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.

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How to Choose the Right Accounting Services Singapore for Your Business?

Accounting can be a boring and tedious job for those who find number crunching to be a daunting task. Having expertise, knowledge, and experience in the specific area of interest is important when it comes to rendering accounting services Singapore. All the laws about accounting activities performed in Singapore companies are administered by an authority called ACRA (Accounting & Corporate Regulatory Authority).

Singapore has long been known for its rigorous laws and strict enforcement actions. Thereby, no businesses could afford to ignore their statutory obligations. As a result, more and more businesses are relying on the outsourcing services of the accounting firms in Singapore. These accounting firms are adept at delivering quality services while adhering to the law.

The ever rising demand for third-party services, the number of Singapore accounting firms are surging at a staggering rate. It is worth to note that there is no dearth of fraud and dubious vendors in the market. Also, depending on the type of industry and the requirement, the right accounting vendor may vary from business to business. So, one must be careful enough to find out a right and trustworthy accounting companies in Singapore.

The big question is – with thousands of Singapore accounting firms, how would you select the right one for you? In choosing the best accounting services Singapore for your small businesses, you should consider the following facts:

  • How well do they understand and know your industry?

    Search for an accounting firm that understands your industry and speaks your language. A firm having years of hand-in experience in the same industry as yours would be the best bet for you.

  • Is the firm you are hiring going to act as a business advisor as well?

    Your accountant is not just a person who count the numbers only. He/she must have the capability to guide you in every aspect of Singapore accounting. Be it monthly accounting, account management, financial statement preparation, XBRL filing, tax computation or compliance matter of ACRA.

  • How responsive the professionals of the firm are?

    Are the accountants or CPAs of the firms available when you need them the most? Do they share their contact number? How long do they take to answer your calls or emails? Ideally, the accounting team of the firm must be readily available for you at the time of need. Their responsiveness signifies that they care about your business as much as you do.

  • What is their reputation or image in the marketplace?

    Be sure to conduct an in-depth research before zeroing in on the firms. Try to get an idea about the reputation of the firm by contacting their previous clients. The reviews of clients play a vital role in understanding their credibility and reputation.

  • How is their accounting fee structure?

    We often get what we pay for. However, cost plays a major role in business. We are bound to spend within the budget of the company. However, try to find the good one at best possible price in the market. Many good accounting firms provide high-quality services at affordable prices to thrive in the highly-competitive market of Singapore.

  • Are they the right size for your business?

    It is apparent that a small or start-up business could not afford to hire the service of Big4 accounting firm. Similarly, a global giant or MNC will not go for an unknown small scale accounting firm. Choose the firm according to your business size and budget.

While a right accounting firm can build and grow bottom line of your business, a wrong choice could ruin it. Thus, picking the right accounting services Singapore is a crucial decision. The facts mentioned above would help you figure out the best out of many. Precisely, success will be at your feet when you have the right accounting service around.