Whether you are running a start up or multi-dollar business, you agree that time is a valuable resource that cannot be substituted with anything. If you take most of your time doing bookkeeping and other accounting tasks, then you are consuming the time you could have used generating more income or organizing other core areas of your business. However, this doesn’t imply that you should disregard accounting for your funds. Bookkeeping and accounting services are paramount for any business especially if you are operating in a competitive environment like Singapore.
Why would you consider accounting services in Singapore?
To free you from the management of time-consuming accounting tasks
Accounting and bookkeeping tasks can sap most of your energy. Sometimes it may mean taking extra time after office hours to handle accounting tasks. It means you have to retire to bed late and wake up early. Therefore, you won’t find time to attend to other administrative tasks of your business. When you outsource your accounting tasks, you get ample time to focus on the core areas of your business. Certain administrative tasks require quick decision making. If you fail to do it, then you might miss out on significant opportunities.
Reduce bookkeeping related costs
Did you know that outsourcing your accounting tasks can cut down up to 50% of your expenses? Outsourcing involves contracting an outsider to conduct your company’s recurring internal activities. Accounting, financial bookkeeping, and reporting are some of the recurring tasks that can be outsourced. You can find several accounting firms in Singapore who are willing to do it for you at affordable rates. The costs of running an in-house accounting service, paying for rent and salaries to accounting staff is eliminated when you do outsourcing.
Prompt accounting services
Professional accounting firms in Singapore are capable of delivering overnight turnaround of your accounting work. Therefore, you never have to worry about late submission of tax returns and more. They are also updated on latest Singapore accounting reporting standards, software and other accounting trends that you may not be well conversant with. Your firm can benefit from such trends.
Accounting is broad and encompasses a variety of tasks. Accounting tasks such as corporate accounting, financial forecasting, director’s report, XBRL statement filing and income, profit and loss accounts all need maximum accuracy. If you rush over them, they can wreak havoc on your company’s reputation. It can be worse when you don’t have any accounting knowledge. An accounting firm will also give you guidance and advisory services throughout the entire accounting process. It is paramount to the success of every Singaporean business. You get the services of competent accounting professionals. This is good if you want to reduce common errors that are common during last minute rushes.
Perhaps, you know how frustrating it can be to hire and fire employees time and again. It is painful especially when employees go on strike for a pay rise and more. However, when you outsource, you can request for the service when you want. Most of the accounting firms in Singapore do provide a personalized accounting by working on a one-to-one basis. It is crucial to find someone who is ready to review and organize your information and supply the needed information whenever you need. In case you need documents for statutory submission like the Inland Revenue Authority of Singapore and Accounting and Corporate Regulatory Authority (ACRA). You can access them when needed.
Choosing the right accounting professional matters
There are several accounting pros in Singapore. To ensure that you maintain a cutting edge for your business, you have to find the right accounting expert. When you are working with a reliable accounting specialist, you can feel secure about where every dollar is going in your business. You can track your payables, assets and more easily. Here are some tips to guide you in finding the reliable Singapore accounting professional.
Organization and experience
An accountant will be responsible for handling the reports and financial documents of your company. Therefore, there is no need for risking your sensitive business information with a scam. It is vital to ensure that the accounting firm you choose is organized and experienced in all accounting matters. Ask their credentials and research to know whether they have the right extensive training regarding all Singapore bookkeeping requirements. Reviews can serve as the best sources of the quality of accounting they can provide.
It is good to hire a service you can afford. Not all accounting firms in Singapore charge the same amount of accounting fee. Before making any step, be sure to ask them about their charges. For the safety of your business, consider sticking to your budget.
Tools and services
Manual handling of accounting tasks can lead to big messes. With the current technological advancement, it is easy for accounting firms to handling massive accounting data of different companies. Accountants with the right accounting tools and techniques are worth hiring. Consider asking the type of software they use to know whether they are updated. Not all firms can handle tricky software such as MYOB as it requires proper skills. Again, check their websites to know the type of accounting services they provide. It may not be economical to hire two different accounting firms for different services. Find an all-inclusive company that delivers complete bookkeeping and accounting services.
The Singapore Accountancy Commission provides registration of all chartered accountants in Singapore. To ensure that you are hiring a trustworthy professional, consider hiring a licensed expert.
You can hire a high-priced accountant, but if you are not confident to discuss your company finances, then it means you are not getting what you need. It is essential to find someone you are comfortable working with. Such a person can even give you advice on certain matters pertaining your company. Facing an audit can be stressful, but when you can find support from your accountant, it turns out to be an easy task.
Proper accounting and other bookkeeping operations play a pivotal role in the success of any business. It is important to select someone you can trust to manage your finances. Finding the service of a good accounting firm in Singapore can give you more chance to mind the core values of your business. Improper accounting for your business funds should never be an excuse for the failure of your company. Ensure that records of your business assets and liabilities are kept professionally by finding a trustworthy accountant.