Moreover, the quality of work they produce is below average. It can be a daunting task to select the best one from thousands of accounting firms in Singapore, so arm yourself with the right assessment tactics to make the process less tiresome.
To begin with, let us dive a little deeper into the nitty-gritty of accounting services Singapore to get an overall idea.
Why Should You Hire an Accounting firm in Singapore?
Hiring an accounting firm in Singapore has become a necessity rather than a luxury due to the onus of ever-changing and stringent laws laid down by the authority. The Accounting & Corporate Regulatory Authority (ACRA) is the national regulator of Singapore, and it oversees the accountant law of the city-state.
If you try to adopt Do-It-Yourself (DYI) approach, you might miss out on things you need to indulge on. That could be an expensive mistake for you. ACRA is known for its rigorous laws and failing to comply with its regulations may result in unsought fines or/and penalties. Alternatively, appointing a typical in-house accountant has become an outdated affair owing to some limitations (high cost of labor, infrastructure, etc.). As a matter of fact, today more and more Singaporean companies are turning to professional accounting services.
Consider the following points before selecting the final Singapore accounting firm for you.
What are Their Areas of Expertise? Ideally, every accounting firm has expertise in some specific areas or industries. So it is important to analyze whether the firm has experience in dealing with the industry you are operating in. Since the small businesses are more likely to naive about their requirements, the firm must understand and succor them to the fullest.
How Well-Qualified the Accountants of the Firm are? Needless to say, every accountant should be well qualified to assist the confidential financial data of the businesses. When hiring the accountant firm, make sure that the accountants are highly qualified, experienced and have sound knowledge of the Singapore accounting laws and legislation of ACRA.
How Versatile are They in Offering Accounting Services? The job of an accounting firm in Singapore is not just limited to the handling of annual account and tax compliance, but also extended to a range of activities including XBRL filing, the compilation of director's report, GST registration and so on. Timely consultation and advice from experts are added advantage.
Who will Take Care of Your Account and What is Their Availability? It is essential to clarify that who will handle your project- a highly experienced and qualified CPA or just a new entrant? Also, make sure to know their availability. Are they available over phone or meeting whenever you need their assistance, or are they only available at just a specific time? Ideally, you need the one who is available over the phone when you need them most.
What are Their Fees Structures like? Money plays a vital role in every aspect of our life. So does the accounting fees. It must fit well to your budget. Most accounting firms in Singapore charge their fees one of the two methods- per hour or per project (based on the volume of the accounting transactions). Before agreeing to move forward, make sure to calculate how much everything is going to cost. Beware of the firms that are overcharging you. Be sure to conduct a comparative study before taking the final decision.
Since the accounting firm you hire will have access to most sensitive information regarding your finance, you must appoint one of the most reliable and trustworthy accounting firms in Singapore.
SBS Consulting is a accounting firm in Singapore that has achieved a phenomenal success within a short span of time for delivering unmatched services in accounting and bookkeeping fields. In addition, the firm also provides corporate services for company incorporation Singapore, payroll, corporate secretarial, XBRL filing, Director’s Report and GST.