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Tuesday, 28 August 2018

Tips on Outsourcing Accounting & Bookkeeping Services






It is worth noting that a successful company incorporation does not ensure smooth functioning of your business in Singapore. Law and order of the country are rigorously stringent. No one can escape from its severe penalties if the compliance issues have not been followed in a perfect manner. There are few mandatory compliance requirements which must be fulfilled within the stipulated deadlines. Keeping the financial statements updated, filing XBRL report and GST filing, etc. are few of the obligatory requirements of accounting services of the business. If you are not very well versed in these aspects, it is better to outsource the activities to the professional accounting services in Singapore.

This article will provide a few tips on how to outsource the accounting & bookkeeping services in Singapore. A right accounting service can help you build a better business from the very initial days. So it makes sense to follow the tips and get the best vendor for your business.

Define Your Accounting Requirements

To begin with, you just need to figure out the accounting requirements of your business. Try to know about your exact accounting requirements so that you can make the service provider understand the needs in detail. Since you are liable to fulfill all the statutory obligations vis a vis accounting, you ensure to cover all the essential aspects of Singapore accounting.

Maintaining the financial statements, preparing and filing XBRL report, GST filing (if your business is GST-registered), bookkeeping, accounting activities are the few of the things, your accounting services provider will likely to handle and perform on your behalf.

Consider a Thorough Discussion
There are hundreds of accounting firms offering outsourcing services to their clients spanning across the industries. You are advised to conduct in-depth research on the firms providing cheap accounting services that are high in quality. You may ask for recommendations from your friends, colleagues, and relatives who have used the same services in the jurisdiction. You may create a list and then contact each of the firms to get a clear idea of their services and working protocols.

Before hiring the service, you may engage in a free consulting session with the most of the firms. During the sessions, you can openly discuss your exact accounting requirements and determine whether they can resolve your needs or not. You may also gauge their level of expertise, experience, and level of professionalism the firm has.

Experience & Certifications of Professionals

Also, do not forget to check the experience level and certifications of the professionals of the firm you are going to hire. Make sure to know the industry experience the firm has. It must match to your industry or else there will be the learning curve involved in the process due to which you may lose your valuable time and money.


















Cost of the Accounting Services Singapore


The cost of the accounting services in Singapore will vary from firm to firm. While some of them may charge on an hourly basis, others may charge by the volume of the accounting transactions. It is notable that big companies will charge a higher amount and small will keep the charges cheap and affordable. You must make a choice smartly depending on a budget of your business.

It is better to choose the cheap accounting services if your business is running on a tight budget. Nevertheless, make sure to strike a balance between the cost and quality of the service. The firm like SBS Consulting is known for its cost-effectiveness and high quality of service.

Along with these factors, also ensure to consider the reputation and reliability of the firm you are going to hire for your accounting services in Singapore. If you take all these points into account, you are likely to have a smooth experience in outsourcing accounting & bookkeeping services in Singapore.

Current Trends in Finance And Accounting Services

Finance and accounting services have been associated with businesses trying to accomplish more from less. The constrained levels of resources such as capital, infrastructure, knowledge pools and global talent have led companies across the world to lower their transactional and operational costs. With the increasing popularity of firms delivering finance accounting services, it has now become convenient to create cost-effective and strategic business assets through the inputs of proven technology and service options. The alignment of the business goals and requirements with the finance and accounting services delivered by competent third parties has added a new dimension in the way business is conducted across the globe.

The outsourcing of financial accounting services to qualified firms in the European Union and the third world countries has resulted in the offloading of some of the core functions such as bookkeeping, management of final accounts, tax return filing, bank reconciliations, tax planning and other jobs directly related to the in-house accounts department.

The ever-changing accounting standards and regulations definitely increase the workload of compliance by the specialized firms and the client's accounting department staff alike. It is, therefore, important to remain updated with the latest changes and up gradations in the policies and standards that guide the preparation and filing of the processes. Availing finance accounting services make sure that the regulatory changes are integrated with the existing software and databases and the penalties arising from noncompliance can be safely avoided.


















