Outsourced Accounting Services


 Why Does Business Outsource Their Accounting?

In the past, businesses hired in-house accountants to watch over their finances. These days, accounting services can be outsourced to professionals who have a high-level of understanding of running businesses.

Here are some reasons why outsourcing your accounting may be better for your company:

Reduced costs

Outsourcing allows you to enjoy lower fixed-cost service without the burden of worrying about full-time employee salary or maintaining expensive accounting software. Having fewer in-house accounting personnel also decreases the associated time and costs related to human resources, training, payroll and benefits.

Expertise

Accurate and timely financial reporting is overseen by qualified accountant who are up-to-date with the complex standards of accounting and financial requirements. You will be assured that the reports are done on timely basis and complies with regulatory requirements.

More time

You’ll save on valuable time, which can be spent doing the things best for your business, like increasing your sales, make improvements on your products/services to better serve your customers' needs and also ensure your business stays ahead of your competitors.

Fixed Price Outsourced Accounting And Customized Accounting Packages


Predictable billing, manageable cash flow and no surprises are just a few of the advantages of fixed price accounting. Our customisable packages, with 1 year contract, encourage efficiency and give the flexibility to work with you as you grow.

Choose the right package for your business


We offer a FREE Service Consultation to discuss your business and accountancy needs in detail. We will recommend the best package for your business, with absolutely no obligation.

Don’t see what you’re looking for? Simply book a free consultation and we can tailor a package just for you.

  • Services
  • Transactions (per month)
  • No need to purchase accounting software
  • No yearly maintenace fee
  • OBM Chart of Account Set Up
  • Telephone and e-mail support
  • Monthly financial reports
  • Free Add-Ons
  • Extra Monthly Transactions
  • Payroll Service up to 5 staff
  • GST computation & Filing
  • Emerging
  • S$299
    S$299 per month (payable 1 year in advance) $349 per month billed monthly
  • Up to 40
  • Choose 1 below
  • 5
  • X
  • X
  • SignUp Now
  • Evolving
  • S$549 
    S$549 per month (payable 1 year in advance) S$599 per month billed monthly
  • Up to 80
  • Choose 1 below
  • 10
  • X
  • X
  • SignUp Now
  • Established
  • S$949
    S$949 per month (payable 6 months in advance) S$999 per month billed monthly
  • Up to 180
  • Choose 1 below
  • 15
  • X
  • X
  • SignUp Now
  • Custom
  • Customise (Based on your requirements)
  • As requested
  • You choose
  • As requested
  • As requested
  • As requested
  • Request Now

Prices are recurring monthly fees which are listed in Singapore dollars. 

 

Add on Services

Usual Price*Value Price
Extra Monthly Transactions (for every additional band of 20 transactions)S$200S$150
Additional employee on payroll services (per employee)S$60S$50
First time CPF set up and submission of Form 1/GIRO (one time)S$250S$200
IR8A form preparation (per employee per year)S$50S$40
GST computation & Filing (per quarter)S$250S$200
Use of Registered Local Address in Singapore (per month)S$50S$40
Monthly mails scanning service (per month)S$30S$20
Compilation of unaudited financial statements (per annum)S$1200S$1000
ECI submission, tax computation and filing of Form C-S for simple company (minimum from per annum )S$800S$700
ECI submission, tax computation and filing of Form C for complex company (minimum from per annum )S$1200S$1000
Corporate Secretarial Service for small company with simple structure inclusive name secretary and preparation of AGM documents and filing of annual return to ACRA (per annum)S$900S$750
XBRL reporting Partial submission (per annum)S$300S$250
XBRL reporting Full submission (per annum )S$1200S$1000

*Value Price is only applicable for clients who have taken up the package.

 

Our Core Strength - A Team Based Model


Team Based Model

Have a team of trained staff and qualified accountant on demand for your business - Ready to go from Day One.


  • Experienced staff with the skill level of a senior accountant from day one
  • An independent and competent team that does not require your training or management
  • Thorough working knowledge and understanding of Companies Acts and Income Tax Acts
  • Consistent excellent service from well-trained staff
  • Flexibility in resources to provide on demand services
  • No commitment during off-peak times
  • Senior accounting team overseeing the work
  • Fixed cost per job or percentage of fee (for additional service request)
  • Assistance in creating new business processes

How Does It Work?

