The Ultimate Guide on Outsourced Accounting and Bookkeeping Service Singapore
As your business starts to grow and your accounts start looking complicated, you know that is when you should be looking for an Outsourced Accounting Services in Singapore to take over or to hire an in-house accountant.
In most scenarios, the former option might be better because outsourced service allows you to resources that you might not be able to enjoy internally. In addition to that, there is the hassle in hiring a good in-house bookkeeper which might take up more of your time, energy and money.
The challenge with outsourced bookkeeping:
The next consideration for outsourcing their companies ‘bookkeeping work is to ensure that they are outsourcing to a company which is competent enough, can work for your type of business, and is affordable or within your budget range.
In this guide, we will cover a number of those factors that will help you to make the decision and also provide you guidance on how to make the right choice.
Why should you outsource bookkeeping:
Outsourced accounting services in Singapore can prove various benefits for a numerous reasons and it can also significantly help you boost your business as they help to ensure that your accounts are tallied and that your company is also complying with all the accounting guidelines.
Some of those reasons are:
The biggest problem that your business might face with in-house bookkeeping is the inaccuracies in figures caused by having a small team. Usually, a single person might be responsible for several tasks and he is might not be able to handle this because of the workload. As accounting does require meticulousness, this might thus lead to inaccuracies in final figures.
If you hire Accounting and Bookkeeping Services in Singapore, they will have a sizeable and responsive team to handle your work. This also significantly reduces the chances of inaccuracies in your accounts.
2. Tax filing:
Another problem with in-house bookkeeping might be the lack of knowledge as they are simply limited to their experience from pervious jobs. They might not be qualified enough to know the nitty-gritty details of all aspects as there are different aspects of money to consider such as profits, revenues, expenses, etc , of the company.
This problem is addressed by outsourcing this portion of work because accounting companies have a team with the right people qualified for each required job. This ensures that you will not be paying more tax than required.
It is also common for smaller companies to rely on their pool of existing employees to take on additional duties of bookkeeping. They might not be as qualified for the role as that was not something which they might have experience on.
With Outsourced Accounting Service Singapore, each person handling your work is qualified to do so and quality of the bookkeeping services is ensured.
Bookkeeping and accounting is usually not a single person’s job and requires a whole team for best results but that is not affordable for most businesses.
Accounting and Bookkeeping Services in Singapore make it affordable for businesses to have a whole team working for them at an affordable cost.
An essential part of the job description of a bookkeeper is to be familiar with the laws and guidelines for the businesses. Such knowledge develops over time with experience.
With outsourced bookkeeping services, the accountants and bookkeepers are constantly being trained and guided by an experienced team to achieve optimal results for their clients.
The ideal company to outsource to:
All the companies are good at one thing or the other. That is why they are still in the business.
Finding the ideal firm for your business can be difficult but we will cover all the essential things that you need to know to find the best.
1. Meeting your needs:
The best company is the one that provides services that you need and as such you will need to understand what the requirements of your company are. You need to know the size of work you will be outsourcing, and what do you need to be outsourced.
For example, if you need the company to manage payrolls, keep records of transactions, help with taxes or audits, then you can find the company which is best in providing those services.
The second important thing to know is how will the company ensure your privacy and confidentiality because every company has some sensitive information that cannot be revealed publicly.
3. Scale adjustment:
Another important thing is to consider how quickly an accounting and bookkeeping services Singapore provider can adapt if your company is growing and scaling and might potentially have bigger requirements in the future. This factor is the most crucial for those businesses that work on a seasonal basis whereby they might have certain periods where operations, and profits are at its highest.
4. Special knowledge:
Before engaging a company, you need to know how well your chosen Outsourced Accounting Service Singapore provider understands your business, its dynamics, terminologies, and problems faced.
The last factor to consider is whether the pricing is well justified. While a company might have higher rates, it is justified if they are well experience in meeting your company’s needs and requirements.