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How to Outsource Your Accounting in Singapore - Doerscircle

September 3, 2023
Sotirios Seridis
8 MIN

How to Outsource Your Accounting in Singapore

Accounting is one of the most important parts of running a business. If you own a startup or a SME in Singapore, then it is better to outsource the accounting service. Outsourcing can offer a lot of advantages allowing you to focus mainly on the core operations while leveraging specialized experts to handle the accounts. This is also a cost-effective option that also offers flexibility to scale the services according to your needs. Singapore has some stringent finance laws and regulations. It is better to let a professional handle those complex accounting jobs as they are well-versed in local laws. Outsourcing can be highly beneficial to promote efficiency and enhanced data security. By choosing the best company to outsource, you can simply streamline your monthly accounting more efficiently. Want to know more about how to outsource your accounting in Singapore? We have provided all the essential details below. Read on.

 

How much do accounting services cost in Singapore?

The total cost of accounting services in Singapore can vary widely depending on different factors, such as the scope of the services required, level of complexity, size of the company, and the expertise of the accounting service. The cost of accounting services in Singapore rages from SGD $100 to SGD $1,000 based on your business requirements.

When hiring an accounting service in Singapore, you will get two options to choose from. These are:

  • Hire an in-house accounting team (or an accountant)
  • Outsource an accounting service

Each of these approaches has its own set of advantages and drawbacks. But when two of these options are compared for startups or SMEs, the best and easiest way is to outsource your accounting in Singapore. Hiring an in-house accounting team or an accountant can be quite expensive. You not only have to train them, but you will also have to provide them with the right software tools, workspace, and employee benefits as well as paying them a fixed salary every month. On the other hand, outsourcing an accounting service can be quite cost-effective,

Outsourcing accounting services has become extremely popular in Singapore, especially for the SMEs and startups because of several compelling reasons. The first reason has to be the cost-effectiveness. Besides that, it is a more flexible option. It can be your one-stop solution for all your business accounting needs. When you are outsourcing the accounting service, you will get a dedicated team of qualified accountants who will work for your needs. It is a faster way and you can save a lot of your time as well.

When you can rely fully on a professional accounting service, you can focus more on the important parts of your business. A startup or an SME may require a lot of attention and as an owner you already have a lot on your plate. So, why worry about accounting too when a professional team can handle it for you? This way you can hire a professional to take care of your accounting while you can save a lot of time and money. But you must make sure that you are choosing the best account company to outsource your financial tasks.

The right firm can help you to get a lot of advantages by saving your time and proving to be more efficient. But before that, you must make sure that the companies offer the right services that you will need. So, learn more about the scopes of an accounting company in Singapore below.

 

What is the scope of work of an accounting company in Singapore?

An accounting company in Singapore, typically, offers a wide range of accounting services to cater to different needs of small or medium-sized businesses. Some of the services that you can enjoy when you outsource an accounting company in Singapore are:


1. Payroll Services

One of the most important roles of an accounting company is to handle the payroll services. These include calculating the payroll i.e. the basic salary, bonus, overtime etc. Along with these, they can also take care of the calculations related to statutory contributions, like SDL, FWL, and CPF. These tasks need a lot of expertise and experience. As the accounting companies have a team of expert accountants, they can handle the job seamlessly.


2. Financial statement and bookkeeping

They are also responsible for maintaining an accurate record of financial transactions as well as to reconcile accounts and to prepare financial reports and statements. They also prepare the balance sheet, cash flow statements, and income statements. They also help in data entry too. A business can run successfully only when their financial statements are reported correctly. Rather than spending time on that, let a professional account handle it for you.


3. Tax planning and compliance

Singapore has a complex tax regulation. It is not possible for everyone to know about all the tax rules by heart unless and until you are a specialized accountant. When you outsource a professional accounting service, they can assist you with tax planning. They will also make sure that your finances comply with the local tax laws. They can also help you in preparing and filing different tax returns.


4. GST filing

GST i.e. goods and services tax is one of the most important parts of Singapore's tax system. If your business is registered for GST, then the accounting company can help in calculating and filing the required GST returns accurately and timely. Timely filing can have a positive impact on your business.


5. Income tax filing

One of the most important things that every business must do is to file their income tax. But this is a complicated process which takes a lot of time and energy. An accounting company can help you with all your income tax filings with IRAS. Professional accountants make sure to file everything flawlessly adhering to the rules and regulations.To enjoy all these benefits, you need to make sure that you are outsourcing the best accounting company for your business. Wondering how? We have provided a complete guide below. 

