Small Business

How Important are Professional Accounting Services Singapore for Small Businesses?

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Accounting Services Singapore for Small Businesses

Outsourcing accounting services for small businesses has become as essential as it is for large businesses. Gone are the days when outsourcing was a fancy word for small-scale businesses, and it was perceived to be a thing of luxury. However, ever-rising competition in the market and stringent laws of jurisdiction have persuaded the small and medium businesses to embrace outsourcing in order to stay competent. As a result, good numbers of accounting firms in Singapore have mushroomed in last few years. A few top accounting firms in Singapore, with their unmatched services, helped small businesses outperformed their competitors by keeping the cash flow healthy and sound.

Why should Small Businesses outsource their Accounting & Finance needs to Accounting Services Singapore?

It is quite difficult for a small company to handle challenges of growing bottom line of its businesses while maintaining the cash flow. Given the numerous advantages of outsourcing, small businesses no longer consider it to be a thing of a luxury for the large corporation anymore. Now, outsourcing of non-core activities such as accounting and bookkeeping is being done extensively in almost every small and medium business in Singapore.

Apart from focusing on productivity, the other key concerns of these businesses are compliance requirement and sound cash management. All of your key concerns could be accomplished efficiently with the help of professional accounting services Singapore. They are conversant with the laws of relevant jurisdiction and can keep you out of trouble. A professional accountant can complete a task in half the time used by a non-savvy person. In a nutshell, they help you save time, money and resource. Moreover, you will be getting excellent quality services at affordable price.

The smart businesses leverage the expertise and skills of professionals of top accounting firms in Singapore. They prefer to rely on the savvy accountant rather than trying to do their accounts on their own.

Take a Glance at the Benefits of Outsourcing to Accounting Services Singapore

  • Your accounting needs will be handled by domain experts using their expertise/skill and advanced software or tool, ensuring more accuracy and productivity.

  • Outsourcing is a cost-efficient solution in comparison to an in-house accountant. It is more of a seasonal requirement like monthly, quarterly or annually.

  • You get the sound advice of experts whenever needed.

  • Compliance requirements of your company are being monitored and done by the experts.

  • You get more time to focus on productive business activities to grow and expand it.

  • Lastly, you will be in peace of mind, which is needed to pay heed to the significant aspects of business.

What Type of Accounting Firms in Singapore is Suitable for Small Business?

There are accounting giants like KPMG, PwC Singapore, EY, Deloitte & Touche and RSM that are in the list of 5 top accounting firms in Singapore. It is no secret that these leading firms are easily accessible and boast of highly qualified CPAs and accountants. Nevertheless, their high fee structure and huge size lead some SMEs to prefer the small-size accounting firm. Technically, the services of small accounting firms are usually cost-effective and provide personalized solutions.

Characteristics of a Right Accounting Firm for Small Business

A firm offering following services can be counted as right accounting firm for small business.

  • A range of comprehensive solution for accounting services under a single roof.

  • Accounting needs of the clients are being handled by certified accountants.

  • The professionals have industry-wide experience and good knowledge of statutory obligations.

  • Prices are competitive in the market.

  • Customer care service is excellent. They are only a phone call away to serve you with the necessary solution.

  • Free professional advises or consulting services.

Finding a right accounting services in Singapore can be as challenging as keeping your own books. You may ask for recommendations from your friends, relatives or colleague. Searching over the internet using trusted directories or websites could be a smart pick. Offline advertising sources such as hoardings, newspaper advertisement, brochure, etc. can also be tapped. Nevertheless, make sure to do due diligence before finalizing the right one.