What Services Do Accounting Firms Provide
In running your business, you need to direct all the energy you can muster at your foremost priority: improving your product/services and growing your business through sales.
Accounting firms offer a wide range of financial and advisory services that help businesses stay compliant, manage their finances efficiently, and make smarter decisions.
Whether you’re a small business owner or managing a large enterprise, understanding what services accounting firms offer can help you choose the right support for your growth.
But in every business, there are important aspects like financial management, which require competent, well-trained, and technical hands to handle, and you may not be well skilled in such areas.
You can easily hire an accountant from an accounting firm to run these aspects of your business for you. Accountants are professionals specifically trained to offer special financial services to companies and individuals.
There are certain services better left in the hands of an accountant, and the following are the key services provided by accounting firms in Singapore.
Services provided by accounting firm
1. Bookkeeping Services
Bookkeeping is a basic yet highly important financial service often offered by accounting firms. It involves business valuation and recording all transactions which take place within the business.
As there may be several accounts owned by the company, it is also essential to determine which account each transaction affects. The accountant or bookkeeper valuates these transactions while making records.
Bookkeeping is crucial to every business as none can operate successfully without keeping a record of all its financial transactions. Nevertheless, not every bookkeeper needs to be an accountant by profession.
Bookkeeping is the foundation of accurate financial reporting. Accounting firms handle day-to-day recording of financial transactions such as sales, purchases, payments, and receipts.
What’s included:
General ledger maintenance
Accounts receivable/payable tracking
Monthly bank reconciliation
Cash flow recording
2. Financial Accounting
As with bookkeeping, accounting deals with a business valuation, identifying, and recording every financial transaction carried out by the company. The main difference between the two is that while bookkeeping stops at recording, accounting deals with interpreting these records to form a financial statement for the company.
Beyond bookkeeping, accounting firms prepare key financial statements such as the balance sheet, income statement, and cash flow statement. These statements are essential for regulatory compliance and business planning.
These financial statements compiled by the accountant are very important as they tell whether the business is progressing or not and the reason behind it, and this could be used for deciding your next move.
3. Audit & Assurance
There is a need for financial records to be examined from time to time, checking for errors, and if the business is running in compliance with regulations — this is what auditing entails.
The auditor is a specialized accountant who works independently and not within the company, and so can form an unbiased opinion about the financial statements of the company, whether it was done fairly, accurately, and in compliance with accounting regulations.
An audit firm in Singapore is a specialized accounting firm and should be hired periodically to audit your business. If there is any error or issue which needs to be addressed, the company will be duly alerted.
Firms provide independent audits to ensure the accuracy of your financial statements and build trust with shareholders, regulators, and investors.
Types of audits offered:
Statutory audit
Internal audit
Financial due diligence
Special purpose audits
4. Tax Compliance & Advisory
This is a very common service offered by accounting firms in Singapore. As almost every business is affected by tax, there is a need to determine your company’s tax liability.
You also have to follow up with the ever-changing tax laws and ensure that you comply with the current IRAS regulations.
As you likely would be busy selling your products, you may lack time to prepare your tax return, and submitting your tax return after the deadline may cost you a huge fine.
Fortunately, hiring an accountant would help you avoid tax issues, and they would even help you find ways to minimize your tax.
Filing accurate and timely tax returns is critical. Accounting firms help you comply with tax laws while identifying opportunities for tax savings.
Services include:
Corporate and personal tax filing
SST, GST, and service tax submissions (if applicable)
Tax planning strategies
Transfer pricing documentation
5. Consulting services
Often, you may find your business in a situation that makes you uneasy and at a loss about what to do. It becomes imperative to consult professional advice from a learned personality or entity that knows all about your business environment and situation.
Accounting firms are known for acting as financial consultants, and they use their knowledge to evaluate your current situation, determine the next best step to take, notify you of changes in business regulations within your environment, and advise you on what to do to make your business more efficient and successful.
