Managing accounting and bookkeeping can be challenging, especially with the low supply of qualified accounting staff and high staff turnover experienced in the industry. Further, re-training of accounting staff can be costly especially in keeping updated with the ever-changing reporting requirement and taxation matters imposed by the authorities. The upcoming e-invoicing ruling imposed by Lembaga Hasil Dalam Negeri (LHDN) to all businesses by July 2025 and its reporting requirement is one example on how accounting department must quickly adapt to these new changes. In the absence of internal qualified accountant, outsourcing the accounting function to professional accounting firm recognised by Malaysian Institute of Accountants should be considered seriously in order to ensure independent checks on financial transactions and compliance with various laws and regulations. Further, a complete general ledger including subledgers, journal entries, trial balance and financial statements can be maintained accurately, timely and reliably for decision making.
Figure 1 below outlines the typical workflow of our computerised accounting & bookkeeping services.
We briefly list 6 benefits on why businesses should outsource their bookkeeping and accounting services with professional public accountant for accurate and timely presentation of the business.
- Access to finance and accounting expertise,
- Cost savings,
- Avoid high accounting staff turnover and re-learning time for new staff,
- Focus more on your business operation, sales and marketing to increase profits,
- Get access to business intelligence from our professional and qualified accounting staff and
- The ability to scale down or up quickly depending on economic situations.
Similarly, managing payroll can be a complicated and time-consuming process. There are many statutory compliance requirements, making it risky if not managed well. Which is why, many business owners prefer to outsource payroll to experts in the field to ensure that it’s done accurately and give them more time to focus on other matters. Outsourcing payroll can also open you up to other opportunities including the benefits of seamless payroll management including electronic pay slips, better employee engagement via technology and ensures that each employee gets paid the right amount at the right time.
At Megat Faizal Musa & Co, we specialize in accounting & finance, bookkeeping and payroll outsourcing services for all industries. Contact us at 010-3812996 or browse our website at www.mfmco.my for more details.
Please contact the below for packages offered and pricing matters:
E-mail: lee.mf@mfmco.my
Mobile: +6010 381 2996 (Call/WhatsApp)