Accounting services can help you save time, avoid mistakes, and even lower your tax bill. However, the large variety of options may leave you needing clarification. This article will show you all the popular services an accounting staffing agency can provide.
1. What are the benefits of accounting services?
According to all accounting staffing agencies in Ho Chi Minh, tax preparation and consultation, and tracking of expenses and revenues are everyday activities. Accounting is concerned with creating accurate financial records and maintaining efficient recordkeeping procedures.
Billing records, taxes, bank reconciliations, general ledger, and payroll records based on periods are all covered by recordkeeping. Bookkeepers also generate financial statements for review. Although all of this is covered by accounting, an accountant can provide far more financial advice than someone whose role is solely bookkeeping or recordkeeping.
Whether businesses require a contract, temporary, or permanent accounting talent, staffing agencies have the resources and expertise that businesses can rely on to help strengthen their existing accounting recruitment strategies and acquire skilled accounting and finance professionals efficiently. The advantages of partnering with a staffing partner in Ho Chi Minh City include:
1.1. Larger qualified accounting candidates reach
Accounting staffing businesses are continually increasing the size of their qualified professional pool to give organizations access to individuals they would not have been able to contact through internal efforts. Agencies may assist businesses in identifying and engaging with passive prospects, who are talented professionals who are presently working but are not seeking f new position. Companies may acquire specialist and passive accounting candidates before their competitors with the aid of a veteran staffing firm like Sparks Group, providing them with a recruiting edge. Businesses in urgent need of top talent can request that expert recruiters aid them in promptly identifying lucrative accounting and finance candidates.
1.2. Reduced recruiting cost and time
In the banking and finance sector, the average cost of hiring a new employee is $4,323. Organizations may streamline their outreach efforts for accounting candidates and encourage cost-effective recruiting techniques by working with a staffing agency. The cost benefits of partnering with a staffing agency extend across various parts of the recruiting process:
When employed through an agency, candidates stay for a longer period.
Job applications are interviewed more quickly, and recruits are onboarded more quickly, increasing productivity.
HR resources are employed more efficiently, increasing the return on investment from candidate search expenditures.
1.3. Increased accounting position retention
Accounting staffing firms support an extensive applicant outreach and vetting process to ensure candidates are a good fit for the post in terms of experience, employee happiness, and cultural fit. Hiring a terrible employee may be quite costly when you consider the costs of initial hiring and onboarding, recruitment costs involved with replacing that person, productivity interruption, and other issues.
The cost of disastrous hiring, according to the US Department of Labor, is 30% of the individual's yearly wages. In 2018, the median compensation for an accountant was $70,500.1 Assuming the median wage for an accountant, a company that hires the wrong accountant will incur a total business cost of $91,650. Organizations may increase the quality of their hiring by working with a staffing agency, ensuring they stay longer to assist and encourage corporate development.
1.4. Accounting staffing expert guidance
Some firms may struggle to devote the necessary internal focus and resources to developing the best approach for attracting top accounting talent. Staffing services remain up to speed on recruiting trends and market variables that influence what sorts of work environments candidates seek and how organizations may improve their hiring competitiveness. Because of the economic uncertainties caused by the epidemic, the recruiting market has moved from candidate-driven to employer-driven. During this time, a staffing agency may give professional advice on how to efficiently screen numerous job applicants at once to discover the ideal individual.
2. Some common types of accounting services that agencies usually provide
Accounting services are classified as either general accounting or financial accounting. Public accounting is concerned with routine tasks such as transaction recording, whereas financial accounting is concerned with future expansion. You can either hire a bookkeeper to enter data and run reports for you, or you can work with a CPA who can give you financial advice.
Your businesses can hire accounting staffing agencies in Ho Chi Minh to handle tasks in the following areas:
2.1. Bookkeeping
Bookkeeping is the most basic and well-known accounting function. Bookkeeping is the process of keeping track of a company's financial information. Today, bookkeepers are required for any firm to maintain track of transactions. Businesses without a specialized bookkeeper may soon get trapped in managing an avalanche of financial data. Many business owners prefer to do it themselves, but as the company grows, the function will require a specialized bookkeeper. Here are some pointers to assist you pick the finest bookkeeper for your company.
