Outsourcing Your Accounting Function: Learn When, Why, and How

accounting outsourcing service provider

Singapore is a global hot spot for entrepreneurship thanks to its low corporate tax rate, easy company incorporation procedures, and transparent business regulations, not to mention its unique geographical position and extensive government support programmes.

Whether you are a start-up company, an SME owner looking to strengthen its brand, or a conglomerate firm intending to expand its network and consumer base, doing business in Singapore is a wise investment decision.

Singapore Businesses

But keeping your company thriving and prosperous in Singapore is not just about focusing on your target market, providing unique but top-rate product or service, and devising effective marketing strategies; you must also be in full compliance with government laws and policies.

One key business aspect every company in Singapore must pay diligent attention to is its account.

When to Outsource Accounting Function

Proper documentation and management of your accounts– payroll and taxation, including accounts receivables and accounts payable – is essential for keeping you attuned to your company’s past and present financial performance and for helping you determine where your business will be in the future.

But even if you possess advanced mathematical skills to smoothly manoeuvre and calibrate financial processes, it would still demand much effort, time, and concentration that can keep you farther from your more important business goals.

Making the decision to outsource your accounting function right now gives you more flexibility and freedom to focus on revenue generating business functions.

What does this mean?

  • If you are a typical business owner who has little accounting knowledge, you do not have to spend time on things that can be done by financial professionals.
  • If you have a newly incorporated SME, you do not have to waste precious start-up capital on hiring accountant before the revenue stream nor worry about various staffing issues and complications within the accounting department.
  • If you run a multinational company or a conglomerate firm, you can save twice as much time and other valuable business resources if you outsource your accounting services to professionals with relevant expertise in this area.

Why Outsource The Accounting?

Outsourcing your accounting isn’t just about redirecting valuable business resources to productivity-related company activities. You can experience any or all of the following benefits:

  1. Access to Expert Accounting Advice

    Accounting professionals live, eat, and breathe their jobs so you can be confident that they will always do it the right and cost-effective way.

    With the right partner, you have access to tailor-made and scalable accounting service – a luxury that you should be able to afford and certainly deserve.

  2. More Competitive Product Offering and/or Service Delivery

    Having a team of highly-qualified and experienced accounting professionals working for you gives you the edge of acquiring accurate financial information when you need it right away for making crucial business decisions that could either enlarge or endanger your consumer base.

    Moreover, your employees are working hard toward creating the best product offering and/or service delivery which leads to better operational efficiency and increased business profits.

  3. No Risk of Staff Attrition or Employee Turnover

    The loss of key accounting employees due to different circumstances can seriously affect product and service delivery. When you outsource your accounting, there is no need to keep ‘buffer staff’ or worry about work quality and reliability.

  4. Reducing Business Costs

    With outsourcing, you’re not burdened with excess personnel costs or other overhead expenses – you only pay for the services you need, when you need them.

    The right accounting firm will take into consideration your cash flow realities, company goals, and even organisational risk gaps to lessen waste of investment.

  5. Better Accounting Compliance

    Mistakes in payroll, income tax filing, and financial statements can equate to very costly litigation expenses and levied judgment that can put you out of business overnight.

    When there are trained professionals who handle your financial documentation and reporting, they are accountable for providing you with accounting reports that are free of errors, up-to-date, and at par with industry standards.

  6. Improved Workload Management

    With a team of accounting experts working for you, it is easy to delegate routine work and administrative tasks and focus solely on the heart of the company: creating a bright, thriving, and stable future.

How to Outsource The Accounting Function

If you’re considering outsourcing your accounting function, you need to do diligent research to be able to find the right provider that will have a comprehensive and highly integrated strategy based on your current and future business needs.

At Corporate Services Singapore, we go beyond just conventional accounting services. We provide an all-inclusive, personalised outsourced accounting and business financial services that place strong emphasis on accuracy, thoroughness and timeliness to drive performance and boost profitability of your company.

Posted in Accounting Right.