How to select the best company to outsource your accounting?

As accounting is one of the most crucial parts of your business, you cannot compromise with the quality of the service. So, when you are selecting a company to outsource your accounting in Singapore, you must be quite careful about it. There are certain things that you have to keep in mind when selecting the best accounting company to outsource. Here are some of the most important points to consider:


1. Reputation and experience

You must look for a firm that has a great experience in this business. With years of experience, the professionals can gain more expertise and sharpen their skills. This can prove to be quite advantageous for your business. So, you must consider a firm that has years of experience in serving SMEs and startups, especially from the same field as yours. Also, you need to look for a company with a strong and positive reputation in the market. For that, you can look for the online reviews and check the testimonies by the clients to get a better idea.


2. Specialization

You must make sure that the accounting company you are outsourcing for your business has specialization in the services that are relevant to your business needs. A specialized firm can be helpful for you to look after the finances more efficiently. A specialized team will focus just on what you need or what you want from them. This can help you to enjoy comprehensive services from professionals with unmatched expertise and knowledge.


3. Range of services

While outsourcing an accounting company in Singapore, one of the most important things that you need to consider is the range of services. But first you have to evaluate the services that your business will need. Once you are aware of the services that you are looking for, it will be easier for you to look for the companies that offer those services. Thus, you will be able to shortlist those companies that can fulfill your accounting needs, such as payroll, tax, financial statements, data entry, and more.


4. Tools and technologies

In this digital era, modernized tools and technologies can be highly beneficial for your business. So, make sure to look for companies that offer modern account software tools, such as cloud accounting. This can be an efficient way to share the details among each other. With the help of cloud accounting technology, you and the accounting company can both access the statements or essential tax filings from anywhere and anytime. This can help in better management of the financial statements, and you can also keep a tab on it all the time.


5. Clear communication and transparency

One of the most important factors that you need to consider when looking for an account company to outsource is transparency. Complete transparency between the company and your business can help in fostering better trust and credibility. You need to look for companies that encourage open communications. This can help you to discuss your needs openly with the company and get the best result. Effective communication is vital for addressing all your financial concerns promptly and staying informed all the time.


6. Customization and flexibility

One more thing that you need to keep in mind is customization. Not every business is the same and there cannot be a one-size-fits-all approach for every business. Hence, customization is very important. You must seek a company where you can tailor the services according to your needs. They must provide you with add-on features or services according to your specific needs and requirements. Flexibility is extremely important as your business can evolve over time and can face different changes in financial requirements. In such cases, having customized services can help a lot.


7. Cost structure and pricing

Pricing plays an important role when you are outsourcing the accounting service in Singapore. You must have a clear understanding of the pricing structure of the service and all the services included in the package. Moreover, it is also important to have a budget-friendly pricing option. This can help the small and medium sized businesses as well as the startups. Make sure that they offer complete transparency in the pricing system. This can prevent some unexpected costs down the road.


8. Data security

Another crucial factor that you can never ignore is data security. It is important for business confidentiality and security. So, when you are outsourcing an accounting company to look after your company's accounts, you must ensure that they have stringent measures for data security. This is essential to protect your sensitive financial information. You can verify if the company is well-versed with the rules and regulations of Singapore and know about the laws too.


9. Qualifications and certifications

Before you finally hire an accounting company for your business, you must check the certifications and qualifications thoroughly. The two most important certificates that you need to check are CA (Chartered Accountant) and CPA (Certified Public Accountant). These two certifications can indicate a higher level of professionalism and expertise. Experts with these two qualifications in Singapore are considered to be high-quality professionals.

These are 9 most important factors that you need to consider when seeking an accounting company to outsource in Singapore.


Closing Thoughts on Outsourcing your Accounting in Singapore

From the above explanation and evaluation, hopefully, it is quite clear how outsourcing an accounting service can be quite beneficial for you in Singapore. Accounting is an umbrella term for many financial services, from creating account statements and managing payrolls to filing taxes and more. It is not humanly possible for you to look after all these jobs while managing your company too. This may lead to several mistakes and flaws which can prove to be quite harmful for your business. Hence, it is better to outsource to a company that can look after all your finances and accounts. But you need to make sure that you are choosing the best company to ensure efficiency and accuracy. We have already discussed how to outsource your accounting in Singapore. Just keep those points or factors in mind while you are looking for the right company. It will help you to find the best company to outsource.

