Doing business is difficult and energy-consuming. We always need to think about how to get more sales by engineering marketing and customer service process. At the same time, it takes a double effort to make our business stay in compliance with up-to-date financial reports. Be it for tax reporting, audit, or management reports, there are so many efforts that need to be done that fit the current budget. Which is why many entrepreneurs constantly seek cost-effective accounting services.
What takes accounting costs high?
To begin with, have you ever wonder what takes accounting costs high? There are many elements that contribute to this but let’s pick the most common element, to begin with.
It takes someone who is good with numbers and compliance
First, it took someone who is good with numbers and compliances. This factor is the most common thing that people get it wrong!!! Why I said so? Because accounting is all about the knowledge of compliance. Say you have expenses and record in expenses book. This is a straight forward case and people tend to assume it is correct. But when the audit comes or tax audit, there is a better way to record your expenses so you can enjoy tax saving as well as be compliance with the current financial standing. We had seen enough that many companies fall into these mistakes for years. So when they realize this and start to make amendments, the cost will be significantly high and painful. This is the first reason why many companies could not enjoy cost-effective accounting services.
Doing all by myself style
Second factor: “Doing all by myself!!”. A solo entrepreneur tends to take everything by themselves. We understand this situation very well. Because it is better to save capital and put into money generating activity. These groups of people are the ones that best example of work hard!!! The things about doing business in the 21st century, work hard alone does not make your business grows, and the term “work smart” has mushroomed in every entrepreneur’s seminars. Let’s say you work 12 hours daily. Out of that hours, probably operations take more than 80% of your time and 20% put into administrative works. What happens if you put 100% of your time into operations? That significantly increases your productivity in generating revenue? If the answer is yes, then you must change the way how you work now to fit into the 21st century before your business becomes irrelevant.
Get an awesome system to run your business
Third factor: “Get awesome systems to run your business”. Yep, you heard it right. Get the best accounting solutions, HR solutions, etc to run your business. Partly it is true, but those systems tend to require some initial investment and changes before it can be used to run your business. Questions are, how many people are willing to invest such solutions? Commonly the entrepreneur goes to good enough solutions which is cheap!! This approach often leads to a big cost later. Another solid reason why people more and more need cost-effective accounting services.
So what is cost-effective accounting service
We always love any words that tie to cost-effective. That is how Workspez runs its business. We should start from within to do a cost-effective accounting service, then only we provide this service to the public. In our own definitions, cost-effective accounting service means using current accounting resources to achieve the maximum results. It is a simple definition but to achieve this takes significant effort and determination.
How Workspez deliver cost-effective accounting service
Workspez has invested significant capital and effort to develop our own artificial technology that has been acknowledged by MIGHT as well as Oxentia. We are also awarded MSC status under AI development technology.
Artificial Technology as our core operation
In simple terms, how many seconds you need to spend on processing your backlog data? Most common people spend about two minutes and above for one invoice. Our system manages to get it done within 8 seconds with the same accuracy (Check our internal lab data).
So with such technology, our shared service able to provide excellent monthly accounting services with higher accuracy, cost-saving, and speed. Having your current accounting cost slashed by 20% is not good enough for us, we might even bring cost saving as high as 45%.
Let’s wonder how our monthly accounting serviceable to be cost-effective? Well, in many bookkeeping processes, it tends to follow steps such as data gathering-data entry-checking entry-reporting. So our technology excels in the area of data entry part, simply because this activity is the one that takes more than 70% of the time. Now imagine when 70% of activity can be reduced to 5%. This is totally significant cost-reducing!!. This is what Workspez’s main goal from the beginning. The cost-saving will be directed to Workspez customer, which is why most Workspez client has about 40% reduction in their accounting cost.
Hourly charge, unlike others
Many accounting firms charge based on revenue or combinations of revenue and workload. In Workspez, we only bill our customers based on hourly based. This is a real game-changer!! The saving process that we can gain, we return it to our customers so that they too can enjoy such benefits.