Cheaper is not always better when you run an SME. When you decide to cut costs by taking on your company’s monthly and annual bookkeeping (and perhaps hiring a freelance accountant only when annual submissions are due), have you considered what you actually have to keep track of, consistently and without error? Cash, Accounts Receivable, Inventory, Accounts Payable, Loans Payable, Sales, Purchases, Payroll Expenses, Owners Equity and Retained Earnings, as well as filing the mandatory Annual Returns to ACRA and IRAS, just to name a few.
Singapore Accounting Company
Now perhaps engaging a Singapore Accounting Firm to take good care of all the above sounds like money well spent. But before hastily making that important decision, do take into account the following aspects of a Singapore Accounting Company that you need to know well before hiring one.
1. Service Packages and Fees
Accounting companies do not charge the same fees for the same services. Sometimes it’s a flat fee for a certain number of specific, non-recurring jobs and sometimes it’s a monthly or annual fee for a set of recurring services. You will most likely encounter different packages offered by these companies that range from basic (with limits on the number of transactions) to higher end premium packages that allow unlimited transactions and other value added serivces.
Consider what your company needs currently and select the best deal for your business. Some Singapore Accounting Company will even customise packages for you based on your requirements, so you don’t overpay for what you don’t need, while enjoying the peace of mind of having your tedious bookkeeping and accounts taken care of. A Free Bookkeeping Quote Calculator is an excellent resource for estimating the costs involved, which will help you work out your budget before making a decision.
2. Audit Scope, Expertise and Support of a Singapore Accounting Company
Accounting firms come in size and scope of all dimensions. After you are clear about the responsibilities your Singapore Accounting Firm need to handle for your business, you will need to understand whether that company possesses the required scope, expertise and support for your needs. For example, if you only require basic monthly financial statements and bookkeeping tasks to be performed, a non-certified accountant or bookkeeper will suffice. However, if your company requires tax planning advice, tax returns prepared, or audited financial statements, you will need certified public accountant (CPA) services. You should definitely, upon contacting the accounting firm for a free consultation, ask for the relevant qualifications and other related information regarding the team what will handle your business and all respective fees involved. You may want to even ask for information about the business owner, if necessary, and also the company’s support mechanisms for SMEs like yours, when it comes to annual submissions, for example.
3. Experience with SMEs (like yours)
A big-name internationally affiliated Singapore Accounting Firm may not be the obvious choice when it comes to engaging bookkeeping and accounting services. A mid-size Singapore Accounting Company with many years of Small Business Experience may be a much deal when it comes to cost and efficiency. After working with SME clients for many years, an accounting firm and its team of accountants know much better the requirements, as well related challenges, faced by SMEs, and therefore are in a better position to guide your business in financial reporting and other matters, to ensure that your company stays compliant. The company and its client support will also be more accessible, attending to your queries and requests more personally and swiftly, to prevent delays when urgent circumstances arise.
4. Company Reputation and Notable Clients
An old-fashioned yet reliable way to scout and select a Singapore Accounting Company for your business is to ask for recommendations from other business owners and associates, especially those whose business is doing well. Ask about their experience of working with the accounting firm and its team of accountants, how much are they paying for the services, and perhaps also about the firm’s staff turnover in recent years.
And in this era where Social Media and online platforms rule, you can easily access the company’s profile, notable awards and clients, for example, on LinkedIn and other online sources. What is more important perhaps is to survey reviews, recommendations and testimonials from past and current clients. Social Proof of a company’s activity and performance has become an indispensible link in any business decision making process.
5. Quality of Marketing and Sales Services
When it comes to how serious and efficient an accounting firm is in providing Customer-first services, a lot can be revealed, or reasonably deduced, through its online presence and competency in responding to queries and offering assistance. You can ask questions such as:
- Is the company website professionally designed, mobile-responsive, informative, updated and easy to navigate to find what you need?
- Can you reach customer support easily and swiftly through a Live Chat or Messaging function located prominently on the site?
- How quickly are you attended to, and how well does its staff “know their stuff” when it comes to the services you require?
to get a better sense of the Singapore Accounting Firm you will likely be working long-term with. You can also drop by their Social Media pages to gain more understanding of the company’s management, staff and operation.