How to Outsource Your Accounting in Singapore - Doerscircle

As an entrepreneur, you have to focus on all the tasks related to your business and it can be challenging to manage everything, especially the admin! But fret not - admin tasks can be outsourced. Learn how to do just that - with accounting!
Published on
September 3, 2023

How to Outsource Your Accounting in Singapore

Accounting is one of the most important parts of running a business. If you own a startup or a SME in Singapore, then it is better to outsource the accounting service. Outsourcing can offer a lot of advantages allowing you to focus mainly on the core operations while leveraging specialized experts to handle the accounts. This is also a cost-effective option that also offers flexibility to scale the services according to your needs. Singapore has some stringent finance laws and regulations. It is better to let a professional handle those complex accounting jobs as they are well-versed in local laws. Outsourcing can be highly beneficial to promote efficiency and enhanced data security. By choosing the best company to outsource, you can simply streamline your monthly accounting more efficiently. Want to know more about how to outsource your accounting in Singapore? We have provided all the essential details below. Read on.

 

How much do accounting services cost in Singapore?

The total cost of accounting services in Singapore can vary widely depending on different factors, such as the scope of the services required, level of complexity, size of the company, and the expertise of the accounting service. The cost of accounting services in Singapore rages from SGD $100 to SGD $1,000 based on your business requirements.

When hiring an accounting service in Singapore, you will get two options to choose from. These are:

  • Hire an in-house accounting team (or an accountant)
  • Outsource an accounting service

Each of these approaches has its own set of advantages and drawbacks. But when two of these options are compared for startups or SMEs, the best and easiest way is to outsource your accounting in Singapore. Hiring an in-house accounting team or an accountant can be quite expensive. You not only have to train them, but you will also have to provide them with the right software tools, workspace, and employee benefits as well as paying them a fixed salary every month. On the other hand, outsourcing an accounting service can be quite cost-effective,

Outsourcing accounting services has become extremely popular in Singapore, especially for the SMEs and startups because of several compelling reasons. The first reason has to be the cost-effectiveness. Besides that, it is a more flexible option. It can be your one-stop solution for all your business accounting needs. When you are outsourcing the accounting service, you will get a dedicated team of qualified accountants who will work for your needs. It is a faster way and you can save a lot of your time as well.

When you can rely fully on a professional accounting service, you can focus more on the important parts of your business. A startup or an SME may require a lot of attention and as an owner you already have a lot on your plate. So, why worry about accounting too when a professional team can handle it for you? This way you can hire a professional to take care of your accounting while you can save a lot of time and money. But you must make sure that you are choosing the best account company to outsource your financial tasks.

The right firm can help you to get a lot of advantages by saving your time and proving to be more efficient. But before that, you must make sure that the companies offer the right services that you will need. So, learn more about the scopes of an accounting company in Singapore below.

 

What is the scope of work of an accounting company in Singapore?

An accounting company in Singapore, typically, offers a wide range of accounting services to cater to different needs of small or medium-sized businesses. Some of the services that you can enjoy when you outsource an accounting company in Singapore are:


1. Payroll Services

One of the most important roles of an accounting company is to handle the payroll services. These include calculating the payroll i.e. the basic salary, bonus, overtime etc. Along with these, they can also take care of the calculations related to statutory contributions, like SDL, FWL, and CPF. These tasks need a lot of expertise and experience. As the accounting companies have a team of expert accountants, they can handle the job seamlessly.


2. Financial statement and bookkeeping

They are also responsible for maintaining an accurate record of financial transactions as well as to reconcile accounts and to prepare financial reports and statements. They also prepare the balance sheet, cash flow statements, and income statements. They also help in data entry too. A business can run successfully only when their financial statements are reported correctly. Rather than spending time on that, let a professional account handle it for you.


3. Tax planning and compliance

Singapore has a complex tax regulation. It is not possible for everyone to know about all the tax rules by heart unless and until you are a specialized accountant. When you outsource a professional accounting service, they can assist you with tax planning. They will also make sure that your finances comply with the local tax laws. They can also help you in preparing and filing different tax returns.


4. GST filing

GST i.e. goods and services tax is one of the most important parts of Singapore's tax system. If your business is registered for GST, then the accounting company can help in calculating and filing the required GST returns accurately and timely. Timely filing can have a positive impact on your business.


