Outsource or hire in-house accountants?
For small and medium-sized companies, it is very common to outsource its bookkeeping, payroll and tax functions to an accounting firm in Singapore.
Business owners tend to manage costs at the initial stage as the company focuses on sales, marketing and business developments.
Outsourced bookkeeping assistance frees up resources for the business owners and its sales team to bring in more sales and grow its customer base.
The annual compilation services team keep books in order and ensure compliance with Singapore regulations.
Better resource management and cost savings
One of the reasons why a company should hire outsource assistance from Accounting Firm is to lessen the burden.
A small company does not many full-time employees as it has a limited budget.
Outsourced assistance for accounting, tax and corporate secretarial work is required to reduce the cost of hiring a full-time accountant.
The professional outsourced team helps the company prepare the books, management report, and year-end financial statements.
They also assist to remind business owners of the annual reporting deadline to ACRA and IRAS.
Focus on operations, sales and increase client base
Singapore Accounting firms are trained to provide assistance in annual regulatory reporting to ACRA and IRAS.
As such, business owners can rely on their expertise on accounting, payroll, tax and corporate secretarial matters.
Another reason is to spend less time to conduct interview and re-train new accountants (in the event of leavers).
Hiring a Singapore accounting firm to take charge of bookkeeping, payroll & tax processing and company secretarial work is a huge savings for the company.
Regular training and up-to-date with Singapore legislation requirements
The Accounting firm provides regular training and is up-to-date with the changes in tax laws, Singapore Financial Reporting Standards (SFRS), the Singapore Companies Act and ACRA / IRAS reporting requirements.
When you have questions on ACRA and IRAS, you can seek their professional advice.
Should you need assistance or would like to find out more about annual compilation services in Singapore, please send an email to Contact@AccountingSolutionsSingapore.com, and our business advisor will contact you.