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.