5. Income tax filing

One of the most important things that every business must do is to file their income tax. But this is a complicated process which takes a lot of time and energy. An accounting company can help you with all your income tax filings with IRAS. Professional accountants make sure to file everything flawlessly adhering to the rules and regulations.To enjoy all these benefits, you need to make sure that you are outsourcing the best accounting company for your business. Wondering how? We have provided a complete guide below. 

How to select the best company to outsource your accounting?

As accounting is one of the most crucial parts of your business, you cannot compromise with the quality of the service. So, when you are selecting a company to outsource your accounting in Singapore, you must be quite careful about it. There are certain things that you have to keep in mind when selecting the best accounting company to outsource. Here are some of the most important points to consider:


1. Reputation and experience

You must look for a firm that has a great experience in this business. With years of experience, the professionals can gain more expertise and sharpen their skills. This can prove to be quite advantageous for your business. So, you must consider a firm that has years of experience in serving SMEs and startups, especially from the same field as yours. Also, you need to look for a company with a strong and positive reputation in the market. For that, you can look for the online reviews and check the testimonies by the clients to get a better idea.


2. Specialization

You must make sure that the accounting company you are outsourcing for your business has specialization in the services that are relevant to your business needs. A specialized firm can be helpful for you to look after the finances more efficiently. A specialized team will focus just on what you need or what you want from them. This can help you to enjoy comprehensive services from professionals with unmatched expertise and knowledge.


3. Range of services

While outsourcing an accounting company in Singapore, one of the most important things that you need to consider is the range of services. But first you have to evaluate the services that your business will need. Once you are aware of the services that you are looking for, it will be easier for you to look for the companies that offer those services. Thus, you will be able to shortlist those companies that can fulfill your accounting needs, such as payroll, tax, financial statements, data entry, and more.


4. Tools and technologies

In this digital era, modernized tools and technologies can be highly beneficial for your business. So, make sure to look for companies that offer modern account software tools, such as cloud accounting. This can be an efficient way to share the details among each other. With the help of cloud accounting technology, you and the accounting company can both access the statements or essential tax filings from anywhere and anytime. This can help in better management of the financial statements, and you can also keep a tab on it all the time.


5. Clear communication and transparency

One of the most important factors that you need to consider when looking for an account company to outsource is transparency. Complete transparency between the company and your business can help in fostering better trust and credibility. You need to look for companies that encourage open communications. This can help you to discuss your needs openly with the company and get the best result. Effective communication is vital for addressing all your financial concerns promptly and staying informed all the time.


6. Customization and flexibility

One more thing that you need to keep in mind is customization. Not every business is the same and there cannot be a one-size-fits-all approach for every business. Hence, customization is very important. You must seek a company where you can tailor the services according to your needs. They must provide you with add-on features or services according to your specific needs and requirements. Flexibility is extremely important as your business can evolve over time and can face different changes in financial requirements. In such cases, having customized services can help a lot.


7. Cost structure and pricing

Pricing plays an important role when you are outsourcing the accounting service in Singapore. You must have a clear understanding of the pricing structure of the service and all the services included in the package. Moreover, it is also important to have a budget-friendly pricing option. This can help the small and medium sized businesses as well as the startups. Make sure that they offer complete transparency in the pricing system. This can prevent some unexpected costs down the road.


8. Data security

Another crucial factor that you can never ignore is data security. It is important for business confidentiality and security. So, when you are outsourcing an accounting company to look after your company's accounts, you must ensure that they have stringent measures for data security. This is essential to protect your sensitive financial information. You can verify if the company is well-versed with the rules and regulations of Singapore and know about the laws too.


9. Qualifications and certifications

Before you finally hire an accounting company for your business, you must check the certifications and qualifications thoroughly. The two most important certificates that you need to check are CA (Chartered Accountant) and CPA (Certified Public Accountant). These two certifications can indicate a higher level of professionalism and expertise. Experts with these two qualifications in Singapore are considered to be high-quality professionals.

These are 9 most important factors that you need to consider when seeking an accounting company to outsource in Singapore.


Closing Thoughts on Outsourcing your Accounting in Singapore

From the above explanation and evaluation, hopefully, it is quite clear how outsourcing an accounting service can be quite beneficial for you in Singapore. Accounting is an umbrella term for many financial services, from creating account statements and managing payrolls to filing taxes and more. It is not humanly possible for you to look after all these jobs while managing your company too. This may lead to several mistakes and flaws which can prove to be quite harmful for your business. Hence, it is better to outsource to a company that can look after all your finances and accounts. But you need to make sure that you are choosing the best company to ensure efficiency and accuracy. We have already discussed how to outsource your accounting in Singapore. Just keep those points or factors in mind while you are looking for the right company. It will help you to find the best company to outsource.

