Managing accounts, payroll and money can be a challenging task for a lot of companies. Whether you are running a small business or a large organization, it is important to understand where the money is going so that you can make smart decisions for your business. Therefore, if you have decided to engage an outsourced accounting service in Singapore, here are the top seven things to consider before taking this step:
1. Hire Upon Incorporation of Business
Hiring an accounting firm in Singapore at the right time is important because, initially, many small businesses do not have enough resources to hire a professional full-time to take care of the finances and accounts. As accounts can help at various different stages in the growth and maintenance of a business, engaging the services of an accounting firm that can handle more than just the payroll and tax returns is a wise move towards establishing a successful business.
2. Evaluate Your Requirements
Every company and business has its own set of requirements, and there is a high chance that you will have to contact more than one accounting firm in Singapore before making a final decision. Therefore, you should be very clear about your requirements. Generally, outsourced accounting services include financial and payroll management. Moreover, the outside accounting firms also manage the preparation of tax returns, financial statements, cash flow statements, and other such documents. All these requirements should be thoroughly discussed before signing the final agreement.
There are many accounting firms to which you can outsource your accounting services in Singapore. A common way to differentiate these accounting firms is by comparing their qualifications and the services offered. For instance, if you only want the accountant to deal with the tax returns of the company, then look for an accounting firm that specializes in tax laws and tax-related services. Determining the qualifications of different accountants and accounting firms in Singapore should not be an issue as such information is readily available.
4. Compare Different Accounting Firms
There is a very high possibility that you will find several accounting firms in Singapore that can fulfil your requirements. Moreover, most of the companies offer outsourced accounting services in Singapore for a long period of time. Therefore, you should collect the name of the top accounting firms and compare them on important metrics, such as price, quality of service, and overall reputation. Most of the important details about the accounting firms are typically available on their official websites.
5. Find Referrals
When considering acquiring an outsourced accounting service in Singapore, you find referrals from your friends, colleagues, or even competitors. This practice is useful in helping you avoid making any bad choices. Your customers are likely to be familiar with some of the best accounting firms in your area, so you should talk to them before making any final decision.
Modern tools and technology play a critical role in every other sector, including finance and accounting services. Therefore, it is important that when you acquire an outsource accounting service in Singapore, the firm is using cutting-edge practices to provide quick, efficient and reliable services. It will give a significant boost to your business and overall financial management. You should ask the accounting firm to explain their working methodologies and the working of any software that they will be using to provide accounting services.
7. Thorough Research
Getting an outsourced accounting service in Singapore is one of the most critical decisions that you can take in your business, as hiring the wrong accounting firm can have an adverse impact on your company. Therefore, it is important that before you hire an accounting firm in Singapore, you conduct thorough research and check all of the references to make sure that you are making the best decision for your company.
In a Nutshell
Once you have considered all seven things mentioned above, you should be in a very good position to make the final decision and hire a reliable accounting firm in Singapore. Once you have made the choice, you will not have to worry about your company’s accounting services anymore, as you will be getting the best possible advice and services. For more information, feel free to get in touch with us.