To Hire or Not to Hire Top Accounting Firm Singapore for Your Small Business?

Accounting Firm in Singapore

 

Are you searching for a third-party accounting firm to outsource the crucial financial activities of your business? When searching for professional Singapore accounting services, you are very likely to be awed by the big players in the industry such as KPMG, Deloitte, Ernst & Young (EY) and PwC. However, for some small-sized businesses, it is worth to invest in a top accounting firm. It is better to focus on searching a good accounting firm that suits your pocket.

It is not a hidden fact that the accounting giants have their advantages of the global network, a huge pool of employees and an extensive portfolio at their disposal. However, the name and fame of a top accounting firm is of worth only when you could afford the service. It does not make sense to unnecessarily hire their service. You need to have some specific goal supporting the decision. On the other hand, even the small Singapore accounting services, providing specialist services, can have the edge over the bigger players.

The Ways How a Small Accounting Firm Will Exceed Your Expectations:

Build Strong Relationship with You:

You would like to outsource to a firm that not only just takes good care of your accounting tasks, but also build a strong and long-lasting relationship with their clients. The small accounting firms, more often than not, offer more personalized services to the startups and SMEs. They help the businesses grow their productivity simply by offering well-guarded assistance. In the case of Big4 or top accounting firm Singapore, you may have to deal with different people each time as they have a large number of employees. But, a small accounting firm tends to assign an accountant to handle A to Z tasks of your accounting. It improves the chances of enhancing the efficiency. Thereby, availing services from the small accounting firm that offers high-end services at affordable rates is often a better bet, needless to say, better value for money.

Flexibility:

One of the greatest benefits you can get when availing service from small accounting services is the flexibility and scalability it has to offer. You get customized services at the rate that suits your pocket. Also, you get the liberty of scaling up and scaling down the amount outsourced work at any point in time. You can tap into the comprehensive package of the firm wherein you can avail services of various areas at one go. Instead of going to one department to another department, you get services under the single roof of the small accounting firm. They are open to offering free advice and guidance on various aspect of accounting to their valued clients.

Price:

The price of the accounting packages happens to be one of the key determinant factors that drive the small businesses to choose the accounting services Singapore of a small-sized accounting firm. The good and trusted firms are offering high-quality services at a fairly competitive price. It fits into the budget of small companies well.

Other Perks of Availing Small Accounting Firms are as Follows:

The packages of accounting services come up with seasonal discounts & offers.

The expertise and knowledge of accountants of small accounting firms are no less than that of the professionals of big4.

The assigned accountant for your project will pay attention to the detail. He will show the weaker areas and ensure to make an improvement on that.

Despite the fact that their ambit is not as large as big4, they are capable of serving the clients with basic elements of Singapore accounting.

Make sure to hire the firm that has knowledge and experience in your industry. Also, ensure that you are comfortable with the professional assigned. You must take few things into account when choosing the firm; the reputation of the firm, certifications of the accountants, client’s reviews, etc.

How Accounting Firms in Singapore Help the Businesses Become Productive?

Singapore-Accounting-Standards

It comes as no surprise that accounting is a vital aspect of business. An accountant collects, records, gathers and analyzes financial information in a single place. This financial information is crucial to the business as it often provides the true and actual status of the financial condition of business. Hence, accounting must be handled by an expert who has the profound knowledge of bookkeeping and accounting. Instead of hiring an in-house staff, one can opt for the outsourcing option. The accounting firms in Singapore are helping businesses grow their bottom lines.

Why Outsourcing to Accounting Services Singapore?

Accounting is a language of business, and it lays a strong foundation to build a promising future. The businesses benefit when accounting department of the company has been handled by a professional adept in the process and legal compliances. Ideally, the experts of the professional accounting services Singapore stay updated and compliant with the regulations. Once you understand the concept of outsourcing better, you are more likely to see why outsourcing accounting to a good Singapore accounting firm makes sense.

It is worth noting that there are numerous benefits of outsourcing accounting services. The cost of outsourcing is almost half of the expense a company usually made on in-house staffs. When you outsource, you simply need to pay the accounting package fees. Sometimes, it can be on hourly, monthly, quarterly or annually basis. Whereas, you need to invest a huge amount of money throughout the year to pay a typical in-house employee. The cost will include monthly salary, bonuses, insurance benefits, infrastructure and so on.

For the competitive fees, you would get a higher level of expertise since the accounting firms in Singapore bring industry-wide experience. The highly qualitative accounting service is done in much less time without any disruption in work due to sick leave/ vacations of employees.

One of the key perks of outsourcing accounting service for small businesses is objectivity. The experts of an outsourced firm can guide and assist the clients even on most sensitive issues of the business. However, an in-house staff may not be well versed in such topics. The firm being an accounting partner of the business, is well aware of client’s confidential information and foster a relation to remaining as a trusted business advisor to the client.

