Learn the Best Tips for Outsourcing Accounting Services In Singapore
Getting your financial books right is an essential step in setting up your venture for success in the future. It is sad to observe that poor financial management is usually one of the reasons for the failure of many small and medium enterprises in Singapore. In as much as it may appear expensive to have an in-house accountant or a team of bookkeepers, you should never allow your business to go down simply because you don’t have a good grip on the records. There are so many firms providing accounting services in Singapore, and you can always outsource your accounting needs to those companies until such a time that you will have the capacity to employ an accountant for your business.
Your only worry then becomes how to find the right accounting service for your business since this will have a significant effect on the quality of services you will get as well as the amount of money you will pay in accounting fees. With that said, here are a few tips to help you outsource your business accounting services in Singapore like a pro:
Be very clear about your accounting needs
There are different accounting services available for outsourcing and businesses also have different accounting needs. At the time of setting up your company, you will have a chance to determine the specific type of business you will be starting, and that will form the core of the accounting services you will require. For example, if you register your venture as a Goods and Services Tax entity, then you will have to file your GST at the end of every year of assessment, or fiscal year.
If you intend to have staff working for you, then you will need payroll services, and as a new company, it is imperative to use skilled professionals to set up things right the very first time so that you avoid errors, omissions, and commissions that may haunt you and your business in the future. Therefore, before you go out and start searching for accounting services, ensure you have a good idea of the specific services you need.
Go for firms specializing in the services you want
Different accounting firm offers different account services in Singapore, and you will find better results when you zero in on the companies providing the services you need. For example, if you want payroll services, then you should consider only those companies that offer payroll services. In the same manner, if you need help in filing your annual tax returns, then go straight to companies dealing with such a service. Avoid general accounting firms. They may be relatively cheaper compared to their specialized counterparts, but you may not get great services and a good experience with them.
Do a thorough comparison of the firm
Once you have determined the exact accounting services you need, and you have identified the likely service providers you want to approach, take time and do a thorough comparison of them. Don’t land on the first company and make it your company of choice. Analyze them considering their fees, the aspects of the services they offer, their overall professional reputation, and any additional feature they may be offering to help you meet your accounting goals. Be sure to check out their website to learn more about the nature of the services they offer, and their professional qualifications amongst other things. This will give you a clear picture on whether they could be the right fit for your accounting services.
Ask for references
References are very important when searching for accounting services in Singapore. Before you task your important business books and financial decisions on a firm, you want to know beforehand that they have what it takes to offer you the services and the experience you need. Researching them and reading more on their website will only avail much, but the best way to know the kind of experience to expect is to simply ask them for references which you can check out independently before you make a decision. Ask them to give you references to services they offered to businesses similar to yours or in the same industry as yours. You then have to do due diligence and be sure that you will be getting exactly what you had hoped to get.
Find out about their practices
The tools and the methods used in accounting are very important when you are searching for the ideal accounting services in Singapore. You should desire to work with a service provider who is keen on growth, efficiency, and accuracy, and such you can always tell from the tools and the methods they use to offer their accounting services. Don’t shy away from asking how they sort receipts for tax returns, how they monitor transactions, how they manage financial records and also inquire about their suggested routine should you choose to work with them. The answers to these questions will either inspire confidence in you to go ahead and use their services, or they will create doubt in their abilities to meet your accounting needs.
Have a comprehensive contract
If you feel you have found the right service provider, be sure to draft and sign a comprehensive and binding contract with them. This is so that they are well aware of your expectations and to avoid any conflicts or disputes in the future. The contract should clearly state the agreed fees, schedules, specific services to be offered, payment terms, responsibilities of both parties and the access they will have to your business documents and any other relevant information.