Any accountant worth his or her salt will always tell you that you can’t argue with the numbers. When it comes to your business dealings, it is important that you have the figures right in front of you so that you can make more informed decisions and more importantly, that they are correct. If you’re just starting a new business here in the Philippines and you’re trying to save yourself some money at the very beginning, which is understandable, you should know that trying to do your own accounts could be your first big mistake.
In many situations, business people make decisions based on what their heart tells them and not on the figures that the best accounting firms in Philippines provide them with. This is why you need to separate yourself from the accounts for your business so that a third party can always provide you with a neutral standpoint. Cash flow is essential for any business to be successful no matter what country that you are in, so the following are some of the reasons why proper accounting procedures are required for any successful business and why you should be engaging with an external provider.
- It will save your business money – When you think of the costs of setting up your own accounting department, it doesn’t bear thinking about. Not only will you have to go through the whole hiring process but you will also have to provide employees with a full-time salary. If your business is just beginning there is no need to have these additional members of staff and this is why it makes good business sense to contract out your accounting needs for now.
- You get their knowledge & experience – Not only will your accounting be completed correctly following the relevant accounting rules and regulations, but you will also be able to take advantage of their extensive experience operating in this particular sector. It is fair to say that they will have seen many businesses come and go over the years and they can make you more aware of the issues that a business such as yours faces.
- You make better business decisions – There will come a time when an opportunity comes up that seems to be too good to be true and it is important that you have full access to cash flow if you want to take advantage of it. Your accountancy provider will not only be able to provide you with the figures but they will also tell you if you are making a smart accounting decision or not. It is crucial to have a neutral party such as this, with a clear head, telling you what you need to hear and not what you want to hear.
Hopefully, these three reasons can encourage you to contract out your accounting needs here in the Philippines. There are many other things for you to be concentrating on as the owner of this enterprise, so think about those instead.