It
is worth noting that a successful company incorporation does not
ensure smooth functioning of your business in Singapore. Law and
order of the country are rigorously stringent. No one can escape from
its severe penalties if the compliance issues have not been followed
in a perfect manner. There are few mandatory compliance requirements
which must be fulfilled within the stipulated deadlines. Keeping the
financial statements updated, filing XBRL report and GST filing, etc.
are few of the obligatory requirements of accounting services of the
business. If you are not very well versed with these aspects, it is
better to outsource the activities to the professional accounting
services Singapore.
This
article will provide few tips on how to outsource the accounting
& bookkeeping services Singapore. A right accounting
service can help you build a better business from the very initial
days. So it makes sense to follow the tips and get the best vendor
for your business.
Define
Your Accounting Requirements
To
begin with, you just need to figure out the accounting requirements
of your business. Try to know about your exact accounting
requirements so that you can make the service provider understand the
needs in detail. Since you are liable to fulfill all the statutory
obligations vis a vis accounting, you ensure to cover all the
essential aspects of Singapore accounting.
Maintaining
the financial statements, preparing and filing XBRL report, GST
filing (if your business is GST-registered), bookkeeping, accounting
activities are the few of the things, your accounting services
provider will likely to handle and perform on your behalf.
Consider
a Thorough Discussion
There
are hundreds of accounting firms offering outsourcing services to
their clients spanning across the industries. You are advised to
conduct in-depth research on the firms providing cheap
accounting services that are high in quality. You may ask for
recommendations from your friends, colleagues, and relatives who have
used the same services in the jurisdiction. You may create a list and
then contact each of the firms to get a clear idea of their services
and working protocols.
Before
hiring the service, you may engage in a free consulting session with
the most of the firms. During the sessions, you can openly discuss
your exact accounting requirements and determine whether they can
resolve your needs or not. You may also gauge their level of
expertise, experience and level professionalism the firm has.
Experience
& Certifications of Professionals
Also,
do not forget to check the experience level and certifications of the
professionals of the firm you are going to hire. Make sure to know
the industry experience the firm has. It must match to your industry
or else there will be the learning curve involved in the process due
to which you may lose your valuable time and money.
Cost
of the Accounting Services Singapore
The
cost of the accounting services Singapore will vary
from firm to firm. While some of them may charge on an hourly basis,
others may charge by the volume of the accounting transactions. It is
notable that big companies will charge higher amount and small will
keep the charges cheap and affordable. You must make a choice smartly
depending on a budget of your business.
It
is better to choose the cheap accounting services if
your business is running on a tight budget. Nevertheless, make sure
to strike a balance between the cost and quality of the service. The
firm like SBS Consulting is known for its cost-effectiveness and high
quality of service.
Along
with these factors, also ensure to consider the reputation and
reliability of the firm you are going to hire for your accounting
services Singapore. If you take all these points into
account, you are likely to have a smooth experience of outsourcing
accounting & bookkeeping services Singapore.
About
us/Bio:
SBS
Consulting Pte Ltd is an accounting firm that offers a wide range of
accounting services Singapore including
monthly/quarterly/annual accounting, XBRL filing, GST filing, etc.