One way to determine a business’ health is by knowing its financial situation. A thriving financial status means the company is doing well – the business is operating smoothly, employees are paid, and the company continues serving clients.
While some companies have their accountants in-house, many others prefer accounting outsourcing from the best accounting service firms in Singapore.
Importance of Accounting in Business
Most established companies have accounting departments to track and document the business’ financial health. Hiring knowledgeable accountants are significant for businesses because they:
- provide reports and formal documentation of the company’s financial activities
- deliver financial documents that serve as a basis in filing taxes
- help monitor funds debit or credit out of the company’s bank accounts
- analyze and report financial trends which support sound decision making for the company
Overview of Outsourcing and Accounting Functions
Here are some of the important accounting functions your business may need:
- Expenditure and Income Tracking – involves filling out tax forms based on gross and net income.
- Payroll – includes the employee salary based on hours worked and other deductions such as healthcare, social security, and
- Cash Flow – includes using tools to track available cash in the company
- Balance Sheet – basically “balances” your company’s assets and liabilities.
Outsourcing accountant services are practical options for all types of businesses — whether it’s a start-up or a large corporation.
Why Outsource Your Accounting Functions in Singapore?
Outsourced accounting services can provide an abundance of benefits to your company. This will also help save time and money. More importantly, outsourcing can also help you focus on building the overall business. In order to achieve that objective, you should choose a reliable accounting outsourcing partner.
Here are important reasons why hiring reliable accounting services in Singapore can help boost businesses in the long run:
Reduce operation cost
Outsourcing may be applicable for SMEs (small and medium enterprises). These can help business owners focus on other important aspects of their businesses including expansion, training, growth, and research and development among a few.
Save time and manpower
Outsourcing can be helpful in case of sudden manpower problems (ex. employee resignation, retrenchment, maternity leave, etc.). This may be practical during peak seasons where more manpower is needed. For some companies, such instances may only be temporary.
Promote business efficiency
Outsourcing can help businesses save money as these on-call accountants will serve the company only as needed. This is more practical in start-up companies in which most of them are still establishing their financial standing.
Boost ROI (Return on Investment)
Accounting outsourcing can also help businesses focus more on the important things. At some point, businesses cannot do everything. In such cases, outsourcing accounting services will provide a helping hand so that business owners can focus they’re on business development and also tasks that will help boost revenue.
Merger and Acquisition
During merger and acquisitions, outsourcing of accounts can assist the company’s current in-house accountants, in consolidating various financial reports. This is critical especially when there are strict timelines involved.
Address accounting issues in general
Accounting outsourcing can also provide assistance to companies when backtracking financial reports left by former employees. They can help solve accounting issues with discrepancies. Doing so can be critical specifically if there are deadlines or in compliance with ACRA’s annual report submission.
Provide financial advice for companies
You can seek professional business advice from experienced outsourced accountants. They will study your business structure, the current status, and provide the best advice for your financial concerns.
Growing Your Business with a Professional Accounting Firm
We all know that operating a business requires a good deal of time and effort. This can be tough especially for new start-up companies. Most business owners have to work on various aspects of the business on their own, with limited support and resources. An experienced accounting firm will get things done and guide your business.
Corporate Services Singapore can assist you with your accounting outsourcing needs. The meticulous team can expertly address your accounting-related concerns. If you want to improve your accounting flow and outsource accounting functions, contact us today so we can discuss your needs.