Doing business is difficult and energy consuming. We always need to think on how to get more sales by engineering marketing and customer service process. At the same time, it takes double effort to make our business stay compliance with up-to-date financial reports. Be it for tax reporting, audit, or management reports, there is so much efforts need to be done that fits to current budget. Which is why many entrepreneurs constantly seek for cost effective accounting service.
What takes accounting cost high?
To begin with, have you ever wonder what takes accounting cost high? There are many elements that contribute to this but let’s pick the most common element to begin with.
It takes someone who are good with numbers and compliance
First, it took someone who are good with numbers and compliances. This factor is the most common things that people get it wrong!!! Why I said so? Because accounting is all about knowledge of compliance. Say you have expenses and record in expenses book. This is straight forward case and people tends 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 current financial standard. We had seen enough that many companies are fall into this mistakes for years. So when they realise this and start to make amendments, the cost will be significantly high and painful. This is first reason why many companies could not enjoy cost effective accounting service.
Doing all by myself style
Second factor: “Doing all by myself!!”. 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 group of people are the one that best example of work hard!!! The things about doing business in 21st century, work hard alone does not make your business grows, and the term “work smart” has mushroom in every entrepreneur seminars. Let’s say you work 12 hours daily. Out of that hours, probably operations takes more than 80% of your time and 20% put into administrative works. What happen if you put 100% of your time to operations? Will that significantly increase your productivity on generating revenue? If the answer is yes, then you must change the way how you work now to fit into 21st century before your business become irrelevant.
Get awesome system to run your business
Third factor: “Get awesome systems to run your business”. Yep, you heard it right. Get best accounting solutions, HR solutions, etc to run your business. Partly it is true, but those systems tends to require some initial investment and changes before it can be used to run your business. Questions is, how many of people are willing to invest such solutions? Commonly entrepreneur goes to good enough solutions which is cheap!! This approach often lead to big cost at the later. Another solid reason why people more and more need cost effective accounting service.
So what is cost effective accounting service
We always love any words that tie to cost effective. That is how Workspez run its business. We should start from within to do cost effective accounting service, then only we provide this service to public. In our own definitions, cost effective accounting service means using current accounting resources to achieve maximum result. It is simple definition but to achieve this takes significant effort and determination.
How Workspez deliver cost effecting accounting service
Workspez has invest significant capital and effort to develop our own artificial technology that has been acknowledge 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 that you need to spend on processing your backlog data? Most common people spend about two minutes and above for one invoice. Our system manage 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 service 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 service able to be cost effective? Well, in many book keeping process, it tends to follow steps such as: data gathering-data entry-checking entry-reporting. So our technology excel in area of data entry part, simply because this activity are the one that takes more than 70% of time. Now imagine when 70% activity can be reduce to 5%. This is totally significant cost reducing!!. This is what Workspez main goal from beginning. The cost saving will be directed to Workspez customer, which is why most Workspez client has about 40% reduce 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 billing our customer based on hourly based. This is really game changer!! The saving process that we can gain, we return it to our customer so that they too can enjoy such a benefits.