Outsourced Accounting: Why your Business Needs This Function.

Accounting is a crucial part of any business. All companies focus on delivering a product or service to customers. Business owners already have a full schedule for getting more customers, managing employees, and working with suppliers. How are they supposed to focus on accounting as well?

The accounting function is mostly a secondary thought, leading to outdated taxation, accounting, and regulatory requirements. Non-compliance matters can lead to hefty fines and penalties from SARS, CIPC, or other institutions.

Without a proper accounting function in your business, you can quickly lose sight of your financial performance and outstanding taxes and even miss payroll for crucial employees. No business owner or employee wants to experience this.

What is Outsourced Accounting?

Every business needs accounting, no matter what size you are. Outsourcing your accounting function is simply hiring an accounting firm to lessen your accounting burden.

An outsourced accounting function uses a professional and accredited accounting firm to run the accounting department, meaning that you pay an accounting firm to manage:

Your monthly accounts: Track the monthly income, expenses, profits, and cashflows.
Payroll accounting and payments: Ensure all your staff gets paid on time and accounted for correctly.
Tax calculation and payments: Correctly calculating and preparing for all tax-related requirements such as PAYE, VAT, and Income Tax.
Prepare your annual financial statements: Showing your yearly performance is required to comply with The Companies Act 71 of 2008.
Secretarial Services relating to company registrations, monitoring, and compliance.
Debtors and Creditors Management: Manage theses apartments in your business, load supplier payments and collect receivables.

All companies registered in South Africa are required to comply with the above. If you have a running business, you should know that you must comply with the Income Tax Act, the Companies Act, and other industry-specific regulations.

Why You Need To Outsource Your Accounting

Business owners focus on getting new customers and increasing their income. In addition, business owners must manage staff and ensure high-quality servicing and delivery. Many business owners neglect the support functions and focus on the tasks that generate more income.

The accounting function is one of those tasks supporting the overall business, which business owners tend to neglect quite quickly. Outsourcing your accounting function solves the problem.

Small business should outsource their accounting function because it provides them with:

Peace of mind that the function is taken care of without much-needed time intervention from the business owner.
More time to focus on running the business functions and increasing the business’s income and profits.
Professional support that allows business owners to make informed decisions frequently and efficiently.
Clarity on your financial performance, taxes payable, and payroll management matters.

Use Vos Accounting and Tax Services

If you want to run your business with peace of mind, more time, professional support, and much-needed clarity, please contact Vos Accounting and Tax Services.

By partnering with Vos Accounting and Tax Services, you are partnering with a registered Professional Accountant (SA) and registered Tax Practitioner to take over your accounting and taxation responsibilities.

You can BOOK A 30-MINUTE CONSULTATION call with us AT NO COST TO YOU. We help businesses grow by providing much-needed accounting and taxation support.

Contact Vos Accounting and Tax Services for more information on how we can help you and your business.