Accounting tasks are tedious and time-consuming but are also crucial for any business large or small. Businesses need experienced professionals to handle accounting tasks. Moreover, hiring an entire team for the accounting department is also not a very cost-effective plan.
The best way to get the accounting tasks sorted is by outsourcing it to the experts who have been there and done that, time and again.
The accounting outsourcing market has grown exponentially in the last few years. Many firms are providing account outsourcing services and needless to say Singapore owns a huge number of these.
However, while choosing an accounting service provider for your business in Singapore, you must be cautious and confident about their expertise in the arena. There are a plethora of factors that you must consider. After all, it’s accounting, and you can’t afford a glitch!
Thus to guide you in the right way, here are the 5 most crucial things that you must consider before choosing an accounting firm in Singapore.
1. Taxation Knowledge
Look for outsourcing your accounting to experienced firms who have in-depth knowledge of taxation in Singapore.
If your tax documents are not rightly done, it can be a costly affair. You can lose time, money and reputation on legal affairs, affecting your overall business outcomes. Thus choosing the right accounting partner is crucial for your business to sail seamlessly.
2. Business Specialties & Qualifications
Choosing a firm with specializations in accounting along with auditing, taxation, drafting of finance statements, tax planning, secretarial services and financial reporting is pivotal.
Also, make sure of choosing a firm that is compliant with government regulations and can legitimately offer any accounting service you require. They should have proficiency in calculating tax liabilities and can show utmost professionalism in filing tax and completing them before deadlines.
3. Expertise and Experience
Proven expertise in the accounting field is a must. The accounting service provider must have in-depth proficiency in the arena and should be able to give you examples of their work in the form of case studies.
They must have independent teams to work for you who can get you out of any disaster situation if required. It’s not always about doing the math, but the right techniques must be applied for the best results. Look for such capabilities and then you are sure to experience better communication, realistic expectations, and goals set by the provider and an overall enhanced experience
4. The size of the firm
This is crucial as the size of the firm decides on the number of people who would work on your accounts. A small sized accounting firm can have one or two persons working on your project, whereas, a large-sized firm would have a team working for you. The latter is always better as a team of professionals with different experiences in the arena will be able to add more value.
Don’t miss out on researching the market price of outsourcing accounting services for your industry and the exact services you are looking for. Also, have a clear discussion of the terms and conditions of the service charges, if it is a package or an hourly payment basis service. Choose the firm that you can afford. Don’t overburden yourself. Look for fair deals and you are good to go.
6. Technology Knowledge
Most SMEs aspire to digitise their accounting operation, but are hesitant to take a call as they don’t have the right partner to advise them. Outsourcing back office and accounting tasks to experts who have knowledge in both technology and accounting can boost business outcomes.
7. Corporate Restructuring Expertise Corporate Restructuring Expertise
Corporate restructuring capabilities are pivotal to make sure that any financial risk of a company can be avoided. Look for an accounting firm in Singapore that can aid you with their expertise, enhance your business outcomes and help you traverse through any tough time with reliable financial guidance.
Why take a bumpy road when you can choose a smoother ride with PikoHANA?
With all the above-mentioned expertise and more, we at PikoHANA are dedicated to help businesses grow in the most efficient manner possible. We have been in this business since long and our team of experts can add unmatched value to your accounting processes.
Consult with us, we are here to cater to all your queries and guide you in the right direction.
Book a 30 mins free consultation with our accounting experts, now!.