2.2. Financial analysis and consulting
The information recorded during accounting is used for more than merely keeping a record. This information can be useful to an accountant and, subsequently, a financial analyst. An accountant can convert accounting data into financial statements, but a financial analyst can convert these financial figures into useful conclusions for decision-making.
This study may be used to assess corporate performance, and by comparing it to industry rivals, managers can gain an accurate picture of performance gaps and objectives. Financial analysis may also aid in crucial decision-making processes such as budgeting and project funding. Planergy offers an in-depth look at the complexities of financial analysis. Businesses that fail to appreciate the importance of financial analysis risk falling behind in terms of competitive power.
2.3. Internal auditing
While all data and processed information are important, its accuracy must also be ensured. Internal auditing becomes a critical need for every organization at this point. Enron-style corporate crises prompted the passage of the Sarbanes-Oxley Act (SOX) in 2002, which placed the onus of guaranteeing accurate financial reporting on the company's top management. This is critical information that every small company owner should be aware of, and financial data must be audited to reduce the possibility of a penalty. This is one of the most critical things that a company's accounting department should provide to guarantee smooth sailing.
2.4. Tax accounting
Taxes are one of the accounting department's primary issues. A business is required to pay taxes, but understanding this complex procedure may be difficult. This is when having a specialized tax accountant might come in handy. A tax accountant is largely in charge of assuring compliance with tax legislation, calculating taxes to be paid, and reducing the company's tax liabilities.
Businesses that utilize a reputable tax accountant can save a significant amount of money that can be used to expand their operations.
2.5. Financial controlling services
A financial controller is the accounting department's final line of defense and is responsible for the leadership and management of a company's accounting and finance affairs. According to Accountingweb, 27% of accountants polled by Bloomberg BNA named human error as the primary source of accounting errors. Financial controllers are responsible for analyzing all accounting department operations and discovering any problems. Without a financial controller, there is a high danger of internal fraud and undiscovered errors, which may cost the company a lot of money. As a result, having a trustworthy controller in charge of the accounting and financial matters and operating the department efficiently is a very wise decision.
2.6. Accounts receivable
Accounts receivable (A/R) are monies owed to a business by its clients. This sum is normally reported as an asset on the company's balance sheet. Accounts receivable ledgers are commonly used by businesses to keep track of their receivables. This ledger will include all relevant information about each customer's outstanding balance.
Monthly invoices are routinely sent to clients by businesses. These invoices will include all of the items or services acquired by the client from the firm, as well as the amount owing. When the client pays the invoice in full, the payment is recorded on the ledger, and the account is deemed settled.
2.7. Payroll processing
Payroll processing is the process of computing and withholding employee pay, taxes, and benefits. Payroll processors create pay stubs and compute payroll taxes using payroll software. Because payroll processing is a difficult and time-consuming procedure, many firms outsource it to payroll service providers.
3. How can you choose a partner between hundred of accounting staffing agencies in Ho Chi Minh City?
Now that you know what kind of accounting services you want, the next issue is who you should choose to supply them to. Individual contractors, workers, and full-service organizations can all be financial providers. A CPA, for example, can give financial advice while a bookkeeper conducts data input.
So, before you decide to use an accounting staffing agency, consider the questions:
Do you prefer to work with a local accountant, or do you like to work remotely?
Is it necessary for you to have the industry expertise to conduct accounting activities in your company?
Should your outsourced accounting services be integrated with your current accounting software?
Do you wish to combine your human resources (HR) and payroll outsourcing?
Are you seeking year-round help or tax management services towards the end of the year?
Do you require a team of specialists, or can a contractor do the job?
Do you manage your accounting services using a mobile app or an internet portal?
Conclusion
Best of all, you can concentrate on your core business. Accounting services aim to improve record-keeping procedures and data products to expand your firm better and achieve your goals.
Sources: Internet
Get top-notch Staffing and Payroll solutions from TSC in Asia. Our services, including Staffing and Payroll Outsourcing, BPO/RPO, and BOT model, enable businesses of all sizes to hire and operate cost-effectively. Since 2018, our recruitment team has provided candidates in diverse fields catering to specific client needs, from junior to management positions.
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