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How to Outsource Your Accounting in Singapore

Accounting is one of the most important parts of running a business. If you own a startup or a SME in Singapore, then it is better to outsource the accounting service. Outsourcing can offer a lot of advantages allowing you to focus mainly on the core operations while leveraging specialized experts to handle the accounts. This is also a cost-effective option that also offers flexibility to scale the services according to your needs. Singapore has some stringent finance laws and regulations. It is better to let a professional handle those complex accounting jobs as they are well-versed in local laws. Outsourcing can be highly beneficial to promote efficiency and enhanced data security. By choosing the best company to outsource, you can simply streamline your monthly accounting more efficiently. Want to know more about how to outsource your accounting in Singapore? We have provided all the essential details below. Read on.

 

How much do accounting services cost in Singapore?

The total cost of accounting services in Singapore can vary widely depending on different factors, such as the scope of the services required, level of complexity, size of the company, and the expertise of the accounting service. The cost of accounting services in Singapore rages from SGD $100 to SGD $1,000 based on your business requirements.

When hiring an accounting service in Singapore, you will get two options to choose from. These are:

  • Hire an in-house accounting team (or an accountant)
  • Outsource an accounting service

Each of these approaches has its own set of advantages and drawbacks. But when two of these options are compared for startups or SMEs, the best and easiest way is to outsource your accounting in Singapore. Hiring an in-house accounting team or an accountant can be quite expensive. You not only have to train them, but you will also have to provide them with the right software tools, workspace, and employee benefits as well as paying them a fixed salary every month. On the other hand, outsourcing an accounting service can be quite cost-effective,

Outsourcing accounting services has become extremely popular in Singapore, especially for the SMEs and startups because of several compelling reasons. The first reason has to be the cost-effectiveness. Besides that, it is a more flexible option. It can be your one-stop solution for all your business accounting needs. When you are outsourcing the accounting service, you will get a dedicated team of qualified accountants who will work for your needs. It is a faster way and you can save a lot of your time as well.

When you can rely fully on a professional accounting service, you can focus more on the important parts of your business. A startup or an SME may require a lot of attention and as an owner you already have a lot on your plate. So, why worry about accounting too when a professional team can handle it for you? This way you can hire a professional to take care of your accounting while you can save a lot of time and money. But you must make sure that you are choosing the best account company to outsource your financial tasks.

The right firm can help you to get a lot of advantages by saving your time and proving to be more efficient. But before that, you must make sure that the companies offer the right services that you will need. So, learn more about the scopes of an accounting company in Singapore below.

 

What is the scope of work of an accounting company in Singapore?

An accounting company in Singapore, typically, offers a wide range of accounting services to cater to different needs of small or medium-sized businesses. Some of the services that you can enjoy when you outsource an accounting company in Singapore are:


1. Payroll Services

One of the most important roles of an accounting company is to handle the payroll services. These include calculating the payroll i.e. the basic salary, bonus, overtime etc. Along with these, they can also take care of the calculations related to statutory contributions, like SDL, FWL, and CPF. These tasks need a lot of expertise and experience. As the accounting companies have a team of expert accountants, they can handle the job seamlessly.


2. Financial statement and bookkeeping

They are also responsible for maintaining an accurate record of financial transactions as well as to reconcile accounts and to prepare financial reports and statements. They also prepare the balance sheet, cash flow statements, and income statements. They also help in data entry too. A business can run successfully only when their financial statements are reported correctly. Rather than spending time on that, let a professional account handle it for you.


3. Tax planning and compliance

Singapore has a complex tax regulation. It is not possible for everyone to know about all the tax rules by heart unless and until you are a specialized accountant. When you outsource a professional accounting service, they can assist you with tax planning. They will also make sure that your finances comply with the local tax laws. They can also help you in preparing and filing different tax returns.


4. GST filing

GST i.e. goods and services tax is one of the most important parts of Singapore's tax system. If your business is registered for GST, then the accounting company can help in calculating and filing the required GST returns accurately and timely. Timely filing can have a positive impact on your business.


5. Income tax filing

One of the most important things that every business must do is to file their income tax. But this is a complicated process which takes a lot of time and energy. An accounting company can help you with all your income tax filings with IRAS. Professional accountants make sure to file everything flawlessly adhering to the rules and regulations.To enjoy all these benefits, you need to make sure that you are outsourcing the best accounting company for your business. Wondering how? We have provided a complete guide below. 