These firms are now offloading their workload to qualified firms in developing countries. The knowledge resources available at immensely low costs increase the returns for companies who provide their expertise for financial service to their global clientele. This trend in the world of financial accounting services offers sub-contractual opportunities for the firms based in smaller countries, who have the expertise but not the resources to gain access to the bigger clients in other parts of the world.






There has been another visible trend in the finance and accounting services sector wherein, more complementary services are being offered by the service providing firms. Accountants related with the firm are being increasingly used as confidants to provide value-added service such as tax consultancy. The clients turn to these providers in critical times for expert advice, along with the primary services offered on the day to day basis.

With the increase in the functionalities offered and providers are moving away from the traditional modes of operations. There is a growing trend of subcontracting the standardized and generic functions such as accounts receivable and payables and other bookkeeping functions to smaller finance and accounting services providers and retaining the higher value processes for themselves.
According to the latest trends, specializing in a specific industry sector and providing the highest levels of expertise and technology in handling the outsourced work. Clients are also looking towards the bigger finance accounting services firms for complex solutions while hiring the services of the smaller firms for the standardized functions at lower hiring costs.

Sunday, 10 June 2018

How to Hire the Best Accounting Services






Hiring an accountant for your personal or business needs offers more than one benefit. Today's accountants do not only do the business math for you or file taxes for your business; they also provide valuable advice. A trained accountant can analyse the information from your business's statements and determine how the company is doing and ways to grow it.

Contracting accounting services for a time is also cheaper than employing a full-time accountant. It's what to opt for if yours is a small business, or if you're just starting out. Hired workers don't oblige you to pay permanent-worker-benefits and, therefore, won't put a strain on your finances.

How do you hire an accountant?


You want to get the best services, and due diligence is needed when going through the hiring process. Here are top tips on how to hire the best accountant or accounting services to avoid disappointment.

Before hiring, ask yourself the following questions:

• What are Your Business Needs?
Do you need more than just business maths and taxes taken care of? With the high cost of hiring business consultants and lawyer's advice, you may want an accountant who will offer more. It's especially important if your business is ailing and you need fresh ideas from someone who can analyze business data and come up with suggestions.

An accountant is trained in business law as well as business mechanics. They understand the implications of specific practices in relation to the local laws. They are also knowledgeable in the management and productivity needs of a company. They can, in some ways, replace a business analyst or consultant and a lawyer to advise you on what to do. Find an accountant or an accounting firm who is ready to offer these extra services.

• How Accessible is the Accountant or Accounting Firm?
Since the accountant or accountants will not be permanently based at your company, you will need to be sure that you can find them when you need to. Ensure this before you commit yourself to hiring them. How easy is it to contact them? If it's a firm, do they have offices around? Is their customer care desk responsive and friendly? How was your first reception like? And, do they have functional contact channels such as telephone numbers, email address or social media accounts? How is the response to customer queries on these channels?



















To be sure that you will get your queries answered once you start doing business with the accounting agency, make sure you've answered the above questions about their accessibility. You don't want to meet with disappointment midway. If you see anything that raises doubts, seek for more information. If you confirm you will likely get frustrated by the inability to reach them when in need, move on to another firm.

• How is the Accounting Firm's Reputation?
Do you have friends, business partners, or relatives who have information concerning the accounting firm you want to hire? They can be the most suited people to advise you on whether to hire the company or not. If they've used the firm's services before, the better. Their information will be first a hand and more reliable. You can also ask the accounting firm or individual accountants for their referees.

Also, scout for reviews both offline and online. Look for magazines and other publications that talk about the accounting firm and how good our bad their services are. The internet is another source of information you can use to find reviews.

• Do They Have the Necessary Certifications?
Before hiring for accounting services, determine the certifications the accountant or accountants hold. The accounting profession is governed by various certifications, both national and international.

Being certified means the accountant is competent enough. As a result, you get quality services and a real value for your money. You also get to hire the best of brains in the accounting field to the benefit of your business. Failure to ask for these qualifications and certificates could result in you getting served by incompetent accountants who may not offer valuable suggestions on how to grow your company.

