All new business start-ups will be trying to save themselves money at all times and as the owner of a business, you will always try to do the jobs that you probably should be contracting out to someone else. It may save you quite a lot of money but by doing these jobs, you’re not concentrating on the core of the business and doing what you are good at which is selling and creating new customers. If you’re not doing your job properly then your business is going to suffer as a direct result and so will your customers. Many new business owners prefer to do their own accounting and this is a really bad idea because they are too close to the project and so they make decisions based on heart rather than on numbers.
This will be your first big mistake and so this is why it is always best to use an external accounting company in Thailand and that you make sure that your accounts are in order and that you make better financial decisions. There are some jobs that you will be able to do successfully by yourself, but this definitely isn’t one of them. You need to be neutral when it comes to your business accounts because you might end up spending money and driving your business into the ground. It is a very smart business decision to contract out your accounts and here are some reasons why.
It’s a time saver –
You might be entertaining the thought of hiring an in-house accountant to take care of your books but that wouldn’t be a very smart decision at all. You probably went through a similar situation searching for your logistics provider and so you need to think about the costs of employing a full-time employee and all of the interviews and applications that you will have to sort through in order to find the right applicant. After all of that, you might not even find someone who is good enough and even if you do get someone, they might leave after a year to find greener pastures. By hiring an external accounting company, you have none of these initial costs and you hire them when you need them.
Excellent advice –
Your external accountant is there to process your books and to make sure that you are doing everything right financially but you need to remember that they have many years of experience dealing with businesses such as yours and so they can provide you with invaluable insights into the industry. If you’re just starting off, this is an excellent asset to have and they can provide you with the knowledge that you wouldn’t have otherwise.
These are just two of the reasons why it makes sense to contract out your accounts and there are many more. It’s likely to be one of the smartest financial decisions that you will make this year. It is important that you distance yourself from the financials so that you can properly concentrate on the other important aspects of your business.