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Updated by Joanna James on Jun 23, 2019
Headline for Tips for Outsourcing Accounts in Singapore – Finding a Competent Accountant
Joanna James Joanna James
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Tips for Outsourcing Accounts in Singapore – Finding a Competent Accountant

As a country dubbed the most SME friendly across the globe Singapore offers low corporate tax, transparent business policies and government support hence outsourcing saves; here are a few tips.


Be Clear about your Varied Needs

Setting up a company in Singapore means you come across varied requirements which need to be looked into. Understand that statutory obligations do not end with your company's registration. For example, a firm that is registered for GST (goods and services tax) must provide annual GST returns; a process that needs constant updates and preparation hence a qualified accountant will aid in setting up monthly, quarterly and annual accounting documentations. In this regard having skilled professionals handling payroll procedures will minimise errors.


Is Outsourcing Perceived as a Long Term Investment

Outsourcing is more about mindset than logistics as pointed out by David Walsh author of eBook. Trying to carry the weight of your business on your self-proclaimed 'indispensable shoulders,' is a reckless move. Free yourself from low-level operations and invest your time in your company's core profit making endeavours. Remember that accounting and bookkeeping services in Singapore come at a price but it is well worth the effort and expense compared to training your staff and tottering on a trial and error basis. Trusting on well-established expertise is always a smart move that will prove to be cost effective in comparison.


Thoroughly Compare Services

Before you settle on accounting services in Singapore do some research; look at the competitive advantage. Research across at least five accounting firms and evaluate their worth based on pricing, aspects of services provided, promos, overall features and of course their proven track record or professional reputation. Check out their website does the content display professionalism and are the company's objectives and services clearly defined? Read blogs that provide information on the company and tips for businesses. Do they promise a quick response and are contact details clearly provided?


Do your Accountants and Bookkeepers Understand You

Going with a recommended accounting firm in Singapore may not work for everyone. A service that blends well with one individual or corporate may not have the same bond with you. As Complete Corporate Services will explain the art of setting up the charts of accounts is based on your individual business requirements. Look for an accounting firm more experienced in your nature of business since experience and understanding varied fields of business makes a good partnership. In this regard take time and review the firm's history, records and of course references as well as experiences in varied sectors.


Initiate Impromptu and Short Discussions

Once you have a short list of accountants take the time to contact them and initiate quick meetings. Most firms offer free consultation meetings that help you analyze and decide on the competence of firms being interviewed. A one on one experience will help you gauge if this is the correct firm to handle your trade's accounting requirements.