What are the benefits of accounting, tax and HR outsourcing services for businesses? This is the question that draws the attention of many business owners. Building a stable and competent accounting system is one of the most important issues that any business needs to pay attention to ensure the overall system is operated effectively. However, in reality, the accounting work of enterprises is not always well implemented, leading to many consequences such as failure to ensure compliance with the accounting bookkeeping system as prescribed, leading to the risks of tax penalties and tax arrears; accounting data does not accurately reflect the situation of production and business activities, especially in important items such as revenue, cost of goods, receivables, payables, inventory, etc. In this article, RSM Vietnam will analyze the benefits of accounting, tax and HR outsourcing services for businesses.
1. What is outsourcing service?
Outsourcing is a stretagic decision by a company to reduce costs and increase efficiency by hiring another individual or company to perform tasks, provide services or handle operations that were previously done by employees within the company.
2. Benefits of accounting, tax and HR outsourcing services for businesses
Outsourcing as an accounting, tax or HR function offers a number of compelling benefits:
Accessing expert advice
By teaming up with a firm, you can feel confident that only the most qualified individuals are handling your finances in an un biased and objective manner. Services are often tailored and scalable to bring you the right expertise at the right time for greater flexibility across the board.
Meeting compliance requirements
Accounting and Tax experts are up-to-date on all the latest regulatory requirements. They are updated on what is happening across the industry and carefully monitor relevant laws and regualtions to stay current on processes. You can gain the peace of mind in knowing that your tasks are done properly by a qualified expert in the field.
Reducing business costs
Business owner can choose full outsourcing, co-sourcing, or even specialized resource enhancement to help address temporary staff shortages. Lower wages are also a huge factor when outsourcing and the top reason companies choose to send their operation elsewhere.
Improving productivity
With a team of experts in place, business owners can rest assured that the accounting and tax responsibility will be completed on time. In fact, accounting tasks are streamlined to produce higher quality results and frequently include powerful analytics to help you better understand budgeting concerns and business performance. Suspicious activity is also immediately reported to the business owner, which reduces the likelihood of fraud or government penalties.
Saving valuable time
With the right outsourcing service provider, a business owner can receive support for his or her accounting/tax functions, freeing up valuable time and allowing for better workload management. This means business owner can delegate responsibilities and redirect their focus on what really matters to them: the future of their business
3. Accounting, tax and HR outsourcing services of RSM Vietnam
At RSM, we build strong relationships based on deep understanding of what matters most to our clients. Our team of professional experts are here to provide you with:
Accounting, tax and HR outsourcing package
Consulting service to set up the accounting apparatus;
Accounting review services;
Accounting system repair service;
Chief accountant services;
Monthly/quarterly accounting services;
Service of preparing annual financial statements.
Payroll and PIT package
Initial tax registration service and monthly and quarterly PIT declaration;
Support services for calculating and paying PIT monthly;
Service of calculating and paying wages to employees in accordance with the law;
In-depth tax review services;
Support service for making PIT finalization declaration;
Tax refund service.