Xero Support for you SMEs and Local Business
Having trouble getting started with Xero?
HOW CAN CORNERSTONE HELP YOU WITH XERO?
It is an unfortunate truth that business owners or managers are not just responsible for production or operations but also expected to keep an eye on your finances and accounting. It is a daunting task which relies heavily on accurate and timely accounting.
As your company expands, more of your time will be spent building the core business and less in day-to-day activities like accounting. If you hired a bookkeeper who can only handle accounting for microbusinesses or startups, they may have difficulty adjusting to the volume and complexity shift.
Cloud software like Xero has enabled outsourced accounting support that ranges from basic work to strategic advice – from a team of expert consultants.
Outsourced accounting companies also offer other services that add value to their primary service. For instance, Cornerstone provides forecasting, financial reporting, and consulting on top of basic accounting and bookkeeping.
We work with many business owners and managers in Hong Kong (and globally) that have outsourced their accounting support on Xero to cope with their growing enterprise. Here are just some benefits of outsourced accounting that you may want to consider.
WHY OUTSOURCE YOUR BOOKKEEPING?
Here are some common reasons companies outsource their bookkeeping:
Assess cash flow issues — Reduced cash flow can force companies to make rash decisions about where to allocate resources. Frankly, accounting is not a core process in most Hong Kong businesses and they generally lack the capability to decide strategically on critical financial aspects—something that expert accounting consultants are well versed to provide sound advice.
Prepare for additional funding — When your business is expanding locally in Hong Kong or even regionally there may come a time when you need to reach out to banks or other lending companies. Accurate, comprehensive, and timely financial reports will be required.
Attract investment capital — You do not want to keep investors waiting for financial reports if they are showing interest in your business – accurate, comprehensive and timely financial reports should be available at a moment’s notice which shows business credibility.
You want to keep your financials up to date – Keeping your financial information accurate and up to date reduces headaches down the line. We will ensure that your data in Xero is always accurate and kept up-to-date, committed to delivering regular monthly financial statements.
Improve internal controls — Outsourced accounting ensures you have effective internal controls by providing a system of checks and balances to help you reduce internal fraud opportunities, as well as verify accuracy of your financials. The potential to reduce employee fraud and operational risks are improved with an independent, external partner.
Looking to reduce audit headaches?
Let’s face it – audits in Hong Kong can be stressful. Knowing that your accounts are up to date and carefully documented makes a huge difference at the end of the year. We work with Xero friendly auditors and provide support at year end to ease that burden.
Looking for tax-saving opportunities?
We’re always looking out for your best interests. Are you even aware of the tax saving opportunities available in Hong Kong?
Looking to manage your costs more efficiently?
Owning and operating your own business is difficult! Managing an internal accountant (or team) is time consuming and costly – our accounting support and advisory provides you with a set-it-and-forget-it service. Here when you need us and working quietly in the background when you don’t.
Looking for better accounting support?
You started a business because you saw a better way of doing things. I started Cornerstone because I saw a need to improve bookkeeping services to small to medium size businesses. Choosing to work with us means you’re looking for faster, smarter, enhanced accounting support.
Get in touch with us today to learn more about our outsourced accounting and consulting services
We’ll help you get started with a
FREE 30 min session
with a Cornerstone expert.