Some Myths about Accounting Debunked:

Given the multiple benefits of outsourcing of accounting services has to offer, many businesses regardless of size and type, are turning to accounting firms in Singapore. Outsourcing not only just act as a one-stop service provider but also help businesses to boost its overall capabilities. However, a section of small businesses may not be clear about the concept of outsourcing services. It seems that it is due to some myths they may head about outsourcing.

One will lose control over its company’s finances if the accounting process is outsourced. Contrarily, a company can have more control over its financial condition with the help of a third-party firm. The experts of the firm will rigorously work on to standardize the financial process of your organization. You will get real-time data, allowing you to focus on weaker areas. You will be able to take more informed and best business decisions ever.

Outsourcing is not for small and medium enterprises. It is meant only for large corporations. This the need of the hour to wipe out such misconception from the root level. Outsourcing brings wellbeing to all business and industry type regardless of the size. Surprisingly, it saves the cost of labor of almost 50%. Plus, outsourcing streamlines the process and ensures efficiency.

Sharing confidential information with the third-party firm is not safe. They tend to think that these firm will disclose the information to the rivals or competitors. On a flip side, a good and reliable firm left no stone unturned to keep your data safe and secure by using online encryption security system. They foster a relation with clients with purely based on trust and integrity. By no means, they will disclose any of your information to the outsiders. Reiterating, you indeed get a trusted advisor who will guide you on very sensitive issues of the business.

Outsourcing is expensive, and it is not worth the money you invest in. But, the reality is contrary to this belief. It helps you save money to be invested in installing accounting software, in-house staffs, and infrastructure. Most of the accounting packages of these firms come at competitive prices. So, you do not even need to shell out an exorbitant amount of money to avail outsourced accounting services.

Moreover, these firms help you keep a constant track on your cash flow. They will prepare financial statements, XBRL Filing Report, Director’s Report and compilation of unaudited statements. You no longer needed to grapple with filing XBRL report, Annual Returns and convening Annual General Meeting as the experts will do on your behalf. They will free you up to fully concentrate on the core competencies of the business while keeping track of financial condition. This smart move is a surefire way to become prolific enough to achieve your business feat. In a nutshell, accounting firms in Singapore are paving ways for businesses to become productive and successful.

Why Small Businesses Should Use Accounting Firms in Singapore?

accounting firms singapore

Outsourcing to a Capable Accounting Firm in Singapore

Singapore businesses need to have good an accounting system. It helps them in estimating their financial health, an important step in ensuring their survival. Many large companies hire permanent accountants for the task. The startup and small businesses who cannot afford it, hire accounting firms in Singapore.

The Need of Appointing Accounting Services Singapore

The authorities expect Singapore businesses to constantly update their books of accounts like cash book, sales invoice, credit book, debit book, cash payment vouchers, credit purchase book, stock book, assets records, bank transaction book, and payroll records. It is a tall order to accomplish manually for the small businesses having limited resources. Appointing an experienced accounting firm in Singapore to discharge their statutory responsibilities gives them the breathing space.

Outsourcing to a Capable Accounting Firm in Singapore

Even MNC’s shy away from the accounting function as it plays havoc with their goal of focusing exclusively on their core business. They know all too well that in today’s competitive world, losing their grip on the execution of their core goals may spell DOOM even for them. Moreover, they don’t get any mileage out of the filing of faultless accounts. It is a non-core task and is going to remains so. Ultimately, they outsource the task to accounting companies in Singapore.

Accounting Firms for Small Businesses in Singapore

The small business owners are very much in touch with their day-to-day business activities. It is an advantage when it comes to providing their services and products and ensuring customer satisfaction. However, there are only a few limited hours available to them. It does not leave them with a lot of time to discharge their statutory obligations. The accounting services assist them with faultless monthly accounting or quarterly accounting responsibilities. They start the activity by providing monthly or quarterly bookkeeping services and by meticulously recording all the financial transactions of their clients’ business.

CPA Accounting Services for to Uphold Your Statutory Compliance

The accounting firms assign certified accountants to ensure their clients’ compliance. These professionals are aware of the latest changes in the rules and regulations. They forcefully stick to the Singapore Financial Reporting Standards (SFRS) while preparing the financial documents like cash flow statement, profit and loss statement, balance sheet, etc. They use their industry-wide experience and latest accounting software for the preparation of compilation Report/ Director’s report and unaudited financial statements for their clients.

Goods and Services Tax (GST) Registration

The businesses that are seeing growth in their business activities must also check whether they qualify for the Goods and Services Tax (GST) registration. The accountants in the appointed accounting firm in Singapore help them in the task. After completing the registration formalities they also assist their clients in the quarterly GST return filing.

