The most effective way to boost your business is to learn to delegate.
If you’re an entrepreneur, or already an established business, it probably feels like there are never enough hours in the day. But the amount of labor you’re investing in your company might be something you could scale back.
Don’t be tempted to wear all the hats yourself, whether it’s legal, accounting, or administration. It’s impossible to do everything, and when you stretch yourself too thin, the quality of your services goes down across the board. Instead, it’s better to outsource those areas outside your skill-set.
Which Services to Outsource?
Some companies will focus on accountancy and book-keeping, others on administration. Still others will provide legal assistance. Some may offer all of these services. Here are the areas of your business you can outsource.
Book-Keeping and Payroll Assistance
If you outsource your book-keeping, the company will record all of your invoices and issue any reports, including payslips and payroll calculations. Your payroll will be processed securely and reliably, ensuring data protection and meeting all current statutory requirements.
An outsourced accounting service will ensure that you fulfill all of your taxation and filing obligations within the given deadlines. For example, if you outsource accounting services in Thailand, the hired agency can handle essential services such as monthly VAT, Social Security payments, Corporate income declarations and Personal Income, Service, and Corporate Taxes.
A good outsourced management accountant also will act as a trusted strategic business adviser. They can help you with cash flow analysis, budget forecasts, and performance management to help point you in the best direction for your company. Their advice will be tailored to the specific needs of your industry.
Perhaps your administrative processes and systems need managing? You can outsource help with sales or tax invoicing, issuing receipts, sending Tax Certificates, and managing payments.
If you’re starting a business, you may need some expert legal advice to help you navigate the different options: from Limited Company to BOI Company, Branch Office or Representative Office. Legal advisors also can help you get a visa, extend your visa, or gain permanent residency if you are operating in another country.
Finally, consider outsourcing any corporate secretarial work. This work can range from registering new shareholders and a change of directors to updating company details.
Benefits of Outsourcing
Outsourcing these services lets you make sure your business is always compliant, organized, and projected to grow. But that’s not all the benefits it offers. Read on for how outsourcing can benefit your business.
More Time, Less Stress
You free up your time and lower your stress levels when you outsource. This allows you to concentrate on areas of your business that need your attention or for which you have more of an affinity. You can focus more on generating sales leads or putting the finishing touches on that marketing plan.
Always Up-to-Date on Rules and Regulations
When you’re running a business, you probably don’t have time to continually research business tax law or changes to exemptions every year. But the company you outsource to does have that time.
The outsource agency will be up to date with all local rules and regulations. They will keep your business compliant with any taxation or administrative deadlines that need to be met.
Outsourcing your accounting, legal or administrative needs ensures that you have continuity of back up and support. This is crucial during key times of change, such as during a merger or if you’re buying another business.
Most outsource firms are quite flexible in their contract agreements. You can decide whether to outsource on a short-term or more long-term basis. The flexibility allows you to budget more effectively with a low-risk fixed cost that can be turned on or off depending on your objectives.
Boosting Your Business
Outsourcing these core back-office functions can help you refocus resources internally on activities that make you profitable, without lowering quality or service. It can mean the difference between moving to a more expensive location to accommodate all administrative functions. Save yourself time and money by staying put – and outsourcing.