As Singapore’s most premier outsourced accounting provider, we have developed a workflow process that’s easy and effective.

We pride ourselves on making outsourcing straightforward and seamless for all our clients.

Setting up takes less time than you might think. Our team has extensive experience in Singapore accounting, auditing, tax and secretarial services.

We estimate that company directors will only need to allocate about 2 hours of their time to set everything in motion. Once we’ve begun the process, we’ll then require about 4 hours from your accountant to handover the accounts to us to complete the process. We have successfully completed more than 20,000 financial statements and tax returns for Singapore companies, and that number grows daily.

Outsource Accounting Process


1
Get ready the documents and prepare job for outsourcing. Job is allocated to experienced and full-time outsourcing accountant.
2
Outsourcing accountant begins work in our office or attends to your office for accounting works.
3
Accounting queries or outstanding documents request are e-mailed to your team or enquiries are made on the spot in your office
4
Queries are solved and job is completed. Accounts is sent to our senior accountant for checking, along with supporting schedules. Upon approval, financial reports is sent to director.
5
Director reviews the reports. Revisions or adjustments are requested by e-mail or phone if necessary.
6
Financial reports are finalised before the stipulated deadline and move to next month accounting works

Software Specialists Whom We Work With


 
OBM
Xero
MYOB
QuickBooks
 
Psoft
UBS
Auto Count
ACCPAC
Navision

Five Key Differences Between Accounting and Bookkeeping Services


While they may seem similar, accounting and bookkeeping services are different. Bookkeeping records your business’ day-to-day financial transactions, while accounting reviews and analyses the financial information. While attention to detail is paramount for bookkeepers, accountants focus more on the big picture – by conducting audits, generating financial statements and forecasting future business needs.

DifferenceBookkeepingAccounting
Objective

The objective of bookkeeping is to keep records of a company’s financial transactions systematically.

The objective of accounting is to aid management in making critical business decisions by examining a firm’s financial situation.

Starting point

The starting point for bookkeeping is the raw business data gathered from different sources.

Examples include receipts, bank statements, cash registers, warehouse logs, purchase orders, and sales order books.

The starting point for an accountant is the financial information gathered and recorded by a bookkeeper.

Once the books are in order, the accountant will analyze and interpret the data before making critical financial decisions about the business’ future.

Key skills required

A bookkeeper must have profound knowledge about managing financial books and overseeing accounts, such as managing purchases on credit and expenditures incurred.

He should, therefore, be thoroughly well-versed with concepts such as journal entries, ledger accounts, the three types of ledger accounts, and the effect of passing these journal entries on the company’s balance sheet.

Other skills required include alertness and thoroughness to maintain records systematically.

An accountant should possess financial wisdom due to the analytical and complex nature of the job.

He should have the ability to make timely and measured decisions, think out of the box, and be able to balance the risk and return trade-off for the company.

A business will also benefit from the valued advice and knowledge of an experienced accountant.

Day-to-day routine activities

The daily activities of a bookkeeper include:

  • Process invoices, receipts, payments
  • Process payroll
  • Reconciling different sets of ledgers and documents
  • Manage account receivable and payable
  • Manage input and output GST
  • Co-ordinate with various teams from whom data are received.

The day-to-day activities of an accountant include:

  • Prepare corporate reports to keep the management updated on financial activities
  • Audit financial books maintained by the bookkeeper
  • Prepare financial statements
  • Prepare proposals or budgets to help the management decide on a roadmap for the future
  • Maintain financial control
Level of responsibilities

A bookkeeper is generally part of low- or middle-level management.

Although a business cannot make decisions based solely on the data bookkeeping provides, a bookkeeper plays a critical role in ensuring that all financial transactions are accurately and systematically recorded.

An accountant is usually part of middle-level management.

He is responsible for presenting an accurate and fair view of the financial position of the company to management and various stakeholders.

All Our Packages Include


24/5 Support

24/5 e-mail support, phone support from 9am to 6pm

Financial Reports

Inludes balance sheet, income statement, bank reconciliation statement, debtors aging report, creditors aging report, accounting schedules, actual vs budget and more!

Assigned accountant

A primary point of contact which will be responsible for performing your accounts on monthly basis. You can communicate with your accountant anytime via e-mail.

Accounting Procedures

Development and maintenance of efficient and reliable accounting procedures and internal controls to facilitate 3rd party audits or reviews.

