Starting up a business in Singapore comes with a few amazing perks like transparent business policies, low tax rate and great government support programmes. But, you need to implement certain laws and policies, as well as fulfil responsibilities including accounting and tax statutory requirements to run a fruitful business environment. Taking up the assistance of certified accounting professionals is a long-term investment that will save you a great deal of time, hassle and stress. To make the process a lot more easier for you.
Below are 11 Things to Consider While Outsourcing Accounting Services For Your Business.
1. Be Well-Aware of your Requirements
The first thing to consider when outsourcing your company’s accounting services is your specific requirements. Detailed accounting tasks start popping up at your payroll zone, so a well-planned payroll procedure carried by skilled employees will minimize all errors that might get troublesome for a smooth operation of your business. Expert accounting professionals can also assist you in arranging full sets of accounts and other essential reports on a monthly, quarterly or annual basis. A timely bookkeeping should be performed to avoid backlogs and maintain detailed financial data that helps in determining the overall performance of your business.
2. Study the Benefits of your Investment in Long Run
Of course, it is essential to be well-aware of your business, it’s not a great idea to take up all the aspects of the organization on your shoulders. Long-term success of your business alls for making an investment to outsource certain operations like accounting services. You won’t have to deal with training your staff to perform those tasks, followed by facing their trial and error. Access the the fee charged by the services, but also make sure you can rely on the company through its experience, financial and regulatory issues, as well as past client services.
3. Go for a Comparison
First of all, gather at least 5 different accounting services, followed by going for a thorough comparison between them. Evaluate them based on the different elements of their service, the prices, detailed features, as well as their overall professional reputation in the market. For the initial pieces of information, you can always head to their websites. Also, study whether they seem to be clear about what they have to offer, or whether their website exhibits credibility and professionalism. The website must also provide appropriate contact details of the firm.
4. Referrals from Friends and Family
Speak to friends and family, as well as a few other businesspersons about the accounting services they are working with. Although, what works for them may not necessarily be equally good for you, considering a quick word of mouth is a good idea if you take the time to review the accounting service’s records, history, and other references yourself.
5. Arrange For Consultations
Shortlist a few reputed accounting services of Singapore and get going to figure out what suits you the best. What you need to do to access their communication competencies and filter all the referrals is to directly contact each of the services. A consultation will help you examine your requirements and lets you know if you can work with the firm to address those needs. It works as a quick insight into the kind of professionalism offered by the firm.
6. Study Past Records of the Accounting Service
Once you consider a particular firm to outsource your accounting tasks, it is important to inquire of their past records and corporate background. Companies that take pride in their performance are usually quite willing to provide you with their credentials, achievements, profiles of their experts as well as their legal track.
7. Learn About Their Tools and Methods
Go for a detailed identification of the technologies and strategies that the accounting service uses. It is important to use the latest systems and technological resources for an accounting professional if they work towards growth, an accurate work and efficient tasking. Ask about their suggested time-table for your company, the kind of tools they utilize, their methods of sorting through receipts and tax returns, and lastly, their strategies for monitoring transactions and managing financial records.
8. Inquire About Turnaround Time
Of course, you look towards minimising the time you spent on administrative tasks when outsourcing the work, it doesn’t necessarily imply that you leave it entirely to the accounting services to carry all the work. A proper communication can prove to be helpful in tracking your finances and put that data to use in handling different aspects of your company and workflow. Also inquire about the service and their system regarding handling and responding to client inquiries. Also, make sure you know how you are supposed to maintain a smooth communication with them – via email or phone.
9. Prepare a Detailed Agreement
To avoid any financial clashes or conflicts arising in the future, it is essential to set your needs and expectations pre-hand. It includes your expected working schedule, payment terms, access to documents and other important data. Also, help the accounting professionals you are hiring to get well versed with your overall business branding, goals, products and services, company structure, office routine and earnings. Working towards getting to know the accounting service and vice-versa helps in establishing a cordial professional relationship between both the parties, ensuring the best possible results.
10. Keep Things In Accordance With Your Work Strategy
It is a must to determine your current business standing and your future goals before you hire professional accounting services in Singapore. This includes a careful assessment of the number of employees you are looking to hire, whether you are hiring them for a full-time or part-time job, is your business financially stable enough to handle tax obligations, anything about the country’s tax law that might trouble you, your expenses and any possibilities of the same getting multiplied in the future. Such a thorough assessment helps accounting professionals to cater their services in order to meet your specific needs and capacity.
11. Access The Kind of Support Offered
Make sure you go for a wise investment when opting for an accounting and bookkeeping service. It is recommended to go for professionals who strive not only towards following contractual and statutory terms, but also look forward to providing you with their maximum technical expertise and professional support to all the strategies and decisions of your business.
If you keep the aforesaid key points in mind, hiring professional accounting services is surely, the best idea to handling your accounts without any hassle. Also, it makes sure your business runs in compliance with the IRAS regulations in a cost-effective and efficient manner.