Accounting Firm in KL – Don’t Waste Time Calling Around. We Help You to Get the Best Quotes in Town.
If you are a company that wants to change your accounting service provider, we can help you get up to 3 free quotes from accounting firms in kl with no obligation attached.
But maybe you are a small business considering hiring an accounting firm for the first time and want to know when it is a good time to hire.
Then this information is for you, please read and you will understand when it is time to find a professional accountant to handle your small business finances.
Small businesses often function on cost-saving methods and try to handle a lot of paperwork themselves, we understand this very well.
Admittedly, it is indeed a smart move when you are just starting out and finding your footing in the world of business.
However, there comes a time when you need professional help to sort critical things such as accounting and bookkeeping.
Attempting to handle it yourself after a particular point may result in mistakes or even worse, nothing happens and a large number of financial backlogs pile up.
The question is:
- How do you find out when is the right time to seek professional accounting services? And,
- how do you find a trustable accounting firm in KL?
We have created some answers to these questions that will help clarify this for you so you know when to hire a professional and what accounting firm you should be looking for.
When Do You Know It’s Time to Hire an Accounting Firm in Kl for Your Small Business?
When your business grows and you become overwhelmed with accounting tasks, you have two options:
You can either hire a full-time accountant or you can outsource the accounting services to an accounting firm.
If you lack the budget to build an in-house accounting team in the office, it is best to source for accounting services from an accounting firm in KL. But, when do you make that decision?
Here is our take on it:
- When the number of transactions, inventory, supporting documents increases, and you find it tough to keep up. Even if you are good with numbers in general, as your business grows a more advanced accounting practice may be needed. If you are feeling overwhelmed and it is affecting your job role, it is time to outsource.
- When you spend too much time chasing invoices, keeping track of cash flows, charting future cash flows, and keeping an eye on tax deadlines. An accounting firm in KL will help you to keep track of exchanges, transactions, expenses incurred, salary costs, goods production costs, profits targets, tax planning, preparation and need someone to collaborate with licensed auditors to deal with LHDN; the Inland Revenue Board of Malaysia (IRBM). Additionally, if you need advice on valuation reports for funding, mergers, or acquisition.
- When you and other employees are pulled away from their core duties of the business such as sales and marketing to do administrative paperwork. You may think that you can balance the roles and share the burden with your employees, but it can lead to burnout in the long run.
If you have been finding yourself in any of the situations above, it is time to look for professional accounting firms in KL.
Traditional Accounting Firm Vs Young Accounting Firm
Now that you have decided to get accounting services from an accounting firm in KL, the next question arises. How to pick the best-suited accounting firm for your company?
Accounting firms provide different service packages, use different approaches and in-house software.
One of the most effective selection criteria is whether the firm is a traditional firm or a young firm. Some businesses find it comfortable to work with a traditional firm while some actively seek a newer and younger accounting firm in KL.
The major difference between a traditional accounting firm and a young firm is the technology being used and the years of experience of the accountants working in the firms.
Generally, a traditional accounting firm in KL comprises experienced accountants and bookkeepers.
These professionals may have experience dealing with a wide variety of businesses and hence, they will be able to provide valuable insights into the growth of your company.
Their experience can be an asset that forecasts future problems in your business.
However, they may not be the best fit when it comes to computerised systems and the latest accounting software.
While many have their own in-house accounting software, there is no guarantee that other aspects such as filing systems are modernised. This may cause a delay in some of the processes. You may have to factor in these aspects when you start working with them.
On the other hand, a relatively new accounting firm in KL will be up-to-date with the latest software and developments in the industry. Some may offer you cloud accounting software, such as Xero, Quickbooks, Freshbooks etc., apart from their own in-house accounting software.
These firms work fast and you can get your hands on reports and analysis in a matter of minutes. However, they might be young accountants who are still learning the tricks of the trade and properly won’t have the same experience in complex accounting areas like taxation.
Some may not have any experience in dealing with your business niche. Rest assured, the accountants in accounting firms will be professionals who are on par with the right accounting services in Malaysia and you should always make sure that they are certified with the Malaysia Institute of Accountants (MIA).
What Is Cloud Accounting And How Can It Help You?
Although cloud accounting is quite new in the accounting scene in Malaysia, it is catching up and accounting firms in KL are eager to provide the best for their clients.
Cloud accounting is a service done using software hosted remotely on the cloud instead of being locally hosted on a desktop computer’s hard drive or on an in-house server.
While most processes are similar to the already-in-use accounting software, the difference is that your data will be sent to the cloud to be processed.
Some of the benefits of cloud accounting include:
- Your accounting and bookkeeping can be updated in real-time through apps that can scan and upload your receipts and invoices on the go. Overall, the time spent on the administrative task may be reduced.
- You will be able to access the data anywhere and anytime. Cloud is location independent, which means you can run your business in Penang and hire an accounting firm in KL without jeopardising the quality of the accounting service they provide.
- Quick updates can be done using cloud accounting. Instead of delayed and manual processing, cloud accounting will result in quick data and information sharing. As a result, you will be able to make decisions faster.
Accounting Firm in Kl – Get in Touch With Top Firms
Many accounting firms are moving towards modernising their services to be on par with the advancements in the industry. If you are keen on cloud accounting software due to its efficiency, it is better to enquire with the accounting firm you are looking to hire.
If you use our service to find an accounting firm you will know that quality is high. We filter and vet all the firms to make sure that they have all the right requirements, certification and a member of MIA in Malaysia.
Apart from cloud accounting, it is also important to know your preference is for a traditional firm that may give you a better business advisory or a young firm that more tech-savvy.
Most importantly, you need to know when it’s time to look for professionals instead of trying to do it yourself! That is why it is a good idea to compare services before you hire an accounting firm in KL.
Let us give you 3 quality quotes today, with no obligation to choose any of the proposals the accounting firms send you. Fill in the form and we go to work right away – our service is totally free of charge!