As a Singapore company, proper accounting and bookkeeping are business necessities you simply can’t overlook. When you maintain the books of accounts and file your accounts per the statutory accounting standards, it keeps you informed about the financial state of your business. More importantly, perhaps, it ensures that your company is in compliance with the law, while also securing its reputation among shareholders.
However, having an accounting professional on the payroll isn’t feasible or profitable for many businesses. Especially so if you are a small business or a startup. A good solution in these cases is outsourcing to an accounting service provider in Singapore that will do the hard work for you.
If you are a business owner in Singapore wondering “why should I hire an accounting service provider to do my finances?”, this article is for you.
Reasons to Outsource Accounting
A professional accounting service provider is a great add-on to your business. Most of them provide services like administrative support, payroll management, bookkeeping, income tax returns, managing account payables, and receivables, preparing financial reports, etc. The benefit doesn’t just stop at the services they offer.
Outsourcing allows you to reap the benefits of well-managed accounts without the stress, hassles, and expenses of maintaining an accounting team. It gives you access to accounting expertise that would otherwise take years to master if you did your accounts yourself.
That said, let’s break down the top four benefits of working with an accounting service provider in Singapore.
1. You can save money
Running a business strategically involves foreseeing every aspect of cutting down costs. It might come as a surprise that outsourcing certain aspects of the business, for example, accounting, actually saves you a lot of money. Employing a full-time accountant comes with a lot of expenses, from salary and incentives to benefits and paid leaves.
Plus, not every business needs the services of a full-time accountant. If your business is small, you might only need accounting services during particular times. It is not feasible to employ an accountant around the year for their limited services. Hiring an accounting firm only when you need their services is a more viable way of saving money.
2. Take advantage of technology
Top accounting firms are much likelier than in-house accountants to use state-of-the-art technology for accounting purposes. While the best accounting software can be expensive and hard to maintain for small businesses, accounting firms count on them to improve their efficiency, productivity, and accuracy.
3. Adapt to change
A business is never constant. Your business may have high levels of growth at some time and moderate growth at another. Outsourcing your accounting work to an accounting firm means that you won’t have to worry about the number of accountants you require at a particular time. This saves you from having to employ more accountants in-house to manage your finances.
4. Get assurance of quality and expertise
Hiring an accounting firm instead of employing an in-house accountant is beneficial in terms of the expertise they bring to the table. Your in-house accountant may need additional training and has a larger room for error than a hired firm. Despite your investment in your in-house accountant, their performance might not be as desired.
Hiring an accounting service provider is a whole different scenario. Here, you are assured quality work only and within a stipulated price. An accounting firm stands to lose a contract if mistakes happen, which will ensure they provide better services. They are also compelled to stay competitive to be relevant in the market.
Businesses require the expertise of an accountant. Employing an in-house accountant may not be feasible for all, and sometimes not necessary either. An outsourced accounting firm can be the ideal solution to all your accounting problems. As this article elaborates on the various benefits, we believe investing in a trustworthy and reliable accounting firm in Singapore can change the course of your business for good. With a better perspective of all the accounting activities, you can focus on creating better business strategies and avoid the stress of it all.
Your search for a great accounting service provider in Singapore ends here. At Bestar, we provide the best accounting services in Singapore to businesses of all sizes. Contact us today to know more.