After a decade of running Rouge Communications as a sole proprietor, I’ve learnt to survive and in turn, thrive by keeping my focus on my best capabilities – which are mainly marketing and business development, while outsourcing everything else.
In fact, this would be my key advice to anyone that is starting out, especially those who are looking to run a small-medium business.
Below: What I do – Content management, copywriting, photo and video shoots for our social media clients.
You may be a great restaurateur, an amazing painter, a trusted dentist or the reliable printing shop owner in the neighbourhood; but your skill sets are probably not in crunching numbers.
As business owners, keeping your finances in order would be your utmost concern.
Profits matter so billings need to be kept in order, tax calculated and necessary documentation done.
Some might opt (perhaps to reduce cost) to attempt all the financial matters on their own, which is understandable, particularly if you’re just starting out.
As entrepreneurs we have all been there before – “one leg kick for everything”. But trust me, as soon as you find yourself (or if your team) overwhelmed, it makes sense to delegate it to the experts.
One part of my business that I’ve been quick to outsource was the accounts.
The primary reason was my aversion to accounts and taxations, another being the fear of messing up and finding the authorities knocking on my office doors.
Depending on your nature of your organisation and demands, accounting services providers like MYBA (My Business Advisory) could be your best bet.
I got to know of MYBA recently through a friend.
Since my circle of acquaintances includes a high number of small-medium business owners, I decided to give MYBA’s services a quick lookover.
The site is transparent and pretty much answers any preliminary queries you may have about its services.
MYBA: My Business Advisory
Here, let’s take a look at their packages:
A one-time fee gets your account going.
The monthly recurring fee would depend on the number of monthly transactions.
If you require SST filing, top up for it, otherwise you can save on this part.
Since most SMEs may not have a dedicated HR personnel, the PAYROLL which is a part of the MYBA package would be godsend.
Next, it was thoroughly explained that all accounting work and records are recorded and managed through a reliable software – XERO, thus minimising the probability of human errors.
“Xero” is a cloud-based software that assists its users with organizing and carrying out standard accounting and bookkeeping functions. It brings your cash flow to life with realtime financial data available in the cloud – anywhere, any time on any device as long as it’s connected to the internet.
Thus, you are able to log in and manage your data anywhere and anytime as long as you have internet connectivity.
Reports can also be generated in Xero at any time, thus creating greater transparency in the accounting records.
The advantages and FEATURES OF XERO:
- Easy invoicing
Easy-to-use online invoicing software makes it simple for customers to pay faster and can schedule an automatic payment reminder to be issued on preferred date once the invoice becomes overdue.
To explore beautiful customisable templates, automatic reminders and online payment options.
- Go mobile
Run your business from anywhere with Xero’s mobile accounting app for iOS or Android. It’s easy to send invoices, approve expenses, input receipts and reconcile. So you can set up your office wherever you want.
The dashboard in Xero can provide you with a clear overview of your current financial position – money in the bank, money coming in, and money going out.
Stay on top of the numbers and keep track of stock in real time, get an up-to-date view on what the bestselling product lines are.
See how much profit are making, and use this information to make the right decisions about what to order and how to price it.
- Connect to bank and bank reconciliation:
When set up direct bank feeds from bank accounts, therefore no longer need to download and import bank statements to get transactions into Xero.
Simplify the reconciliation process by matching bank transactions with those that have been entered into the software. It uses machine learning to predict more matches the more you use this feature. It also has bank rules and cash-coding features to make the reconciliation process easier.
- Multi currency
All foreign currency transactions are converted into your local currency in real time.
Automatically track gains and losses for more than 160 currencies.
Add foreign currency bank accounts into Xero, alongside your local currency accounts. Create invoice using an automatic exchange rate, or enter your own rate manually.
- Save time and effort with online purchase orders.
- Securely share data online easily
If you engage an outsourced accountant or internal bookkeeper, you can set the system to securely share all relevant data with them so they can do their job based on real-time information too. This will improve the collaboration process and save you from collecting and sending data manually. You will never have to search through a filing cabinet again.
Meanwhile, the MYBA team would handle the financial close process and reporting.
After a thorough run-through of the site followed by a discussion with one of the KL office staff, I’m of the opinion that the professional MYBA packages are sufficient to meet the accounting needs for a standard SME.
In addition to the packages as seen above, customizations are possible so I encourage anyone interested to get in contact with the MYBA team to discuss possibilities.
In fact, think of MYBA as your virtual CFO/finance team, which in turn is a wiser and more cost efficient option compared to hiring an in-house finance/accounts staff.
In a nutshell, the advantages of outsourcing to MYBA are:
(i) enjoy the quality of professional services from a firm of qualified accountants as compared with that of in-house individuals
(ii) cost effective, reduce operating cost as accountancy fee is based on package that suits your company
(iii) reduce continuity risk e.g: annual leave, MC, maternity/paternity or resignation
(iv) achieving high level of accuracy in financial information
Last but not least, remember that you’re not left alone to deal with a mere software, but you are assured of human support from the MYBA team which consists of experienced and credible chartered accountants with decades of financial management and reporting experience. This applies for both Malaysia and Singapore offices.
MORE INFORMATION AND FAQs here —> https://mybizadvisory.com/faq
I have also requested for examples of their clients, specifically which industries make up the majority of their clients and based on the table as below, it appears that the team is most capable of serving majority of businesses.
|(v) Food and beverage|
|(vii) Marketing, advertising and consulting|
|(x) Service providers|
ABOUT MYBA (My Business Advisory):
MYBA is an affiliate firm of CA.sg PAC, a firm of Chartered Accountants based in Singapore providing cross-border services including assurance, advisory, accountancy, tax, corporate secretarial and business process outsourcing services.
CA.sg PAC is also a member of an international accountancy network EuraAudit International which has over 150 well established independent accountancy firms worldwide.
EuraAudit International partners CharterGroup, a Group specialised in businesses and collaborates with Interlegal, an international network of commercial law firms.
The team is supported by a group of well qualified professional chartered accountants who are members of international professional bodies and equipped with decades of experience.
They strive to deliver tailored services to each and every client, and dispense their expertise at every level with utmost attention to detail.