On top of gaining more clientele and sales, running a business successfully also involves managing financial accounts and money transactions, getting your books and accounts in good shape and order, whether it’s a small operation or a large corporation. One challenging aspect of books and accounts is their legal accountability under business law. Every financial year-end, a registered business will submit the required returns and other relevant documents to the supervising authorities or face penalty. Poorly maintained books and accounts will certainly pose difficulty for the consolidation of financial statements and submission of returns come tax reporting time, and also call into question the financial health and proper administration of a company.
Engaging a reliable Malaysia Accounting Firm to provide your company with Malaysia Accounting Services is a tried and trusted way of ensuring that your company’s books and accounts are in order to meet all annual compliance filing requirements. But what are the considerations you should take into account when you’re deciding between Company A and Company B?
Malaysia Accounting Services
1. Experience with SMEs
An internationally affiliated famous Malaysia Accounting Firm may sound tempting, but it may not be the most cost-effective choice when it comes to engaging bookkeeping and accounting services. A mid-size Malaysia Accounting Company with many years of Small Business Experience may be a much deal when it comes to cost and efficiency, if you’re an SME business operator. After working with SME clients for many years, an accounting firm and its team of accountants know much better the requirements, as well related challenges, faced by SMEs, and therefore are in a better position to guide your business in financial reporting and other matters, to ensure that your company stays compliant. The company and its client support will also be more accessible, attending to your queries and requests more personally and swiftly, to prevent delays when urgent circumstances arise.
2. Service Packages and Fees
Malaysia Accounting Services provided by different firms are charged at varying prices. Sometimes it’s a flat fee for a certain number of specific, non-recurring jobs and sometimes it’s a monthly or annual fee for a set of recurring services. You will most likely encounter different packages offered by these companies that range from basic (with limits on the number of transactions) to higher end premium packages that allow unlimited transactions and other value added serivces.
Consider what your company needs currently and select the best deal for your business. Some Malaysia Accounting Firm will customise packages for you based on your requirements, so you don’t overpay for what you don’t need, while enjoying the peace of mind of having your tedious bookkeeping and accounts taken care of. A Free Bookkeeping Quote Calculator is an excellent resource for estimating the costs involved, which will help you work out your budget before making a decision.
3. Audit Scope and Support
Accounting firms come in size and scope of all dimensions. After you are clear about the responsibilities pertaining to your business, you will need to understand whether that company possesses the required scope, expertise and support for your needs. For example, if you only require basic monthly financial statements and bookkeeping tasks to be performed, a non-certified accountant or bookkeeper will suffice. However, if your company requires tax planning advice, tax returns prepared, or audited financial statements, you will need certified public accountant (CPA) services. You should definitely, upon contacting the accounting firm for a free consultation, ask for the relevant qualifications and other related information regarding the team what will handle your business and all respective fees involved. You may want to even ask for information about the business owner, if necessary, and also the company’s support mechanisms for SMEs like yours, when it comes to annual submissions, for example.
4. Company Reputation and Notable Clients
An old-fashioned tried and tested way of scouting and selecting an accounting firm your business is to ask for recommendations from other business owners and associates, especially those whose business is doing well. Ask about their experience of working with the accounting firm and its team of accountants, how much are they paying for the services, and perhaps also about the firm’s staff turnover in recent years.
And in this era where Social Media and online platforms rule, you can easily access the company’s profile, notable awards and clients, for example, on LinkedIn and other online sources. What is more important perhaps is to survey reviews, recommendations and testimonials from past and current clients. Social Proof of a company’s activity and performance has become an indispensible link in any business decision making process.
5. Quality of Marketing and Sales Services
When it comes to how serious and efficient an accounting firm is in providing Customer-first services, a lot can be revealed, or reasonably deduced, through its online presence and competency in responding to queries and offering assistance. You can ask questions such as:
- Is the company website professionally designed, mobile-responsive, informative, updated and easy to navigate to find what you need?
- Can you reach customer support easily and swiftly through a Live Chat or Messaging function located prominently on the site?
- How quickly are you attended to, and how well does its staff “know their stuff” when it comes to the services you require?