Accounting is one of the essential functions your business requires for robust financial management. However, many business owners still opt to handle their accounts in-house. This not only takes up their valuable time but also heightens the risk of compliance issues that could cost their business in the long run. 30% of Singapore start-ups fail within the first three years, and poor financial management is one of the principal causes.
A professional accountant goes beyond just bookkeeping. They help facilitate the financial operations and planning of your company, allowing for better management and cash flow.
While looking to outsource your accounting in Singapore, ensure that your accounting company has a team of Certified Chartered Accountants, experienced in serving businesses of your niche and size, and can provide a dedicated account manager to service your account.
In this article, we will take you through the top 5 reasons why you require accounting services (and why it is best to outsource it!).
Reason 1 – Enjoy Cost & Time Savings
Hiring an experienced full-time accountant could set you back not only thousands of dollars a month but also substantial training time and costs to get them up to speed.
You can eliminate these concerns by engaging a professional accounting firm. By paying a monthly service fee, you gain access to the expertise of a team of accountants proficient in various areas of accounting, be it tax management or bookkeeping. This allows you to save hiring costs as well as recruitment training time. Moreover, you will be able to avoid costly errors or employee turnover.
Reason 2 - Fosters Better Business Growth
When your accounting is done right, you will have a clearer picture of your company’s financial health. This allows you to make informed decisions to support your business growth. You will also gain greater insight into the feasibility of critical decisions. These include deciding if the time could be ripe for the opening of another local or overseas branch or maybe to hire a new employee.
A credible accounting firm helps you understand your receivables and collections and paints a clear picture of your company’s cash flow and business seasonality. When you engage a regional accounting firm, you gain access to their advisory services and market analysts.
Through sound accounting practices, you can begin to understand your company’s performance and start to make strategically sound decisions, setting your business up for success.
Reason 3 – Staying Compliant with Statutory Requirements & Regulations
Running a business itself is time-consuming and costly. The last thing you want to happen is to run afoul with the Singapore tax authority (IRAS) and be hit by a potential audit or even worse, suffer financial penalties.
As your company grows, organising the paperwork for tax reporting becomes increasingly complex and tedious as it encompasses many things including payroll and Profit & Loss Statement.
A professional accounting firm is well-versed in tax laws and procedures, helping you avoid potential pitfalls. They can quickly spot any irregularities and ensure your accounting records are faultless, allowing you to stay compliant and enjoy peace of mind.
Reason 4 - Maximise Your Savings & Deductions
While staying compliant is of critical importance, outsourcing to a professional accounting service in Singapore allows you to enjoy tax breaks and exemptions that you might have been unaware of.
To claim these tax rebates and business expense deductions, you must meet a set of qualifying conditions. Many nuances are involved in obtaining these deductions successfully and legally.
Moreover, if you conduct business overseas, there are numerous tax treaties that you may be unfamiliar with. This could lead to double taxation, causing you to pay more taxes than you need to.
A professional accounting firm can advise you on all the tax benefits you are entitled to along with helping you obtain them so that you minimise costs and keep profits high.
Reason 5 - Establish an Organised & Automated Accounting Flow
As we move towards a technological age, it is important that your accounting records are stored in a digital format so that they are well organised and easily retrieved for reference or financial analysis.
A professional accounting service can set up a secure platform with advanced software for your company. Other aspects such as payroll and claims submission can also be integrated into the platform so that the company’s confidential information and records are kept electronically in a secure location.
They can also create digital analytical reports which help you identify the most profitable areas of your business to drive growth.
Looking For A Trusted Accounting Firm In Singapore?
At BoardRoom, we are a regional accounting firm in Singapore and are experts in helping companies, from corporations to fast-growing SMEs, allowing them to focus on what matters – growing their business.
From handling tax accounting to managing statutory compliance reporting for companies across Asia-Pacific, we help companies with our full suite of accounting services, allowing them to stay compliant, maximise their tax benefits and stay organised for better decision making.
Contact us today and empower your organisation with greater freedom through our accounting solutions.
Or you can also learn more about our accounting solutions here.
Related Business Insights
09 May 2023
The Accounting and Tax Trends that are strengthening Singapore’s Economic Growth Prospects
Discover the tax and accounting trends influencing businesses in Singapore today and the strategies you can use to …READ MORE
20 Apr 2023
Best Practices for a Robust Corporate Governance Framework
Determine if your organisation is adhering to industry's best practices for Corporate Governance in order to reap t …READ MORE
23 Mar 2023
Strong corporate governance in Singapore starts with a skilled company secretary
Strong corporate governance can help you stay compliant and retain personnel. Ensure your company secretary support …READ MORE