• Do They Run a Business?
It can be that they currently do operate a business, or were involved in one. While not necessary, an accountant who already runs a company would be an advantage to yours, too. They understand the challenges faced by business people and, possibly, how to overcome them.

However, don't rely on this factor of business ownership too much. Other factors should also apply. If you can't find an accountant who is also a business owner, don't feel guilty hiring one who has never owned a company. It's only that owning one adds them more value.

• Do they Use Digital Accounting Technology?
If they do, you will be assured of quick accounting services. Digital accounting also assures you of accuracy. While every accountant you will come across will most probably be using digital filling and accounting software to do their work, you can't assume that they all do. Some may still be into some paperwork, something that could even mean they charge more because they have to employ more helping hands.

The type of accounting software used by accountants also varies, with some using customized programs that assure improved efficiency, accuracy and speed. If you have a large business or organization, you will need an accountant or accountants who use sophisticated software to carry out their work.


















• How Much Do They Charge?

Cost is not always proportional to quality. Some accounting firms charge unfairly high rates while delivering average services. That doesn't mean that you choose the lowest prices, though. It means that you select the most reasonable, not too high and not too low.

Scout around before deciding which rate is the best for you. It will give you an opportunity to compare different prices from different accountants or accounting firms before determining the one to hire. Ask for hidden costs before committing yourself, such as if you will be required to pay for consulting them outside of accounting agreement.

With these tips, the accounting services you hire for your business or personal needs will be the best. Only ensure that the people you contact are honest. You're going to entrust them with your financial information, so you want them professional and ethical enough.

Friday, 16 March 2018

Available Jobs of an Accountant







The demand for accountants in the workforce will never diminish, as every organization needs to have at least one in-house accountant to work efficiently – as for big corporations, they need at the very least a few accountants. An accountant handles some various tasks including payroll, collecting funds from sales and monitoring inventory. Listed below are the top paying accounting jobs to date.


Read on to know the main types of jobs that would suit your accounting career.

• Accounting Clerks

These are the people who coordinate and supervise the activities of other people. These activities include typing, verifying, posting and calculating duties. This kind of job mainly deals with the correct record of financial data. These data are then used for maintenance of statistical and accounting records.

These kinds of records can be demanded either by government or management agencies. The duties are performed under the head of the bookkeeper and the accounting clerk. The master title for this kind of work is called "Supervisor."

• Repossessor

The primary task of this kind of accounting job is to identify the debtors and delinquent accounts. In case of such accounts, they solicit payments. This kind of accounting career might require you to initiate "repossession" proceedings.



















It might also require you to know driving as you might have to provide transport facilities for a return of goods to the creditor. If for instance, the debtor is unable to pay the money, the repossessor might also be required to drive the vehicle back to the creditor. If he is unable to open the car for this operation, he will have to use "special tools" for this purpose.

• Bookkeeper

The primary job of the bookkeeper is to use computers and calculators to keep a record of the financial transactions for the company. They record the financial operations using allocating, verifying and posting of business transactions to the subsidiary accounts. These accounts are present in either computer files or journals.

The information is collected from various documents like computer printouts, check stubs, receipts, invoices and sales slips. The details are summarized in multiple computer files or ledgers. The data are then transferred to the general ledger with help from the computer and calculator. The bookkeeper is also in charge of reconciling and balancing the accounts. It is one of the jobs in the vast realm of the accounting career.

• Tallier

The tallier performs a string of duties raw materials or products. These raw materials might include fish, field crop, livestock and even steel metals or gold. The record of these products from workers or suppliers has to be kept under the control of production, payment, and payroll. The taller then thus performs an essential job in the whole accounting career.


• A federal government accountant

The federal government accountant handles both the federal government and taxpayer’s financial documents. This type of job involves high authority and respect. Responsibilities can include auditing tax accounts to ensure every detail is correct. To become a Federal accountant, you will need a 4-year degree in either auditing, accounting or finance. 

