Singapore is best known for providing a favorable working environment for not only the already successful businesses but also the small and medium enterprises that are trying to get a footing in the country. The low corporate tax, robust copyright protection regulations, and transparent business policies are some of the primary factors that favor SMEs.
You could hire a skilled company secretary to help you handle these matters, but as the company grows, you might be forced to outsource accounting services.
Here are insider tips to guide you as you prepare for accounting outsourcing services.
Initiate a Quick Discussion
There are hundreds of firms that offer accounting services to businesses. It is recommended to ask for referrals from other companies that have used the same services before to make an informed decision. Create a list then contact each firm directly to get a clear perspective of their services and working protocols. Most of them offer free consultation sessions that you can take advantage of to openly discuss your accounting needs and know if you can work together to resolve them. The consultation session will also help you to gauge their level of professionalism and experience.
Consider if Accounting Outsourcing is a Long-Term Investment for your Brand
As David Walsh, the author of eBook Source Control states, outsourcing tasks to third parties who have the necessary skills and expertise is less about logistics and more about mindset. Most entrepreneurs prefer having the entire organization operations buried in their mind. Unknown to them is that making themselves indispensable slows downs the rate at which the business scales up. Letting other experts handle the low-level operations is one of the guaranteed ways of safeguard the long-term success of your business.
Compare and Contrast
The book keeping and tax requirements set out by the government have to be adhered to by all incorporated companies in Singapore. Therefore, you cannot afford to leave anything to chance. Compare and contrast the competitive advantage of each firm on your list before making the final decision. Some of the factors that you need to consider include promos, reputation, prices, and reliability of their services.
Concisely, outsourcing accounting task will help you to focus on core competencies, access skills that may be lacking in-house, enhance in-house performance, and foster strategic partnerships with skilled professionals in the country.