After deciding to outsource your company’s accounting and statutory compliance functions, such as bookkeeping, financial accounting and Singapore Tax Filing, to a Singapore Accounting Company, the next important decision is choosing a reliable accounting firm, balancing your budget with the current needs of your business. But before making that important decision, some of the following aspects need to be taken into consideration:
Singapore Accounting Firm
Accounting firms come in size and scope of all dimensions. Whether an accounting firm possesses the required experience – with regard to scope, expertise and support for your needs – is a key consideration when it comes to outsourcing your company’s books and accounts. Its years of operation and portfolio of clients offer a clue to the company’s management and growth, which in turn attest to the quality of the company’s service provided to its clients. A Singapore Accounting you are considering for the job should also have relevant experience when it comes to tax returns and financial documents for companies in the same market sector similar in size and revenue to yours.
Even if you’re not considering the most prestigious accounting firms in Singapore to outsource to, you must still make sure the accounting firm you are entrusting your company’s books, accounts and taxes to has the necessary credentials to do a good job. The Association of Chartered Certified Accountants (ACCA) qualification is the most widely known certification in Singapore. ISCA (Institute of Singapore Chartered Accountants), CIMA (Chartered Institute of Management Accountants) and others are also reputable. Personnel at the supervisory – management level of an accounting firm more often than not possess a chartered accountant qualification and their credentials can be easily ascertained through their membership with an accountant organisation. These organisations impose membership requirements that provide a higher degree of assurance for your business.
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.
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.
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.