The Top 6 Key Considerations before Outsourcing Accounts and Bookkeeping Functions

Outsource Accounting Singapore

Financial management and monitoring is the driving factor that makes any small or large business thriving – and even having that edge among its competitors in the industry.

This is the main reason why seeking a professional outsourced accounting and bookkeeping provider is essential for the continued survival and success of your company.

For many Singapore business owners, the choice between hiring in-house accountants or an outsourcing provider to manage and monitor the company finances can sometimes be a daunting process – a decision that can lead to success or ruins of the company.

But outsourcing financial-related activities to a reputable accounting and bookkeeping firm can be one of the best decisions you can ever make for your company.

With that in mind, there are 6 key considerations in finding the right outsourced professionals that will help you grow your business.

  1. Be clear about your business needs.

    Regulatory requirements and statutory obligations do not stop after successfully incorporating your company.

    Discuss your specific needs with your potential outsourced accounting and bookkeeping providers.

    This will allow them to customize solutions on how they will manage and monitor your accounting and bookkeeping needs.

    It is also crucial to know if they have a clear-cut procedure that eliminates system glitches, cash flow hiccups, and even detrimental mistakes that can hamper business operations.

  2. Be cautious in your company selection process.

    • A company with a good track record.A good track record – based on online reviews, feedback from past customers, and commendations from existing clients – is not only a confirmation of its unblemished reputation but is a true reflection of its high service quality and commitment to excellent service delivery.
    • A company with a mix of experience and expertiseThis is evident on the comprehensive range of accounting and bookkeeping services that is available for any type of company as well as the positive growth and development over the years since it first started – including the add-on features that have been offered to meet the varying needs  of different clients.
    • A company with industry-standard securityThis is marked by high regard to strict financial confidentiality and data security. The right outsourced accounting and bookkeeping provider has systems and processes which can safeguard all your sensitive financial information – especially against cyber threats, hacking, and risks.
  3. Be ready to commit for long-term professional relationship.

    The sooner you realise you need to outsource these functions and if you have already found the right provider, there is no reason why you should not forge a good working relationship with its team that is built for the long haul.

    Having easy access to able minds and competent hands that is aligned with your long-term business goals can be a driving component towards company success.

  4. Be clear with the service agreement.

    Walk your provider through your company products and services, organisational structure, office routines, business plans, and overall vision so they can have a clear picture of what you need and what they will offer.

    Lay all your expectations and requirements on the table at the earliest stage of discussion so that you can avoid misunderstandings, conflicts, and financial disputes.

  5. Be diligent in making constant communication & check-ins

    Depending on the scope of outsourced accounting and bookkeeping functions, there are many ways to establish a routine of communication and regular check-ins with your selected company.

    But the best way to do this is to lay out a concise but detailed task parameters or KPI’s (Key Performance Indicators) to guide the accounting professionals in keeping to their end of the bargain – right at the starting line – and to guarantee they will do so with accuracy, efficiency, and integrity.

  6. Be able to support when your business grow.

    This may be the most important consideration for hiring an outsourced firm –to determine which accounting and bookkeeping services can support your business as you grow and scale your company.

    At first, there might be basic functions that require minimal supervision and/or involvement from accounting professionals.  But as the business grows, hiring an outsourced provider with a full service offering might be the best way to handle administrative duties.

    Outsourcing allows you to gain access to comprehensive and in-depth financial strategies and solutions that is flexible enough and ready to scale at the pace of your business growth.

Outsource your Accounting and Bookkeeping Functions to Corporate Services Singapore

accounting outsourcing

Corporate Services Singapore offers cost-effective and custom-made outsourcing services for all types of companies.

As we take care of all the nuts and bolts – keeping the billing system up and running, payroll management, ensuring financial reports are accurate and updated, even complying with government rules and regulations – you can focus on growing your business.

Contact us today for no obligation discussion.

Posted in Outsourcing Accounting.