Singapore is a unique business destination for the Small and Medium Enterprises (SMEs). The island nation employs transparent policies, lower company tax rates, start-up ecosystem in place, and has easy company incorporation process. The business owners also benefit from the number of support schemes run by the government for SMEs.
On the other hand, Singaporean authorities entrust its businesses with accounting, bookkeeping, and tax related compliance responsibilities and demand that they execute them consistently. The accounting firms in Singapore play a vital role in fulfilling the statutory compliance needs of SMEs.
In the case of a compliance failure, the authorities from ACRA (Accounting and Corporate Regulatory Authority) hold the director and to some degree, company secretary of the company responsible.
Engage Accounting Services or Do-It-Yourself
A large percentage of the small companies all over the world cannot afford to hire a permanent accountant on their payroll. Some business owners, to control the administrative costs, try to deal with their accounting on their own. It is a good option to take for some, but its drawback is that it takes the mind of the owners off their business goals.
Executing the accounts accurately and fulfilling statutory requirements do not generate any revenue and profit for the business. This option saves money, but it wastes valuable resources. The option is not for the business owners with a burning desire in their heart to succeed.
Accounting is a Profitless Activity
Accounting is a non-core activity and should be treated like one. These business owners should leave it to the Certified Professional Accountants (CPAs) working for the accounting services. By getting rid of the paperwork, the owners will have time enough to improve their operational efficiency and maximize their efforts to realize their core goals.
Be Open about your Business Needs
It is important for the business owners to discuss their needs with the decision-making authority in the chosen accounting service and set up reporting steps and procedures. Be clear about the standards to use before outsourcing of your payroll processing, GST filing, and accounting needs.
The accounting firms in Singapore like SBS Consulting, depending on your needs, can prepare full sets of accounts on a monthly, quarterly, or yearly basis. The accounting services Singapore offered by SBS are as follows:
Singapore Accounting Software Assistance
Singapore Professional Accounting Service
Recording Full Set of Account Transactions
Preparation of Cash Flow Statements
Singapore Group Consolidation
Singapore Bank and Other Accounts Reconciliation
Accounts Payable (AP)
Financial Statements Preparation
Directors Report /Compilation Report Preparation
Compilation of Accounts
XBRL Statement Preparation
Be Prepared to Let Go of the Absolute Control
When a business appoints a third-party accounting service to manage its compliance requirements, there is a clash of values, cultures, and perceptions. The outsourcing of the task to an accounting service may also make the business owners listless or insecure as they feel the dilution of control in compliance monitoring or the lack of customization in the services offered.
Think about Long-term Investment
A business owner has to resolve insecurities over the loss of control and such issues before committing to outsourcing to one of the best accounting services in Singapore. Outsourcing is more about the mindset than the logistic.
The owners need search and select a few accounting firms in Singapore for the investigation. Get in touch with them and thoroughly explore their services and benefits to you before choosing a qualified one. Once you have selected an accounting service, be prepared to trust it within reason.
Outsourcing is for the business owners, directors, managers, and CEO’s who believe in full-scale engagement with the core goals of the business after outsourcing their non-core tasks. These professionals weigh their association with the accounting firms in Singapore as the long term investment.