What Are The Types Of Accounting Services That Can Be Outsourced?
Managing your company’s financials is critical to its success — but handling accounting internally can be time-consuming and costly, especially for SMEs. That’s why many businesses today turn to outsource accounting services in Singapore to ensure accuracy, compliance, and efficiency.
By partnering with professional accounting firms, businesses can focus on growth while leaving complex financial tasks to experts.
In this guide, we’ll explore the types of accounting services that can be outsourced, their benefits, and why outsourcing is a smart decision for businesses of all sizes.
Key Outsourced Accounting Services You Can Get
When you engage an outsourced accounting partner, here are the main services available:
1. Bookkeeping Services
What It Covers:
- Recording daily financial transactions
- Reconciling bank statements
- Managing accounts payable and receivable
- Generating financial reports
Why Outsource?
Outsourcing bookkeeping ensures accuracy and compliance, as experienced accountants use advanced accounting software to maintain precise records. This reduces the risk of errors and allows businesses to access real-time financial data.
2. Payroll Processing
What It Covers:
- Calculating employee salaries and benefits
- Processing payroll taxes and deductions
- Issuing payslips and managing tax compliance
- Handling CPF (Central Provident Fund) contributions (for businesses in Singapore)
Why Outsource?
Payroll errors can lead to legal issues and financial penalties. An outsourced accounting team ensures timely and accurate salary processing, compliance with tax laws, and smooth payroll management.
3. Tax Preparation and Compliance
What It Covers:
- Corporate tax filing (Form C-S / Form C in Singapore)
- GST (Goods and Services Tax) reporting
- Tax advisory and planning
- Managing tax deductions and exemptions
Why Outsource?
Tax laws are complex and frequently updated. Professional accountants ensure accurate tax calculations, timely submissions, and compliance with the Inland Revenue Authority of Singapore (IRAS), minimizing the risk of penalties.
4. Financial Statement Preparation
What It Covers:
- Compiling profit and loss statements
- Preparing balance sheets and cash flow statements
- Creating financial projections for business growth
Why Outsource?
Professional accountants ensure compliance with international accounting standards (IFRS, GAAP) and provide accurate financial reports for decision-making and investor relations.
5. Accounts Payable and Receivable Management
What It Covers:
- Managing supplier invoices and payments
- Tracking customer payments and issuing invoices
- Credit control and debt collection services
Why Outsource?
Late payments and poor cash flow management can negatively impact business operations. Outsourcing ensures efficient invoice tracking, timely payments, and improved cash flow.
6. Audit and Assurance Services
What It Covers:
- Internal and external audits
- Risk assessment and compliance audits
- Financial fraud prevention
Why Outsource?
Auditing ensures financial transparency and regulatory compliance. Outsourced auditors provide an unbiased review of financial records, helping businesses maintain integrity and build investor confidence.
7. CFO Services (Strategic Financial Advisory)
What It Covers:
- Business financial planning
- Cash flow management and forecasting
- Investment analysis and risk management
- Mergers and acquisitions advisory
Why Outsource?
Hiring a full-time Chief Financial Officer (CFO) can be costly. Outsourced CFO services provide strategic financial guidance at a fraction of the cost, helping businesses make informed decisions.
8. Accounting Software Implementation and Support
What It Covers:
- Selection and setup of accounting software (e.g., Xero, QuickBooks, MYOB)
- Software training for business owners and employees
- Cloud accounting integration for real-time data access
Why Outsource?
Proper implementation of accounting software improves efficiency, automates processes, and reduces manual errors. Professional accountants ensure the software aligns with business needs.
Benefits of Outsourcing Accounting Services
Cost Savings
Reduce overhead costs associated with hiring in-house accountants.
Expertise & Accuracy
Gain access to qualified accountants with up-to-date industry knowledge.
Time Efficiency
Free up valuable time to focus on business growth.
Regulatory Compliance
Stay compliant with local tax and accounting regulations.
Scalability
Flexible accounting solutions that grow with your business.
In a Nutshell
Accounting functions and procedures are the most important part of any company because they affect the entire working of a business.
Whenever you are thinking about outsourcing your accounting services to an accounting firm in Singapore, you should carefully evaluate your own business requirements to make sure you are making the most appropriate choice. For more information, feel free to get in touch with us.
Frequently Asked Questions (FAQ) about Outsource Accounting Services
Outsourced accounting is the practice of hiring an external firm to manage some or all of your company's accounting tasks, such as bookkeeping, payroll, financial reporting, and tax compliance.
Fees typically range from SGD 300 to SGD 2,000+ per month, depending on the complexity of your business, volume of transactions, and specific services required.
Yes. Outsourced accounting services are ideal for SMEs, startups, and growing businesses that want professional support without the cost of an internal finance team.
Absolutely. A qualified outsourced accounting firm can handle all your ACRA annual filings, IRAS corporate tax returns, GST submissions, and ensure full regulatory compliance.
Usually, you’ll need to provide:
- Past financial statements
- Bank statements
- Payroll details
- Business registration documents
- Prior tax filings
