any assistance on accounting services, feel free to drop us an email at johnwoo@ag-singapore.com or contact us at +65-66358767. At Ackenting Group, we offer a complimentary 30 minutes online consultation for us to better understand your business requirements.

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