Payroll services

With our payroll services, tracking, management and administration of your employee payroll related matters.

Delegation of Duties

Working with your team to implement and delegate responsibilities.

Accounting Software

Use of your existing accounting software or the migration to a new accounting software or using our in-house accounting software.

Monthly Review

Review of all accounts for accuracy by your dedicated accountant or director for decision making.

Chart of Accounts

Design and implementation of a custom chart of accounts or improvement of an existing one to aid with internal budgeting/ monitoring and provide reliable insight for investors and management.

Dedicated Accounts Manager

A dedicated accounts manager that will be responsible for reviewing your financials on a monthly basis to make sure they are accurate and up to date. You can communicate with your assigned accounts manager anytime via phone or e-mail.

Monthly closing of accounts

Dedicated for monthly closing of accounts and deliver the reports by the 15th of the month.

 

Contact Us Today for No Obligation Discussion and Quote
CONTACT US

Case Studies


Scenario 1:


This commonly appears in small and medium size company in Singapore. The company’s monthly transactions reach up to 200 transactions in term of sales, purchases, receipts and payments. The company employed a junior accountant assist to do monthly closing of accounts, payroll (for up to 5 staff) and quarterly GST submission.

Since the position is junior accountant, the accountant may not have the experience to handle issues such as proper handling of accounting treatment as a result of incorrect entries, revenue recognition may not be appropriate as a result of misinterpretation of income statement, may not have sufficient experience to handle tax issues, as a result of tax deduction and tax incentives not fully utilised, etc...

The client decided to outsource their accounts to Reliance Consulting. They immediately enjoy cost saving of $44,493 per annum. We have a team of expert staff who can handle the monthly accounts, payroll and GST submission. We ensure accounting records are accurate, timely delivery of financial reports and affordable outsourced accounting service.

Scenario 2:


A multinational company with more than 12 years operation in Singapore, employed a finance manager. The company’s cash flow is unhealthy due to increase in staff costs over the years.

The company’s monthly transactions reach up to 200 transactions in term of sales, purchases, receipts and payments. The company employed a finance manager whose role consists of monthly closing of accounts, payroll (up to 10 staff), quarterly GST submission, and dealing with auditors and tax agent and communicate to holding company for monthly and yearly reporting package.

The client decided to outsource their accounts to Reliance Consulting. They immediately enjoy cost saving of $64,425 per annum, equivalent to 73% saving. We have a team of expert staff who can handle the monthly accounts, payroll, and GST submission; preparing audit schedules; preparing audit schedules; dealing with multiple currencies, auditors, tax agent and holding company.

The client is extremely happy to engage our services. They are able to reduce cost and also meet the relevant deadline to ACRA, IRAS and holding company.

Example: Cost of Employing Full Time Junior Accountant and Finance Manager

Junior AccountantFinance Manager
Basic salaryS$3,500S$5,500
CPF 17%S$595S$935
AWS pro-rated in 1 monthS$291.67S$458.33
CPF on AWSS$49.58S$77.92
14 day Annul Leave plus CPFS$221S$347
Medical Insurance & LeaveS$50S$50
Staff cost per monthS$4,707S$7,368
Our FeesS$999 S$1,999
Savings Per MonthS$3,708S$5,369
Savings Per YearS$44,493 S$64,425
Savings %79%73%

Why Choose Us


Money Back Guarantee

We are so confident that you will continue using our services that we offer a 30 day money back guarantee. If within the first 30 days of signing with us you decide to return to your prior accountant or outsourced accounting firm, we will refund half of accounting fees paid prior to receiving a written request for termination.

New to Outsource Accounting?

We’ll set up your company’s chart of accounts for free. We’ll guide you through the set-up process and ensuring you understand every decisions you are required to make.

New to Outsource Accounting?

We’ll set up your company’s chart of accounts for free. We’ll guide you through the set-up process and ensuring you understand every decisions you are required to make.

No Switching Fees

There are no switching fees if you're moving from another accountant, and we'll handle the switching process for you.

Our Promise

We offer clear pricing and expert advice

No hidden chargeable extras, only a fixed monthly fee

No confusing accounting jargon, only expert advice in straightforward language

No call centres or unskilled account managers, only a direct line to your own Personal Accountant

No tie-in periods or leaving fees, only a month’s notice

No set-up costs, only great offers