Case Study: EPF and Tax Department Issues

The Challenge

Client B, a flourishing sizeable enterprise, was struggling with their in-house accounting and bookkeeping department. They faced substantial overhead costs for their full-time staff, including employee benefits. The department was plagued with issues such as amount discrepancies, inexperienced staff making mistakes, and high turnover rates, especially during tax season.

These problems culminated in significant issues during monthly payroll and yearly tax seasons, including messy payroll, late and inaccurate employees’ EPF payments, and incorrect tax submissions. These inaccuracies led to demands from the EPF and tax departments for explanations and proof due to submission discrepancies.

Furthermore, Client B had difficulties with accounts receivable and payable, such as tracking and managing clients’ payments and paying vendors on time. This disruption in cash flow was detrimental to their business operations.

The Solution

Client B was referred to Webnacc by one of our satisfied clients. We immediately set to work, identifying the issues and providing necessary consultations. We corrected and improved all their accounts and bookkeeping processes and SOPs.

We also assist them in correcting their accounts and bookkeeping mistakes, as well as compiling the necessary documents and evidence for their interviews with the EPF and tax departments.

Eventually, Client B decided to outsource their entire accounting department to us at Webnacc.

The Outcome

With Webnacc handling and managing their accounting and bookkeeping, Client B has been able to focus on their core business without the distraction of complex accounting and bookkeeping issues. This has allowed them to expand their business significantly.

Conclusion

While employing an in-house accounting and bookkeeping staff may seem ideal, it is often not sustainable and can hinder business growth. Outsourcing these tasks, or even the entire accounting department, may seem risky, but this is a common misconception. Many successful businesses have started lean by outsourcing necessary tasks to professionals, enabling them to move faster and expand their business more quickly.

If you’re facing issues with your accounting and bookkeeping, talk to us at Webnacc. We’ll resolve your issues in no time, allowing you to focus on what you do best – growing your business.