According to Companies Act (Malaysia), it is mandatory for all the companies that are officially registered in Malaysia maintain and keep their accounting records properly. In addition, the directors of every company are obligated to prepare and circulate the audited financial statements to all the members within 18 months from the date of its incorporation or not later than 6 months of its financial year before they lodge the financial statements to SSM.
Frankly, it is extremely challenging for the business owners and directors to keep an eye tightly on the accounting function of the company with complying legislative requirements, meanwhile they are so occupied on the daily operation of the business and handling their multiple identities in other aspects. Other than proper statutory compliance, some of the company also facing the problem in managing the turnover of experienced talent. Business owners and management actually find it’s difficult to hire a reliable employee with extensive experience to handle wide range of financial activity of the company, moreover it is hard to ensure the in-house team actually doing it in the proper way. With the consideration of cost-efficiency and effectiveness, this may eventually hinder your business to growth in a long run.