How much are Accounting Service Fees in Singapore?
Accounting and tax calculations are resource-intensive and risky tasks. And the owners face difficulties doing the books of their small businesses. Many choose to appoint a full-time or freelancing accountant or an accounting services firm for the task. However, they struggle to understand the scale of accounting fees Singapore.
Understanding Accounting Fees Singapore
On the one hand, owners do not want to overspend on their business’ accounting fees Singapore and burn a big hole in their pocket. On the other hand, they do not want to go cheap and compromise the quality of their compliance.
There is no straight answer to “How much one should pay in remuneration or accounting services fees?” The accounting fees depend on the extent of help and expertise you need to be fully compliant.
If you only want assistance with the basic bookkeeping part of your business’ accounting, your accounting fees Singapore will be affordable. You can hire a part-time bookkeeper at hourly rates. Hiring a full-time bookkeeper on salary may not be a cheaper option.
Of course, the job description and the location will impact the rates. Still, the bookkeeping fees Singapore are affordable even for small businesses. An accounting firm will charge you by the volume of your financial transactions monthly or yearly.
The accounting fees Singapore charges by accounting firms differ. You may have to pay hourly or flat rates, and a few firms may even ask for a percentage of your business revenue. The accountants know your business and its goals & performance inside-out and can help you grow it. It is why accounting services fees for the bigger and more successful businesses are complex.
Accountants treat businesses as unique entities having complex businesses needs. It is how they provide customised accounting solutions for your business’ financial reporting needs. The more specific services you need, the more expertise they need to deliver them. It increases the accounting services fees. However, basic accounting services cost less.
List your accounting needs. You can take care of them by hiring a bookkeeper, an accountant, a CPA, or a professional accounting firm. This is a good start to arriving at a price.
Accounting Services for Businesses in Singapore
A professional accounting firm for small businesses can help you form and grow a new business by providing services like:
- Setting up an accounting system
- Recording and maintaining financial records
- Accounts payables/receivables
- Bank reconciliation
- Monthly, quarterly, half-yearly and yearly reporting
- Profit and Loss Account
- Balance Sheet Statement
- Statement of Changes in Equity
- Cash Flow Statement
- Directors’ Report /Compilation Report Preparation
- Accounts Payable Ageing
- Accounts Receivable Ageing
- General Ledger
- XBRL filing
- GST accounting and filing
- Tax planning and company tax filing
- Multi-currency accounting
- Variance analysis (monthly and quarterly)
- Management reports, accounts payable/receivable ageing report
It is not that you will need all of these services for your new business. As a newbie, you may welcome all the accounting assistance and promptly pay their asking price. And the list you prepared comes in handy in ensuring that you pay only for what you need.
If you are on a shoestring of a budget, you may try to save a few bucks by doing your business’ accounting in a DIY way. However, sooner or later, you will need advice from an accountant. A full-time accountant can cost you way more than your nascent small business can afford.
Hiring additional services like forecasting and budgeting will increase what you pay in the accounting fees Singapore. On the other hand, as a seasoned owner, you may need all of these services. Still, you will try to economise on the accounting services fees. However, you would not mind it if it can help you take your business to the next level.
Finally, when your business is new and financial transactions are only a few, you can manage a few aspects of it. However, in the case of a growing business, deep insights about its financial status, budgeting, forecasting, and optimisation of resources can only come from an experienced accountant.
SBS Consulting Pte Ltd is a reputed accounting services provider active in Singapore since 2010. Call us at +65-6536 0036 or email us at email@example.com to know about our affordable accounting fees Singapore and discuss your needs.