Things to Know Before Getting Accounting Services Singapore
Outsourcing of accounting services Singapore is no more a trend. It has become a necessity for businesses. As a multitasking business owner, this is your chance to reduce your workload and stress levels.
To Outsource or Not to Accounting Services?
You could be more effective by delegating your non-core tasks to experienced accounting services professionals. Here are some tips to ease your task of choosing the right accounting services in Singapore.
Whether you multitask or not, proper cash flow management is your responsibility. Failing it can cause problems when managing your business’ liabilities, debts and expenses.
It is why there is demand for accounting services for small business Singapore. These professionals assist with financial management and monitoring.
Alternatively, you can choose to set up an in-house accounting department. However, investing in full-time accountants, bookkeepers, and the whole set-up is costly.
And interviewing, hiring, training and firing candidates take their toll and add to your HR workload. Outsourcing to accounting services is an effective solution to manage your business’ finances.
Here are key factors you can use to select the best bookkeeping and accounting services for small business Singapore.
Key Factors to Know to Hire Right Accounting Services Singapore
1#: Your Accounting Needs
You choose accounting services Singapore depending on your business needs. If you prefer single-entry accounting to double-entry or are a GST-registered business, it will impact who you select to fulfil business’ accounting needs. Prepare a list of your requirement beforehand.
2#: Budget Constraint
Your budget will dictate who you choose for accounting services Singapore. Go to the internet and shortlist a few accounting firms. Visit their website and learn about their services, price range, customer reviews, and testimonials to get an idea about them. If you like what you read, save their contact details.
3#: Is Outsourcing Good for You?
Owner’s mindset and business needs play a crucial role in the selection of accounting services Singapore. A few fear the security of their sensitive data and hesitate. There are also provider’s fees to pay.
However, on the other hand, you can rely on their depth of knowledge and industry-wide experience. Employing them ensures your business’ compliance and lowers your anxiety level.
Their professional accounting services/solutions set you free to withdraw from the daily, repetitive tasks and stay focused on the business’ core objectives and goals.
4#: Discuss Your Accounting Needs
After shortlisting a few accounting services providers, you must contact their representative and learn more about their approach and work ethics. It is also the time to discuss your accounting needs and find out whether or not they can fulfil them.
Communicating directly with them will help you clear doubts and judge their competency. Ask questions and find out if they have served businesses like yours or from your niche or industry.
Ask them how they will communicate with you, what will be the response time, the quality of work, and the scope of their services.
5#: Choose Wisely
Selecting a provider of accounting services for small business Singapore is critical for future success. You intend to unload your work to an expert. So, hiring someone who needs hand-holding will not work for you.
Go through your shortlist and references carefully. Try to know their work history, background, and current performance as much as possible.
Remember, even similar businesses differ in their needs and require different levels of expertise. What worked for your friend’s or neighbour’s business may not work for you as satisfactorily.
So judge every accounting services provider you come across only through the lens of your business’ needs to select the best one for you.
6#: Technical Savviness
Ask them about the technologies and software tools they use to render bookkeeping and accounting services to their clients.
Ask them if they will use an accounting software of your choice to manage your books and financial records.
Singapore has many web portals for e-services. Citizens and taxpayers use them to communicate and file compliance-related information and documents to the government.
To ensure your accounting services firm employs people who know how to use these to ensure your online compliance.
7#: Align Your Outsourced Services
If you were using other corporate services providers for tasks like payroll processing. In this case, you should inform your new accounting services provider about them. It will help them understand what you need in services and practices.
8#: Service Contract
In addition to discussing your business’ accounting needs and expectations, you should also let the accounting firm know about your short and long-term plans and projections.
Tell them about your products/services, business structure, day-to-day operations, etc. Do it as early as possible to avoid misunderstandings/conflicts/disputes.
9#: Aim for Establishing Long-Term Business Relationships
If you are outsourcing to accounting services Singapore, aim to find a highly professional firm that can serve you for a longer duration. It will help you leverage their expertise to streamline your business functions.
In a competitive market like Singapore, having expert support is an advantage at each phase of your business. You can also present your business ideas to these professionals and ask for their views or advice.
They may also advise you on new opportunities to exploit. However, this gives and take will happen only after bonding and exchanging trust and respect.
Accounting services Singapore can assist you in growing through its customised accounting solutions and quality output. With SBS Consulting Pte Ltd, you can focus on core goals and stop wasting resources on your business’ compliance.