Choosing the right, reliable, and trustworthy bookkeeping service in Singapore is never easy. As a company’s accounting records are confidential, the accountant is exposed to this level of sensitivity. The confidentiality of financial records has a significant impact on the success of a business. Therefore, you should hire a competent and qualified accountant to assist you in maintaining and closing your monthly books.
We will discuss in this article the most important aspects to consider in a monthly bookkeeping service. Keeping this in mind, there are six factors to consider before selecting an accounting firm in Singapore:
1. Data – Privacy and Security
Many businesses face sensitive issues related to their finances and cash flow. Therefore, you should choose a bookkeeping company that will handle your classified and sensitive data with the utmost care. The confidentiality of the clients’ data may undermine business security if the information is in the wrong hands.
Furthermore, it is important to think about the strength and level of security the annual compilation services has. It is vital to ask the following questions to prevent the loss of essential data: What storage platform is used? Is the data encrypted? What level of confidentiality is associated with their work structure? Do they have an IT department?
This information, among others, is essential to determining the level of security offered by a Singapore accounting firm. If you select the right bookkeeping service, you can protect your financial information from being misused.
2. Compliance Advice – Providing constant support
If something goes wrong with your bookkeeping, it may negatively impact your business. As such, it is very important to consider the level of support when choosing a bookkeeping firm. It is ideal for working with a company that provides continuous client support. A team of qualified individuals understand Singapore Financial Reporting Standards and they are involved in providing the bookkeeping services.
It is essential that the accounting team understands and gets to know your business. An organisation should take an active interest in your business rather than treating you as just another customer.
You should ensure the support is accessible by phone or video chat. Additionally, you should be able to contact customer service without restriction. Finally, they should also be familiar with your industry and annual ACRA compliance requirements.
3. Communication – Degree of Transparency
Your relationship and interaction with your bookkeeping service should be transparent. You must take steps to protect your business from any malicious intent resulting from the selection of an inexperienced bookkeeper. Business owners should be familiar with and aligned with the accounting firm’s communication process. Communication with the accounting firm needs to be transparent to resolve any issues that may arise.
Furthermore, it would be best to avoid bookkeeping firms that fail to provide the necessary advice or deliver to your management accounts as required. Therefore, they should make you aware of delays in routine services – this is the essence of transparency.
4. Scope of work and deliverables
Many companies are working remotely, and a cloud-based work environment made remote work possible. Therefore, it is crucial that you select a company that offers cloud accounting services that you can rely on while working remotely.
You will likely need to devote some time to understand their process of preparing your monthly management accounts. You will benefit when your outsourced accountant uses cloud-based accounting software to manage your books. Singapore accounting firms also provide tax services, and they will assist you in preparing your annual tax returns.
You should consult your accountants if they can also assist with monthly payroll and annual tax filing. It is important that you make every effort to understand their scope of services during your first contact.
5. Bookkeeping – Industry Specialization
Businesses can easily find a corporate bookkeeping service to manage their finances. However, some firms provide bookkeeping services for a specialised industry. This is especially true for businesses in the non-profit, fund management, e-commerce and legal sector.
These businesses have unique needs that are unrelated to those of a trading business. As such, you should find a suitable accounting firm in Singapore that meets your specific industry.
An industry-specific bookkeeping service will certainly be more expensive. In the long run, however, your business will benefit from access to solutions and information.
6. Technology – Cloud accounting software
The following excellent benefits can be obtained by choosing cloud accounting services for Singapore businesses.
(a) Cost savings are one benefit
With cloud computing, you can have easy access to your business’s data without spending a great deal of money on an in-house network server, hardware and maintenance fees.
(b) It is an efficient means of managing your business operations
By using it, you can stay connected to your business while on the go. With online cloud accounting software, you do not have to maintain IT infrastructure.
(c) You now have more control over your financial processes.
It allows you to monitor your debts, income, and many other aspects of your financial position in real-time.
Meanwhile, there are several things that you may not be able to control, regardless of whether you like them or not. For example, you can quickly restore your data during emergency situations such as power outages and natural disasters thanks to cloud-based services.
Final words
Every business needs the assistance of a skilled accountant. An outsourced professional accounting firm offers many benefits.
Our annual compilation services assist companies with numerous challenges, including overcoming a lack of in-house expertise, ensuring compliance with Singapore regulatory requirements, and managing operating costs.
In addition, we handle all of your accounting and paperwork, file reports with ACRA & IRAS on time, optimise tax incentives & benefits, and connect you with trusted partners to grow your business globally.
Please use the Contact Form to reach our team. We will arrange a time to discuss the outsourcing of accounting services and related compliance services.