The role of accountant is becoming much more complicated and demanding than ever. Expectation from bosses on the finance and accounts department is increasing and is not limited to bookkeeping or accounting.
Many SME sized business owners in Malaysia may not fully understand the role of finance and accounts department. Business owner or head of department are not provided with monthly financial statements and they end up making business decisions based on limited, outdated, unstructured and inaccurate financial data.
In many cases, management reporting such as profit and loss statement, balance sheet, cash flow statement is prepared yearly for audit and income tax filling purpose only.
By engaging a qualified and experienced accountant as financial controller, the business owner can enjoy huge benefits of:
1) Potential cost savings by reducing unnecessary expenses such as interest, penalties, wastage, goods return and others
2) Profit improvement by eliminating unhealthy business unit or product line
3) Cash flow enhancement by speeding up collection and monitoring payments
4) Reduce mistakes and irregularities by designing and strengthening internal control system, company's policy & procedures
5) Plan and align business model with updated and accurate financial information
6) Monitoring business performance using appropriate KPI model
For companies to achieve sustainable growth in today's increasingly competitive business environment, making accurate and effective strategic business decisions is important and critical for the survival of the business.
While hiring a full time Financial Controller (FC) is simply not feasible for the majority of SME businesses looking to managing business expenditure and expedite growth, leveraging on outsourcing FC financial services allows you to gain all the benefits of having a full time FC at a fraction of the cost.
Financial Literacy Training
Are you keeping the people on your team in the dark when it comes to the financial results of your company ? Do they glaze over when you do "share the financial numbers"?
How can you expect the team to impact the numbers if they don't understand them and their role in making them better?
Financially literate employees have a better understanding of how their actions impacts the business profitability - for the better ...or for the worse.
We can work with you to provide fundamental financial literacy training which won't turn your employees into accountants. Instead we can give them a solid foundation in simplified financials so that everyone in your organization is on the same page.
Your team's understanding of financial results is the key to empowering and enabling them to contribute to making the future better!
Our outsourced FC financial services cover the following key areas of financial management:
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