Finally, you are ready to hire the third-party accounting services Singapore for your growing business. Getting ready to switch to an outsourced firm is not as hard as you consider. Make the process of transition a smooth sailing experience by following a few important tips. Before diving deeper into the tips, let us discuss how important the outsourcing accounting is for Singaporean companies/business.
Why is Outsourcing Accounting Essential for Singapore Business?
When doing business in Singapore, you must make sure to fulfill the compliance requirements. The government of the Republic encourages the companies to remain compliant so as to maintain a prosperous and healthy business environment within its jurisdiction. No one can assist you better than a professional when it comes to complying with statutory obligations. There are plenty of professional accounting & bookkeeping services Singapore available. Getting started with the right services provider can be a challenging feat unless you know the procedure.
Make the Switch from In-house Accounting to Outsourcing
At present, you are more likely to have either in-house staff and Doing-It-Yourself to complete the accounting tasks. Also, chances are there that you have not kept the accounting books in order considering it to be small in volume. But as the business scales, the need for timely accounting records arises to maintain a healthy cash flow.
Over the years, outsourcing has proven to be more beneficial for businesses when compared to in-house staffs and DIY method. If you want to have a more stable business, make sure to hire a third-party accounting firm in Singapore.
At the foremost, make sure to have a right process in place to make the transition as smooth as possible. You do not need to take stress about the changes. After all, the third-party accounting services Singapore is there to make your business life easier. When you entrust an accounting firm with the task of handling your financial records, plan for 15 days – 1 month before things get rolling in. They may require even more time if your books are lagging behind.
You also ensure to ask the firm about their process for setting up a new client. A good and reliable firm will firmly answer your question and will explain it. Contrarily, the wrong one will dodge the question.
Here are the few tips to be taken into account before hiring the accounting services Singapore:
Hire the firm during the off-peak time in the year:
If you have a fair understanding of accounting and taxation, you might be aware of the fact that how busy the accounting firms are during the tax or audit time of the year. It is better to avoid the peak time and make the switch during down time.
This is an important tip which deserves to be mentioned. Make sure your business get time to get accustomed to the change and you and professionals of the firm discuss the requirements in detail. They must not be in a hurry when you initiate the outsourcing process. The experts of the firm must dedicate time and listen to you. After all, you are in the process of building a strong financial system which will scale as your company grows. That is worth the focus and attention.
Develop an accounting plan:
Create a roadmap for the accounting activities with the help of the expert team of the accounting firm. Set the goals and make the calendar of the activities to be completed in the accounting year. Let the person with accounting knowledge of your company work directly with the accounting team so that they could get everything they want about your company’s accounting records as soon as possible. Make sure to be in liaison with the accounting team throughout the year. It helps you keep track of the on-going activities.
Get the core accounting activities within few days:
Although it takes some time (approx. 15 days to 1 month) to get into the full swing, let the experts work on core accounting issues within few initial days. This way the outsourcing team will be able to get accustomed with the essentials quickly.
Now that you have an overall idea of the process of switching to outsourcing accounting services, the next important thing for you is to go and actually hire a good accounting firm in Singapore. Not all accounting firms are the perfect choice for all business. The right choice must be made considering a few crucial factors such as the size of the business, requirements, budget, industry expertise and so on.
Also, make a list of what other qualities you are going to look in a third-party accounting service before choosing it. Once you are done with the search, the process of transition will be a breeze for your business.