8-Step Guide to Finding the Ideal Accountant for Your Business
You need courage and determination to start a new business in Singapore. Smart work and automation of processes make it more productive. You can also reduce your workload by hiring an in-house accountant or an accounting firm Singapore.
Many accountants have the expertise to do more than just crunch numbers, process payroll or file taxes for your business. These professionals can put your business on a fast track by helping you in implementing an accounting set up right from the Day-One.
What is an accountant?
An accountant is a professional tasked with updating, maintaining, and interpreting a business’ financial records. Accountants have at least a bachelor’s degree in accounting.
Accountants are more than bookkeepers as they can gather data and interpret it. They must pass the CPA exam to become a Certified Public Accountant (CPA) and have a license to practice.
So not all accountants are CPAs. Depending on their roles, they can be public accountants, management accountants, and government accountants.
What do they do?
Accountants use data from a business’ financial transactions and financial statements to show the financial health of an entity which can be a company, organisation, or person. They monitor and record the cash flowing in and out of business.
They use math, accounting and finance knowledge, and laws to calculate and analyse business’ profits or losses. They put together information that lets investors and stakeholders know the performance of a company over a period.
This info goes into the company’s management report and legal filing statements.
Duties of Accountants:
- Determine payroll requirements, execute company’s monthly payroll, maintain payroll data
- Coordinate with internal and external auditors at the time of company audit
- Explaining company’s billing invoices and accounting policies to staff, suppliers, and customers
- Prepare and review business’ budgeting requirements, revenue, expenses, payroll data, invoicing data, and other accounting statements
- Analyse and review budgets and expenditures, contracts and business grants
- Prepare business’ Profit and Loss statements and closing and cost accounting reports on a monthly basis
- Analyse trends in revenue and expenditure and advise on budget limits and control over expenses
- Update general ledger accounts and business’ financial transactions
- See to the digitisation of business’ financial data and reports using a robust accounting software
- Take care of discrepancies in accounting
- Implement proper accounting controls and procedures
- See to the maintenance of financial databases, a suite of necessary computer software, and manual filing systems
Why Do You Need One?
Accountants assist in the smooth running of a business by tracking its income and expenses. As the chief compliance officer of the company, they prepare necessary data and financial statements to ensure statutory compliance.
Accountants prepare and render quantitative financial information to investors, management staff, and government regulating agencies. It is useful in business decision-making.
How to Find a Good Accountant for your business?
Your best way of finding an accountant is to ask for referrals from your business associates, friends, and others business owners. You can also research for them on the Internet and business directories like Yellow Pages.
8-Steps Guide to Finding the Ideal Accountant For your Business!
1 Research Local Accountants
If you think that you will need to have a face-to-face with your accountant frequently, you will be better of by hiring a full-time accountant. Alternatively, you can also opt for an accounting service provider in your locality that you can visit easily.
2 Understand what you’re looking for in an accountant
Before you hire an accountant, know their experience and certifications they have earned whether they do the accounts of business that are similar to yours.
You can find the same info about the accountants employed by the accounting services Singapore. Find out how they will assist you in preparing and of accounting statements. Whether they will be able to assist you in meeting your deadlines, determine if their accounting services are within your budget.
Here is a list of skills you can use to grade them:
- Persistence with details
- Time management skills
- Organisational skill
- Accounting software and computer skills
- Communication Skill
- Business awareness
- Integrity towards work
- Resilience and flexibility
- Leadership qualities
3 Know what you’ll be paying for and when
Discuss your business’ accounting needs with them and their charges for the services.
- Find out if they are andy hidden costs
- Find out how often they will communicate with you
- Ask their billing process and cycle
- Negotiate fees and costs with the accounting firm Singapore
4 Ask them the right questions
You need to make sure that the account you choose will take care of your accounting needs. Ask them a few questions like:
- Do you have any experience of working for businesses like mine?
- Have you any experience working with the IRAS?
- How many years have you worked as an accountant or accounting services provider?
- Which accounting or tax software are you using?
- How frequently will you advise me on tax issues?
- Can you take care of my accounting needs throughout the year?
5 Know how to get the most out of your accountant
Your appointee will be taking care of your business’ compliance and financial aspects. Make sure to make the most out of them. Here is a list of pointers:
- Choose the right accountant for your business
- Be clear about your accounting needs
- Keep your business’ financial records up to date
- Implement their advice to improve your cash flow
- Communicate with them often
- Use them efficiently
- Take their help to meet deadlines
- See if they can help in getting a business loan
6 How to know if they are a good fit for you
You are hiring the accounting firm Singapore to help you take care of your compliance and grow your business. You need to ensure that they are a good fit for your business.
- Ask them if they have experience doing accounts of businesses similar to yours in size, transaction volume, niche, and industry.
- If your business caters to foreign clients, make sure that your accountant has global expertise, knowledge about the international tax codes, and experience in communicating with the regulating authorities of different countries.
- Ask them how they manage to keep track of the changes in the laws of the other countries.
- Ask them about references from their previous or existing clients.
- While discussing things with them, pay careful attention to how they communicate.
7 What’s the first thing you should do when working with an accountant?
The first thing that you should do when starting to work with your accountant is to ask for the following details:
- The records your business need to keep
- Advice on preparing your business for tax filing
- The business expenses you can deduct
- The estimated taxes you need to pay and the due dates
- The ways to better your cash flow
8 Why your relationship with your accountant is more important than their qualifications
Your account knows your business inside-out. They can really help you take it to the next level. However, you need to cultivate them. You need to invest your time to have a good and healthy relationship with them.
SBS Consulting Pte Ltd is a reliable accounting firm Singapore. We are a corporate services provider. In addition to providing our accounting services in Singapore, we also offer services for Singapore company incorporation, company secretary, and registered office address to our clients. Contact us at +65-6536 0036 or email us at email@example.com if you want to know more about starting a business. We can assist you in forming a new business in 1-3 days.