How to select the best company to outsource your accounting?

As accounting is one of the most crucial parts of your business, you cannot compromise with the quality of the service. So, when you are selecting a company to outsource your accounting in Singapore, you must be quite careful about it. There are certain things that you have to keep in mind when selecting the best accounting company to outsource. Here are some of the most important points to consider:


1. Reputation and experience

You must look for a firm that has a great experience in this business. With years of experience, the professionals can gain more expertise and sharpen their skills. This can prove to be quite advantageous for your business. So, you must consider a firm that has years of experience in serving SMEs and startups, especially from the same field as yours. Also, you need to look for a company with a strong and positive reputation in the market. For that, you can look for the online reviews and check the testimonies by the clients to get a better idea.


2. Specialization

You must make sure that the accounting company you are outsourcing for your business has specialization in the services that are relevant to your business needs. A specialized firm can be helpful for you to look after the finances more efficiently. A specialized team will focus just on what you need or what you want from them. This can help you to enjoy comprehensive services from professionals with unmatched expertise and knowledge.


3. Range of services

While outsourcing an accounting company in Singapore, one of the most important things that you need to consider is the range of services. But first you have to evaluate the services that your business will need. Once you are aware of the services that you are looking for, it will be easier for you to look for the companies that offer those services. Thus, you will be able to shortlist those companies that can fulfill your accounting needs, such as payroll, tax, financial statements, data entry, and more.


4. Tools and technologies

In this digital era, modernized tools and technologies can be highly beneficial for your business. So, make sure to look for companies that offer modern account software tools, such as cloud accounting. This can be an efficient way to share the details among each other. With the help of cloud accounting technology, you and the accounting company can both access the statements or essential tax filings from anywhere and anytime. This can help in better management of the financial statements, and you can also keep a tab on it all the time.


5. Clear communication and transparency

One of the most important factors that you need to consider when looking for an account company to outsource is transparency. Complete transparency between the company and your business can help in fostering better trust and credibility. You need to look for companies that encourage open communications. This can help you to discuss your needs openly with the company and get the best result. Effective communication is vital for addressing all your financial concerns promptly and staying informed all the time.


6. Customization and flexibility

One more thing that you need to keep in mind is customization. Not every business is the same and there cannot be a one-size-fits-all approach for every business. Hence, customization is very important. You must seek a company where you can tailor the services according to your needs. They must provide you with add-on features or services according to your specific needs and requirements. Flexibility is extremely important as your business can evolve over time and can face different changes in financial requirements. In such cases, having customized services can help a lot.


7. Cost structure and pricing

Pricing plays an important role when you are outsourcing the accounting service in Singapore. You must have a clear understanding of the pricing structure of the service and all the services included in the package. Moreover, it is also important to have a budget-friendly pricing option. This can help the small and medium sized businesses as well as the startups. Make sure that they offer complete transparency in the pricing system. This can prevent some unexpected costs down the road.


8. Data security

Another crucial factor that you can never ignore is data security. It is important for business confidentiality and security. So, when you are outsourcing an accounting company to look after your company's accounts, you must ensure that they have stringent measures for data security. This is essential to protect your sensitive financial information. You can verify if the company is well-versed with the rules and regulations of Singapore and know about the laws too.


9. Qualifications and certifications

Before you finally hire an accounting company for your business, you must check the certifications and qualifications thoroughly. The two most important certificates that you need to check are CA (Chartered Accountant) and CPA (Certified Public Accountant). These two certifications can indicate a higher level of professionalism and expertise. Experts with these two qualifications in Singapore are considered to be high-quality professionals.

These are 9 most important factors that you need to consider when seeking an accounting company to outsource in Singapore.


Closing Thoughts on Outsourcing your Accounting in Singapore

From the above explanation and evaluation, hopefully, it is quite clear how outsourcing an accounting service can be quite beneficial for you in Singapore. Accounting is an umbrella term for many financial services, from creating account statements and managing payrolls to filing taxes and more. It is not humanly possible for you to look after all these jobs while managing your company too. This may lead to several mistakes and flaws which can prove to be quite harmful for your business. Hence, it is better to outsource to a company that can look after all your finances and accounts. But you need to make sure that you are choosing the best company to ensure efficiency and accuracy. We have already discussed how to outsource your accounting in Singapore. Just keep those points or factors in mind while you are looking for the right company. It will help you to find the best company to outsource.