According to ACRA (Accounting and Corporate Regulatory Authority), the directors of Singapore companies are responsible for their company’s annual filing. In a recent update, ACRA has cited that even listed companies in Singapore are still making mistakes in filing their cash flow statements. After such an incidence, the directors get warned by the ACRA officials in the form of a notice or advisory. They may also get called on and made to explain the failure in compliance. They may also get penalized for it which underlines the importance of the job done by the accounting firms in Singapore in ensuring their client’s compliance.

 

Director’s Report: An Essential Part of Singapore Accounting

accounting services small business Singapore

Professional Accounting Firm in Singapore

 

A Director’s Report is a part of every Singapore-based company’s audited or unaudited account and annual report. Typically, it is presented with the balance sheet, financial statement, and other accounting documents. Often, the director’s report is compiled and presented as it is one of the compliance requirements stated by the Accounting & Corporate Regulatory Authority (ACRA) for every company based in Singapore.

But, compiling the Director’s Report can be a challenging task unless you are well accustomed to the ins and outs of Singapore accounting laws and practices. Moreover, implementation of full XBRL filing (from March 2014) of company’s audited account has made the task even trickier. The good news is, you can take the help of professional accounting services Singapore to prepare the report on your behalf.

When to Prepare and Submit a Director’s Report in Singapore?

Reiterating, a Director’s Report is an indispensable part of a company’s audited or unaudited account, and thus, it has to be prepared and submitted whenever accounts or annual reports of the company have to be submitted as per the law.

ACRA decreed the newly incorporated companies to submit their Annual Returns ( incorporates Director’s Report as well) to the authority within 18 months from the date of their incorporation. An officer of the company or a representative from a professional accounting firm in Singapore can submit the Annual Reports (ARs) with ACRA. Existing companies are required to submit their Annual Report on an annual basis.

What Entails in a Director’s Report?

As per the section 201 of Singapore Companies Act, a Director’s Report must meet following requirements:

  • A Written Resolution by Director

  • Signed by at least two directors (one in case of single director)

  • Company’s Profit and Loss Statement for the financial year

  • Statement of the company’s affairs at the end of its financial year

  • List the names of the director in company as at the date of the Director’s report

  • Disclosure of each director’s interests in the company

Who should Compile a Director’s Report?

A professionally Accredited Chartered Accountant is the right person to draft or compile an effective Director’s Report for you. He may be an in-house employee of your company or an expert from the Singapore accounting firm you have hired.

No matter whoever drafts or compiles the report, it is the directors of the companies who sign off will be held responsible for the statements made in the Director’s Report and its completeness. The directors will be the one who needs to answer the questions and face the legal penalties, in the case of any legal issue arising out of it.

A Director’s report can be evaluated or judged by your potential investors, business partners, suppliers or consumers. It must be drafted in an impressive manner while adhering to the recommendation of ACRA. A good and experienced accounting firm in Singapore such as SBS Consulting can ensure to draft an effective Director’s Report. Thereby, consider hiring a trusted professional firm and get a Director’s Report that is highly arresting, informative and compliance-friendly.

Outsource to Reliable Accounting Companies in Singapore

Every Singapore business must invest in strengthening its accounting function. However, I don’t mean that they should go for an in-house accounting setup, rather, they should outsource it to one of the experienced accounting companies in Singapore.

An in-house setup means that a business needs to hire a qualified accounting professional, buy computer hardware and the latest accounting software. It is not possible for every startup and the small businesses. However, they still need to do their annual filing as a part of the mandated statutory compliance. It means they need to keep their books of account updated. That is where accounting services come to their rescue.

Accounting-Services-singapore

Accounting companies in Singapore extend their support as per the needs of their clients. They provide monthly accounting, quarterly accounting, and quarterly bookkeeping services at the affordable prices. Moreover, the business owner has the option of upscaling or downscaling of the services to accommodate his increased or decreased volume of transactions. Continue reading

Accounting Services Singapore Can Make Your Business Better

accounting services Singapore

Accounting Services Provider in Singapore

Since a long time, many small business owners have seen outsourcing accounting services Singapore as a strategy meant for large organizations and MNCs. The emergence of modern technology allowed the small and medium businesses to implement the strategy. For many small organizations, it has been proved to be a fruitful tool. Precisely, it has made a coercive impact on the growth and productivity of the businesses.

More often than not, small entrepreneurs in Singapore have a tendency to avoid outsourcing just to save few more bucks. But they failed to realize the value of opportunities they lost. When they adopt Do-It-Yourself approach, they sink too much time and energy in mundane task of number crunching. Moreover, the result is also not a satisfactory one. To put it simply, they save money, but, fails to make money.

When to Outsource Your Financial Needs to Accounting Firms in Singapore?

