One integral aspect of running a business is managing the operations because it is not as simple as hiring people and asking them to do their jobs. In some cases, leaders need to consider the impact of establishing an independent team of accounting professionals within the company or trusting an audit services company in Singapore to handle payroll, salary, taxation, and other financial concerns. With this, it is a matter of making the best decision that works for the company or the one that enables them to produce more output than ever.
The problem with most things in life is the set of misconceptions that cloud our judgement, such as undermining the importance of providing a clear and strict routine when handling payroll concerns in Singapore or the utmost importance of filing taxes and other financial matters.
In this article, let us explore the myths or beliefs that people get wrong when outsourcing services for their business or hiring people outside the organisation. Learning about them will help you understand things better and make the wisest decision for your employees and business goals!
#1: LOSING CONTROL OF YOUR BUSINESS IS A HEAVY POSSIBILITY AND WILL IMPACT YOUR OPERATIONS
The definition of outsourcing is obtaining services and other goods from people or agencies outside the company. Think of it as trusting other professionals because no one in your business can handle particular matters. In the case of some companies in Singapore, they deal with payroll concerns by outsourcing. Why? Establishing a department in the company might be costly or time-consuming, and hiring people from the outside works best! There is also no possibility of losing control of your business because their job is specific, and they have no power to make decisions.
#2: ESTABLISHING A NEW DEPARTMENT OR TEAM IS BETTER FOR THE COMPANY
Some would argue the benefits of starting a new department or team are better for the company because outsourcing is sometimes not the best option. While this may be true, in some cases, this route means revising the organisational chart, briefing the budget to make changes, and sometimes spending more money than usual. Expertise is also one factor to consider because some external agencies and companies know more than you, such as processing the Singapore employment pass of your foreign professionals. After all, it takes time and skills to do those things. (Tip: Always know all your options and take the one that works for your needs.)
#3: OUTSOURCING MEANS SPENDING MORE MONEY AND BUDGET THAN INTENDED
There is no such thing as spending more money and budget than intended when outsourcing different services because it depends on the case. For example, you prefer going with an external agency for auditing services in Singapore rather than hiring people and establishing a new department. This route means skipping the gruelling process of budget briefing and other financial concerns because all you have to do is pay the external agency for their services. Going out of your budget is also far-fetched because that is the essence of outsourcing! (Tip: Know the cost before deciding if you wish to outsource or hire people to work for your company.)
#4: THE PROCESS OF HIRING AN EXTERNAL AGENCY IS MUCH MORE COMPLICATED TO KNOW
There is no such thing as being complicated when you know them! First, the process of outsourcing, or hiring a company to process the EP renewal for foreign executives or handle payroll concerns in Singapore, is a simple partnership between two businesses. The client needs to accomplish something, and the external agency is there to help them achieve that goal! For instance, your company needs graphic designers and website developers. Rather than establishing a department or hiring new employees, collaborating with another company to produce output is the goal, and in this case, creating different digital products and platforms. It is not very complicated if you know the simple definitions!
#5: THE OUTPUT THEY ACCOMPLISH ARE USUALLY INFERIOR AND DOES NOT MEET YOUR STANDARDS
If you are worried about the audit and other services in Singapore being inferior and failing to meet your standards, you are wrong! First, despite the lack of control, clients still have authority over the deliverables and other outputs because they are paying for these services. Being able to supervise the project is also possible, given the partnership and collaboration they have agreed upon. The second point here is that you can always ask them to revise projects or improve their output because you have the authority to do these things. However, keep professionalism in mind because there is no time and place for being hostile and disrespectful towards your outsourcing staff.
#6: OUTSOURCING MEANS LEAVING EVERYTHING TO THE EXTERNAL AGENCY AND OTHER STAFF
Yes and no. First, if you are asking them to handle payroll concerns and auditing services in Singapore, for example, they will provide the necessary work with some things in mind. They will consider your goals and produce output that showcases their skills and expertise as workers. Leaving everything to them is the essence of this task, however, it does not mean letting them decide on whatever they want. Instead, you still have the authority to provide feedback, give guidance, and tell them the exact things you wish to achieve. That is the true purpose of outsourcing, which is very enticing for anyone who strives for efficiency. (Tip: Build a relationship with them and keep in touch to give updates and know about the progress of your tasks.)
In Singapore, processing your company registration, EP renewalfor foreign employees, and maintaining your audit servicesis a challenging task to undertake. Imagine managing a company and thinking of these things on top of your daily tasks, and that is why outsourcing is king! You only need to trust a company and ensure they produce results and output that keeps your business afloat. If you have anything in mind, visit Paul Hype Page & Co to plan something, and they will help you with all your concerns.