Accounting firms in Singapore are known for offering consultancy services for insurance and tax planning, advising you on what decision to make and the right time to make it, all serving to move your business forward.
6. Special advisory services
Finances are a core aspect of every business, and having your finances handled by a professional can mean the difference between your company’s success or failure.
This is where Chief Financial Officers (CFOs) come in. The accounting firm can act as an outsourced CFO, creating important operational and financial policies for the company. They make financial decisions by evaluating the financial statements of the company.
7. Financial Accounting
Beyond bookkeeping, accounting firms prepare key financial statements such as the balance sheet, income statement, and cash flow statement. These statements are essential for regulatory compliance and business planning.
8. Payroll Services
Managing payroll in compliance with Malaysian labour laws can be complex. Accounting firms offer payroll processing services that include:
Monthly salary calculations
EPF, SOCSO, EIS, PCB calculations and payments
Payslip issuance and statutory submissions
Annual EA form preparation
9. Accounts Payable & Receivable Management
To improve your company’s cash flow and internal controls, firms can manage vendor payments and customer collections efficiently.
Includes:
Invoice processing
Payment scheduling
Credit control
Aging report preparation
10. Cash Flow Forecasting & Budget Planning
Accounting firms provide tools and projections to help you plan and make confident financial decisions.
Benefits:
Avoid liquidity issues
Anticipate funding needs
Align spending with goals
11. Company Secretarial Services
Many accounting firms, especially in Malaysia, provide company secretarial services that ensure compliance with local company laws and SSM requirements.
Common services:
Annual return filing
Board resolution drafting
Shareholder registry maintenance
Company incorporation
12. Financial Consulting & Advisory
Need strategic input? Accounting firms often provide tailored advisory services for business growth, restructuring, and succession planning.
Examples include:
Business valuation
Risk management consulting
Internal control review
M&A financial advisory
13. Forensic Accounting
In cases of suspected fraud or financial misconduct, accounting firms provide investigative services to uncover discrepancies and support legal proceedings.
Why These Services Matter
Outsourcing these functions to a trusted accounting firm reduces administrative burden, ensures compliance, and gives business leaders accurate insights to make smarter decisions.
FAQ About Accounting Firms Services
What services do accounting firms provide for businesses?
Accounting firms provide services such as bookkeeping, financial reporting, audit and assurance, tax compliance, payroll, and statutory filings. Many firms also offer advisory services, including tax planning, business restructuring, corporate governance, and financial consulting.
How is an accounting firm different from a bookkeeping service?
Bookkeeping services focus on recording daily financial transactions, while accounting firms provide higher-level services such as financial analysis, audit, tax planning, regulatory compliance, and strategic advisory to support business decisions.
Do accounting firms help with tax planning and compliance?
Yes. Accounting firms assist businesses with corporate and personal tax compliance, tax filing, and strategic tax planning to manage liabilities, improve efficiency, and ensure compliance with tax laws and regulations.
Can accounting firms support startups and growing companies?
Yes. Accounting firms commonly support startups and growing companies with business setup, accounting system implementation, financial reporting, cash flow management, tax structuring, and guidance during expansion, fundraising, or restructuring stages.
When should a business engage an accounting firm instead of hiring in-house staff?
Businesses typically engage accounting firms when they need specialised expertise, independent assurance, regulatory compliance support, or strategic financial advice that may not be cost-effective or practical to manage with an in-house team alone.
In a Nutshell
For efficiency, there is a need to assign the right tasks to the right persons. While managing your product design, sales, and services delivery, you should leave record-keeping and other financial matters in the competent hands of the financial professionals for all-round business efficiency.
Hire an accounting firm in Singapore for your accounting services. For more information, get in touch with us.
Need Help Choosing the Right Accounting Services?
Whether you’re looking for full-service accounting or just need help with tax, payroll, or audit, TY Teoh’s team is ready to support your business.
Contact Us to discuss your needs or request a customised service package.