How to Outsource Your Accounting in Singapore

Accounting is one of the most important parts of running a business. If you own a startup or a SME in Singapore, then it is better to outsource the accounting service. Outsourcing can offer a lot of advantages allowing you to focus mainly on the core operations while leveraging specialized experts to handle the accounts. This is also a cost-effective option that also offers flexibility to scale the services according to your needs. Singapore has some stringent finance laws and regulations. It is better to let a professional handle those complex accounting jobs as they are well-versed in local laws. Outsourcing can be highly beneficial to promote efficiency and enhanced data security. By choosing the best company to outsource, you can simply streamline your monthly accounting more efficiently. Want to know more about how to outsource your accounting in Singapore? We have provided all the essential details below. Read on.

 

How much do accounting services cost in Singapore?

The total cost of accounting services in Singapore can vary widely depending on different factors, such as the scope of the services required, level of complexity, size of the company, and the expertise of the accounting service. The cost of accounting services in Singapore rages from SGD $100 to SGD $1,000 based on your business requirements.

When hiring an accounting service in Singapore, you will get two options to choose from. These are:

  • Hire an in-house accounting team (or an accountant)
  • Outsource an accounting service

Each of these approaches has its own set of advantages and drawbacks. But when two of these options are compared for startups or SMEs, the best and easiest way is to outsource your accounting in Singapore. Hiring an in-house accounting team or an accountant can be quite expensive. You not only have to train them, but you will also have to provide them with the right software tools, workspace, and employee benefits as well as paying them a fixed salary every month. On the other hand, outsourcing an accounting service can be quite cost-effective,

Outsourcing accounting services has become extremely popular in Singapore, especially for the SMEs and startups because of several compelling reasons. The first reason has to be the cost-effectiveness. Besides that, it is a more flexible option. It can be your one-stop solution for all your business accounting needs. When you are outsourcing the accounting service, you will get a dedicated team of qualified accountants who will work for your needs. It is a faster way and you can save a lot of your time as well.

When you can rely fully on a professional accounting service, you can focus more on the important parts of your business. A startup or an SME may require a lot of attention and as an owner you already have a lot on your plate. So, why worry about accounting too when a professional team can handle it for you? This way you can hire a professional to take care of your accounting while you can save a lot of time and money. But you must make sure that you are choosing the best account company to outsource your financial tasks.

The right firm can help you to get a lot of advantages by saving your time and proving to be more efficient. But before that, you must make sure that the companies offer the right services that you will need. So, learn more about the scopes of an accounting company in Singapore below.

 

What is the scope of work of an accounting company in Singapore?

An accounting company in Singapore, typically, offers a wide range of accounting services to cater to different needs of small or medium-sized businesses. Some of the services that you can enjoy when you outsource an accounting company in Singapore are:


1. Payroll Services

One of the most important roles of an accounting company is to handle the payroll services. These include calculating the payroll i.e. the basic salary, bonus, overtime etc. Along with these, they can also take care of the calculations related to statutory contributions, like SDL, FWL, and CPF. These tasks need a lot of expertise and experience. As the accounting companies have a team of expert accountants, they can handle the job seamlessly.


2. Financial statement and bookkeeping

They are also responsible for maintaining an accurate record of financial transactions as well as to reconcile accounts and to prepare financial reports and statements. They also prepare the balance sheet, cash flow statements, and income statements. They also help in data entry too. A business can run successfully only when their financial statements are reported correctly. Rather than spending time on that, let a professional account handle it for you.


3. Tax planning and compliance

Singapore has a complex tax regulation. It is not possible for everyone to know about all the tax rules by heart unless and until you are a specialized accountant. When you outsource a professional accounting service, they can assist you with tax planning. They will also make sure that your finances comply with the local tax laws. They can also help you in preparing and filing different tax returns.


4. GST filing

GST i.e. goods and services tax is one of the most important parts of Singapore's tax system. If your business is registered for GST, then the accounting company can help in calculating and filing the required GST returns accurately and timely. Timely filing can have a positive impact on your business.


5. Income tax filing

One of the most important things that every business must do is to file their income tax. But this is a complicated process which takes a lot of time and energy. An accounting company can help you with all your income tax filings with IRAS. Professional accountants make sure to file everything flawlessly adhering to the rules and regulations.To enjoy all these benefits, you need to make sure that you are outsourcing the best accounting company for your business. Wondering how? We have provided a complete guide below. 

