it is very apparent that most of the small business owners have a tendency to wear many hats on their own. When it comes to outsourcing accounting services, they often wonder “Why do I need an accountant to grow?” This article excerpt will demystify the question by providing an apt answer.
Before heading to the core answer, let us leaf through the fundamentals of Singapore accounting.
Singapore Accounting: A Brief Guide
Accounting is a highly technical matter when it is managing by a naive person. The laws and statutes vis a vis Singapore accounting keep on changing from time to time. Plus, the regulations of authorities (ACRA) are a way too complex that a layman could hardly understand.
Every business must meet the guidelines put in forth by the accounting authority i.e. ACRA (Accounting & Corporate Regulatory Authority). There is a set of compliance (Filing of AR, Holding AGM) requirement, every business in Singapore must meet to keep their business legally sound and safe. The companies failing to comply with the regulations of ACRA would face serious penalties or/ and fines.
Most importantly, professional accountants have specialized knowledge about niche areas that you could not compete. They keep abreast of the ever-changing laws of the authorities and help the business to run on the right track, preventing the business owners from being penalized by the law.
How can Outsourcing Accounting Services Facilitate Growth to Business?
An accurate and updated financial statement serves as a yardstick to measure the financial state of business, which in turn helps the businesses make the strategic decisions, preserve resources and improve their bottom line. Having access to acute knowledge of accounting and bookkeeping is paramount in this regard. It is worthwhile to hand the accounting services off to a third party firm instead of hiring an in-house accountant which is a costlier alternative in the long term.
- Free-Up time to Focus on Your Productive Activities:Every bit of time is precious when you intend to grow your business in a consistent manner. However, many companies owners grapple with the problem of lack of time. This is the predominant factor why more and more entrepreneurs are choosing outsourcing accounting services in Singapore. It saves your valuable time, freeing you up to focus on the core competencies of the business.
- Minimize the Company's Cost and Extra Overheads:To put it simply, when you outsource the accounting services to a third-party firm, you save the cost of a typical in-house accountant (salaries, health insurance, benefits, allowances). You no longer have to worry about the infrastructure cost and the woes related to hiring and firing of staffs.
- Reduce the Risk of Internal Fraud:>The absence of robust internal control may lead to rising number of fraudulence in businesses. Due to the internal fraud, a company may lose a substantial amount of money. But, when you engage a third-party firm, you have a partner to keep tabs on your financial trail. The experts of these firms are highly capable of identifying financial discrepancies.
- Get Sound Advice from Experts:Many accounting firms in Singapore are open to offering timely and sound advice to their clients. They ensure your business is on the right track. Timely business forecast, budgeting and consultation services help you keep your business afloat.
Boost your business's profit potential by outsourcing your accounting task to a reliable and good accounting firm in Singapore.
SBS Consulting Pte Ltd
High Street Centre,
#17-02, 1 North Bridge Road,
179094 – Singapore
Phone: (65) 6536 0036
Email: [email protected]
SBS Consulting is a leading accounting firm in Singapore that specializes in preparation Director’s Report, XBRL filing, GST registration along with maintaining the annual account. The firm is also known for delivering a set of allied corporate services including company incorporation Singapore, secretarial service, payroll, and bookkeeping.