The best thing about being a CPA is that it gives you the chance to be your boss, which allows you to pick your schedule and clients. As a CPA, you will assist individuals in many fields such as budgeting and tax preparation. 

• Tax auditors 

Tax auditors ensure tax deductions are accurate and that documents have been completed within the guidelines. If an auditor finds out that an individual has underpaid the government, he/she will calculate the fees that are owed. This career, when the government is the employer, necessitates a bachelor’s degree or the equivalent in both college education and experience. 


















Tax preparers work seasonally for tax preparation companies. They assist taxpayers with preparing their taxes, filling out forms and looking for tax deductions to maximize refunds. To become a tax preparer, you usually need a college degree and must be proficient with computers. This also means you will be working in a small office space alongside dozens of your peers. 


After obtaining an accounting degree, don’t expect to be employed in a high paying job right. Of course, there are exceptions to this, but those are exceptions, not rules. You may even find yourself doing bookkeeping and clerical functions. Don’t worry. As a fresh graduate, your goal is to obtain work experience. An accounting degree is not enough to make it into the ranks of managerial or control positions. You need to be proficient with the technical aspect of your chosen field. Plus, you need to understand what it means to toil, how it feels to meet deadlines and appreciate work. In other words, you need to mature professionally. If you are not qualified for a position, then you’re just too young or not yet ready for it. But nobody said you would never be qualified.

There are a good number of entry-level accounting positions. Even the biggest companies in the world employ hundreds of thousands of accountants each year. The best experience would probably be obtained from the Big 4. They are the most significant accounting firms in the world. Working with them is challenging since they need to maintain their reputation. You may also try to apply for a position or apprenticeship in a private company. In any case, remember that your goal is to obtain experience and be qualified for the higher ranks.

Sunday, 21 January 2018

All You Need To Know About Accounting







Bookkeeping is the craft of breaking down and deciphering information. This may not be clear to a few, but rather every business and each individual employments bookkeeping in some shape. A man can intentionally or unknowingly utilize bookkeeping when he assesses his budgetary data and passes the results to others. Bookkeeping is a crucial apparatus for any business; it can be little or multinational.

The expression "bookkeeping" covers a wide range of sorts of bookkeeping in light of the adjusted gathering or gatherings. The following are the kinds of  bookkeeping.

1. Private or mechanical bookkeeping. This kind of bookkeeping  identifies with bookkeeping exercises, which is constrained to just a single firm. A private bookkeeper gives his abilities and administrations to one boss and gets compensation in light of the business and worker. The expression "private" applies to the bookkeeper and the bookkeeping administration that it gives. This term is utilized when the sort of connection between the business and the worker exists, despite the fact that the business is sometimes an open company.

2. Open bookkeeping. Open bookkeeping alludes to the bookkeeping administration offered by the general population bookkeeper to the overall population. At the point when the connection between the customer and the customer exists, the bookkeeper is called an open bookkeeper. Open bookkeeping is viewed as more expert than private bookkeeping. Both confirmed and non-guaranteed open bookkeepers can give open bookkeeping administrations. Confirmed bookkeepers can be single
experts or accomplices in the measure of two to several individuals. The degree of these bookkeeping firms may incorporate nearby, national and worldwide customers.

3. Government bookkeeping: state bookkeeping alludes to the bookkeeping of a branch or an administration unit at any level, regardless of whether it can be government, state or nearby. Government bookkeeping is fundamentally the same as traditional bookkeeping strategies. Both government and regular bookkeeping strategies utilize the bookkeeping framework and twofold section logs and magazines. The protest of government bookkeeping units is the arrangement of administrations, instead of making a benefit.

Since the benefit thought process can't be utilized as a proficiency measure in government units, it is important to create other control measures. To fortify control, legitimate stock bookkeeping is utilized. Government divisions can utilize the administrations of both private and open bookkeepers, and also any business question.

4. Guardian bookkeeping: Fiduciary bookkeeping lies in the idea of trust. This kind of bookkeeping is done by a put stock in director, overseer, agent or somebody who is in put stock in administration. His activity is to keep records and get ready reports. This can be settled by purview or under the ward of the court. A guardian bookkeeper must look for and control all property having a place with property or trust. The idea of property, which is normal for conventional sorts of bookkeeping, does not exist or is emphatically changed in trustee bookkeeping.

