How to select the best company to outsource your accounting?

As accounting is one of the most crucial parts of your business, you cannot compromise with the quality of the service. So, when you are selecting a company to outsource your accounting in Singapore, you must be quite careful about it. There are certain things that you have to keep in mind when selecting the best accounting company to outsource. Here are some of the most important points to consider:


1. Reputation and experience

You must look for a firm that has a great experience in this business. With years of experience, the professionals can gain more expertise and sharpen their skills. This can prove to be quite advantageous for your business. So, you must consider a firm that has years of experience in serving SMEs and startups, especially from the same field as yours. Also, you need to look for a company with a strong and positive reputation in the market. For that, you can look for the online reviews and check the testimonies by the clients to get a better idea.


2. Specialization

You must make sure that the accounting company you are outsourcing for your business has specialization in the services that are relevant to your business needs. A specialized firm can be helpful for you to look after the finances more efficiently. A specialized team will focus just on what you need or what you want from them. This can help you to enjoy comprehensive services from professionals with unmatched expertise and knowledge.


3. Range of services

While outsourcing an accounting company in Singapore, one of the most important things that you need to consider is the range of services. But first you have to evaluate the services that your business will need. Once you are aware of the services that you are looking for, it will be easier for you to look for the companies that offer those services. Thus, you will be able to shortlist those companies that can fulfill your accounting needs, such as payroll, tax, financial statements, data entry, and more.


4. Tools and technologies

In this digital era, modernized tools and technologies can be highly beneficial for your business. So, make sure to look for companies that offer modern account software tools, such as cloud accounting. This can be an efficient way to share the details among each other. With the help of cloud accounting technology, you and the accounting company can both access the statements or essential tax filings from anywhere and anytime. This can help in better management of the financial statements, and you can also keep a tab on it all the time.


5. Clear communication and transparency

One of the most important factors that you need to consider when looking for an account company to outsource is transparency. Complete transparency between the company and your business can help in fostering better trust and credibility. You need to look for companies that encourage open communications. This can help you to discuss your needs openly with the company and get the best result. Effective communication is vital for addressing all your financial concerns promptly and staying informed all the time.


6. Customization and flexibility

One more thing that you need to keep in mind is customization. Not every business is the same and there cannot be a one-size-fits-all approach for every business. Hence, customization is very important. You must seek a company where you can tailor the services according to your needs. They must provide you with add-on features or services according to your specific needs and requirements. Flexibility is extremely important as your business can evolve over time and can face different changes in financial requirements. In such cases, having customized services can help a lot.


7. Cost structure and pricing

Pricing plays an important role when you are outsourcing the accounting service in Singapore. You must have a clear understanding of the pricing structure of the service and all the services included in the package. Moreover, it is also important to have a budget-friendly pricing option. This can help the small and medium sized businesses as well as the startups. Make sure that they offer complete transparency in the pricing system. This can prevent some unexpected costs down the road.


8. Data security

Another crucial factor that you can never ignore is data security. It is important for business confidentiality and security. So, when you are outsourcing an accounting company to look after your company's accounts, you must ensure that they have stringent measures for data security. This is essential to protect your sensitive financial information. You can verify if the company is well-versed with the rules and regulations of Singapore and know about the laws too.


9. Qualifications and certifications

Before you finally hire an accounting company for your business, you must check the certifications and qualifications thoroughly. The two most important certificates that you need to check are CA (Chartered Accountant) and CPA (Certified Public Accountant). These two certifications can indicate a higher level of professionalism and expertise. Experts with these two qualifications in Singapore are considered to be high-quality professionals.

These are 9 most important factors that you need to consider when seeking an accounting company to outsource in Singapore.


Closing Thoughts on Outsourcing your Accounting in Singapore

From the above explanation and evaluation, hopefully, it is quite clear how outsourcing an accounting service can be quite beneficial for you in Singapore. Accounting is an umbrella term for many financial services, from creating account statements and managing payrolls to filing taxes and more. It is not humanly possible for you to look after all these jobs while managing your company too. This may lead to several mistakes and flaws which can prove to be quite harmful for your business. Hence, it is better to outsource to a company that can look after all your finances and accounts. But you need to make sure that you are choosing the best company to ensure efficiency and accuracy. We have already discussed how to outsource your accounting in Singapore. Just keep those points or factors in mind while you are looking for the right company. It will help you to find the best company to outsource.

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Digital Marketeer
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