There are many benefits of outsourcing accounting services, even for small businesses. As a thriving business hub, the Singapore government implements laws and policies to maintain a prosperous business environment. Companies are required to fulfill compliance responsibilities such as bookkeeping, accounting and tax. However, attempting to handle the accounting of your business on your own can take crucial time away and stray you farther from your business goals.
Outsourcing it to firms can free you from paperwork and maintain operational efficiencies in your core business. Read on and find out how you can find the right outsourced accounting firms in Singapore for your business.
Look for relevant experiences
You’ll feel more comfortable and have more confidence outsourcing to accounting firms which have handled companies similar to yours, knowing they have the relevant experience and expertise to handle the unique industry requirements.
There are three key areas which will tell you whether an accounting company in Singapore can handle your business. First, examine the firm’s portfolio. Do they have a client base consisting of companies of the same size as yours? Second, has the accounting firm dealt with companies in the same or similar industries? Third, are the companies in the portfolio of the same level of complexity as yours in their operations?
Look for a firm which has experience handling businesses of your size within your industry, for example, a firm that offers accounting services for SME. Chances are that the accounting firm will be on a similar size, and the accountants will not have a hard time drawing from previous experiences and handle your accounting needs competently.
Align with your business strategy
Accounting service prices in Singapore range widely. The price can vary depending on the services you need, and the experience and qualifications of the accounting firm. You may want to evaluate your current business standing and plans for your operation. Are you planning to expand your employee headcount? Is your cash flow ready to meet tax obligations? Knowing these answers can enable accountants to customise their services to suit your needs and capacity.
Look for insight and solutions
Just as you are looking for a firm with a diligent team, you also should look for a team that is able to critically look at your figures and ask tough and objective questions. Your outsourced accounting firm should also be familiar with your industry and offer insightful and creative solutions. Look for an accounting firm that can provide solutions and share technical expertise in order to support your business strategies and decisions.
Compatibility
When comparing different accounting companies in Singapore, you will be shortlisting many firms that meet the qualities above. How do you pick out the firms that you can work with? Personal connections matters. If you don’t feel comfortable to discuss your finances or they are not giving you the solutions you seek for, you may not be getting the service you need. Having a harmonious professional relationship is crucial as it is reassuring to know your outsourced firm will be right by your side.