5. National wage bookkeeping:
representing national wage utilizes a financial or social idea while making bookkeeping, and not in the typical specialty unit idea. Representing national pay is capable
for furnishing the general population with a gauge of the nation's yearly buying control. GNP or gross national item is a related term that alludes to the aggregate advertise estimation of all products and ventures delivered by a nation for a certain period, for the most part a timetable year.

Ventures To Your Career Success in Accounting
In the event that you have aspirations to wind up noticeably an effective bookkeeper and you need to pick a bookkeeping zone as your profession way after graduation. At that point you have to begin arranging your profession way and work on accomplishing your profession. In the field of bookkeeping, great information of bookkeeping, predictable exactness and work encounter are fundamental for progress. Here are eight stages that you can incorporate into arranging your vocation to ensure that you are in the right approach to accomplish your objective in your profession.

Stage 1: you require Excel in math
Bookkeeping alludes to numbers and the control of numbers; hence, you should make sure that you will prevail in arithmetic in secondary school. Individuals who despise arithmetic can't be fruitful in bookkeeping. That is the reason you should love math on the off chance that you need to end up plainly a bookkeeper. Pay extraordinary consideration regarding science and approach your instructor or advocate for direction on what courses to take to set you up for a degree in bookkeeping when you
select in school later.

Stage 2: Request data from the school offering the level of bookkeeping
Aside from customary physical schools, there are numerous esteemed online schools, and online colleges offer bookkeeping recognitions that enable you to get a degree in bookkeeping from home. Send a letter, an email or send an online request to those universities that offer degrees of representing beneficiaries' inventories and necessities for enlistment in their degree programs.

Stage 3: Research the prerequisites of an ensured open bookkeeper
To wind up noticeably an ensured bookkeeper, you should get a Declaration from a confirmed open bookkeeper, CPA from the state. The preparatory necessity for CPA accreditation is that you should first acquire a four year certification in bookkeeping or related business territories. Read the data
on the CPA necessity with the goal that you are more arranged for what courses you require
to take in the bookkeeping program.

Stage 4: Make beyond any doubt that your level of bookkeeping will meet state prerequisites.
When in doubt, you begin your first vocation in your state after moving on from the degree program. Subsequently, you have to ensure that the degree program that you will enroll meets all administration prerequisites. Else, you should confront the issue when you need to begin your profession later on.


















Stage 5: Define the extent of bookkeeping

There are a few beginning stages for your bookkeeping profession; you can manage state, state, and administration bookkeeping or inward review. No program will cover every one of these fields; You have to choose the field that best suits your interests, which you can pick as your claims to fame.

Stage 6: Become a master in bookkeeping programming

The season of utilizing Microsoft Excel in bookkeeping work is over. To prevail around there, you have to ace an assortment of bookkeeping programming. You will most likely be unable to take in all the bookkeeping programming on the showcase, yet you have to acquaint yourself with the general utilization of bookkeeping programming by generally organizations.

Stage 7: Get work involvement in related zones.
Related work encounter is essential for deciding achievement in your bookkeeping vocation. In the event that you go to a preparation program in light of bookkeeping, you can work low maintenance or on post trial supervision in bookkeeping firms amid universities. In the event that you are getting a bookkeeping degree on the Internet, at that point you can begin to get a full bookkeeping background with all day business, in light of the fact that the online degree program enables you to plan a preparation plan that will coordinate your full employment.

Stage 8: Take the CPA exam and turn into an affirmed bookkeeper
You can begin getting ready for the CPA (Certified Public Bookkeeper) exam when you get a four year college education in bookkeeping. Some time recently presenting an application for testing, you will require bookkeeping background, as well as a four year certification.

Outline

To set up a vocation way for the fruitful arrangement of an  bookkeeper, you have to get a four year college education in bookkeeping, great bookkeeping background and pass the CPA exam.