Accounting and Book-Keeping
Looking for a Best-fit Accounting Services in Singapore
With a myriad of different accounting service providers out there, it can sometimes be an arduous task selecting one that suits your needs. We’ve outlined some factors to help you select an accounting service provider in Singapore.
What are your needs and objectives?
Some important questions to explore ahead of starting your search are: Why are you looking to hire a service? How often will you require the service?
Weigh the pros and cons of each to determine how best to proceed and identify what will benefit your business most.
According to the 2017 Small Business Taxation Survey by the National Small Business Association, 61% of small business owners use the services of an external tax practitioner/accountant. The same survey reports that “one-in-three small businesses report spending more than 80 hours . . . each year on federal taxes.”
If your accounting requirements are less extensive and you only need someone for several days a month, it may be prudent to contract a service on a part-time basis. If you need someone on a daily or weekly basis to manage payroll and other more frequent tasks, it may be more beneficial to hire a full-time employee or outsource the accounting services to a professional accounting firm.
What are your service costs?
As part of the decision process, you will need to estimate a budget spend for the accounting service. It’s important to keep the additional costs of hiring a full time employee in mind – these will include, over and above their annual salary, taxes, health or life insurance, and other employee benefits.
The cost of outsourcing your accounting service may initially seem high, but the savings will bear fruit in the long run with the efficiency provided by an experienced professional coupled with the savings on the additional costs of hiring a full time employee.
Is the accounting service a good fit for your company?
When choosing a firm to outsource your accounting services, it is important to consider the company’s working culture, location, and efficiency of service.
When researching companies, be sure to familiarize yourself with their core values and other guiding principles. Determine whether a company is a good fit and if your own company’s values align with their business practices.
Our qualified professionals hold expertise and knowledge of the Singapore accounting standards to assist in your accounting and financial reporting responsibilities.
Put your accounting and book-keeping in trusted hands as you manage the vital growth of your business.
Our accounting and book-keeping services include:
- Preparation of accounts and book-keeping (on Xero, Sage and a number of other accounting software as required)
- Assistance with internal reporting and management reports preparation
- Payroll managed services for local and foreign employees
- Disbursement processing
- Drafting statutory financial statements
- Conversion of statutory financial statements to XBRL format
For further enquiries on our accounting and book-keeping services, feel free to contact us.