Accounting records of a business must be maintained in a consistent and effective manner. No matter how big or small your business is, you must keep timely records of the financial activities. Ideally, a start-up business should start keeping the financial records right from the day one of the business operation. On a precise note, the sooner you start counting the number of accounting book, the lesser you have the chance of facing the financial mess in the future.

For every business, the right time to indulge in outsourcing option may differ. The company having in-house accountant to manage the day-to-day financial functions, may need the help of a third-party firm to subside the burden of projects. When a company’s employees fails to handle the accounting task, it is the time to search for a good accounting firm in Singapore. However, many experts recommend outsourcing it, right from the beginning of the company’s operation.

Finding the Right Accounting Services Provider in Singapore

Before you entrust someone with financial records of your business, you must make sure that you are engaging a trusted partner. It makes sense to do some research and diligence ahead of hiring the Singapore accounting firms. Do not ever take any decision in a hurry because the selection process is the most vital part of outsourcing. Even though technology has made the process easier, you cannot afford to ignore the idea of ‘word of mouth’. Ask your friends, colleagues or acquaintances if they can recommend the best accounting services in Singapore.

Apart from this, there are good numbers of online marketplaces where entrepreneurs can find and foster business relation with service providers. Nowadays, social media platforms such as Facebook, Twitter, and LinkedIn, serve as a dynamic tool to find people from all across the globe.

No matter which platform you have used to find the service provider, the key motive is to find a right and efficient accounting firm. Finding the suitable service provider means having access to the right resource. You do not have to worry about the performance when you have the right resources around.

Reaping the Benefits of Outsourcing Accounting Services Singapore

The process of outsourcing allows the business owners to build a great team of efficient professionals without having to hire full-time employees. It, eventually, reduces the expenses (salaries, bonus, insurance, provident fund benefits) of employing the typical in-house employees. Also, you do not necessarily need to pay full-time attention to get a task done. So, you save a large chunk of time, which you earlier spent on gauging numbers.

Outsourcing to accounting services Singapore alleviates you from all the record keeping burdens and lets you focus on the core competencies of the business. All in all, it is a cost-effective and proven strategy for giving a boost to your business productivity.

Follow MNC’s, Outsource to Accounting Services Singapore

accounting services Singapore

Outsourcing to Accounting Firms in Singapore

It is very reasonable to think that a small business owner remains occupied throughout the day. The fact is truer for the one-man-show business owners. One cannot expect these individuals to spend another couple of hours at the end of a hectic day to record every financial transaction of their business. For these individuals accounting services Singapore provide adequate assistance.

Advantages of Outsourcing to Accounting Firms in Singapore

Sooner or later small companies with a few or no employees need to take a decision about their accounting function. Since they cannot afford the luxury of appointing an in-house accountant to take care of the task, outsourcing to accounting services Singapore is an option open to them. However, not every one of the business owners likes to involve third-party firms and letting them have complete access to the business’ financial data.

Hiring Certified Professional Accountants (CPAs)

The business owners can also hire services of a freelancing individual, but, the Certified Professional Accountants (CPAs) in the employ of the accounting services stands out as the better option. These qualified professionals have industry-wide experience and are world-weary. They are in tune with the latest changes in the rules and regulations by the authorities and render in-depth services to their clients.

Cost Saving

Cost-wise, outsourcing of accounting services is very beneficial to the small and start-up businesses. It allows them to reduce their cost of compliance by more than half. By selecting a trusted accounting firm in Singapore, they can ensure accurate processing of their books of accounts.

Employing an Accountant

When you hire an accounting service, you as good as hire their accountant. However, you don’t have to worry about his or her leaves, holidays, benefits, CPF, etc. It also means that you do not have to advertise a vacancy, interview, hire, train, and fire your accountant.

So by appointing an accounting service in Singapore, you take a major step towards simplifying your management of human resource. Accounting services fees charged by these firms are affordable as they are based on the hourly rates or by the volume of transactions of the business.

Accounting is not the Core Goal

A business does not benefit by accurately doing its accounts. It is not a profit producing activity. So there is hardly any point in doing it in-house unless you want to have total control over the accounting process.

Outsourcing it frees your staff. You can assign them to the core task of the business to enhance your revenue and profit margin. The appointed accounting services also maintain the backup of the business’ data.

Hardware Setup and Latest Software

The CPAs working in the accounting services Singapore use latest accounting software. It helps them immensely in accommodating the latest changes in the rules. When a business hires an accounting service, the decision saves it the cost of establishing the setup, licensing fees of the software, and IT training.

If are in need of outsourcing of your accounting function, but, are yet to take a firm decision about it, remember that the accounting services Singapore are trustworthy firms. That is why multinational companies have been outsourcing to accounting firms in Singapore for a long time.