Singapore is one of the world’s fastest-growing economies; it has earned itself many accolades ranging from the cleanest city in the world to being the city with the most millionaires.
What made the economy continuously flourish amidst the economic meltdown?
The silent factor all these successful companies have in common is their great eye for detail for both their current and future financial conditions.
Many corporations in the world spend money on salaries for the finance department and still find themselves lacking in a few technical accounting areas.
Singapore businesses have prevailed where the rest of the world has failed.
Instead of hiring one accountant why not hire a team of professional accountants and only pay for where you really need a professional’s touch?
Businesses in Singapore have one solution to this: Accounting support service providers and you’re by far better off hiring them to handle your accounting and tax issues.
1. Credibility
In more ways than one, annual compilation services providers have usually made a name for themselves as achievers, problem solvers, and impartial practitioners.
They get the job done without fear or favour in other words where your in-house accountant will quell at criticising the board’s financial decisions; these guys stop at nothing when making a report.
Thus, an independent compilation of accounts prepared by an accounting support service provider is more reliable than that of an in-house accountant.
Be it the general public, prospect shareholders, bankers and government officials; a business which relies on external financial service providers comes across as more reliable, stable and trustworthy than those using in-house professionals.
2. Professional Experience
“Accounting support service providers solve business financial problems for a living!” this was a slogan by one of the service providers in Singapore.
Why limit your market to a few experienced accountants when you could hire a full team of experienced ones at about the same price?
Service providers like these have specialists in every finance department and also have a lot of influential contacts at their disposal.
For example, when your business is considering applying for a bank loan not only do these service providers know the procedure thoroughly well, chances are they have the bank’s loan officers’ number on speed dial.
In Singapore, many managers have discovered this hidden treasure, and whenever they faced challenges on complex matters, they consult their accounting specialists.
3. Time is money
You may have heard of the notion; “Two is better than one” right?
The time required by a company accountant to do a thorough job at a given task will take an accounting support service provider less than half the same time.
All business persons understand the implications this brings to the table; with faster results means better decisions.
In a fast pace economy like that of Singapore, steps taken a day too late could be the pivot of whether your business grows or crumbles.
Many firms that have engaged outsourced using accounting service has flourished at the expense of their counterparts that don’t.
In conclusion, Singapore is a very hostile environment for businesses that fail to adapt to this new and hugely successful new way of handling finance related issues.
Make no mistake; not all that glitters is gold.
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.