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.