Accounting & Bookkeeping

When you outsource your bookkeeping, you will have to grant your vendor full access to your company’s financial information. Some companies prefer to grant vendors a “read-only” access to ensure no external parties have access to company’s funds. In general, outsourced bookkeeping should be digitalized for ease of convenience.

Outsourcing your bookkeeping services can look different depending on your business’s size and needs. Smaller businesses typically outsource their bookkeeping to a local Certified Public Accountant (“CPA”), while larger corporations outsource their accounting to larger firms like BoardRoom. When you outsource your bookkeeping the firm you have outsourced to will typically handle all your taxation requirements such as tax strategy, tax preparation and tax filing.

There are a number of accounting requirements in Singapore your business should be aware of in order to avoid penalties. For instance, your business needs to file important documents in a timely fashion throughout the year, including Financial Year-End (FYE) reports, Estimated Chargeable Income (ECI), and your Annual Tax Returns. There is also a set of Singapore Financial Reporting Standards (SFRS) to follow, which all companies with a financial period starting on or after 1 January 2023 need to comply with.

If you need more advice or information on these requirements, our professional team of accountants at BoardRoom is happy to help answer any questions you may have.

This will vary depending on the bookkeeping firm, but typically accounting agencies will offer tax strategy, tax preparation, and tax filing services.

If you are looking to outsource a service that is all-encompassing, you should choose an accounting services provider like BoardRoom that offers payroll processing, account reconciliations, financial strategising, and more.

What you should look for in an accounting firm will depend on the size and complexity of your business’s needs.

If you run a smaller business and simply need some help filing taxes, then ask family and friends for a trustworthy recommendation for a CPA. Make sure that they have the necessary licenses and certifications.

If you run a larger company and need something more sophisticated, it is recommended to examine the firm’s scope of service, as well as their experience and their accounting tools.

There is no “perfect” time to outsource accounting management, but as a business owner, it would be ideal to start your business with your accounting services already established.

Having said that, it is also quite common for companies to outgrow their small accounting solutions and seek more scalable alternatives.

BoardRoom is Asia-Pacific’s leader in professional services including Accounting and Taxation Services, Payroll Outsourcing, and Human Resource Outsourcing, making us an ideal choice for outsourcing your accounting services.

For over 50 years, we have supported companies in navigating through complex operational and regulatory policies and cultural sensibilities. We are well-positioned in Asia-Pacific with offices in Singapore, Australia, China, Hong Kong, and Malaysia, as well as an extensive partner network throughout Asia.

BoardRoom is the partner of choice for many Fortune 500 multinational companies, public listed and privately owned enterprises.

If you are looking to outsource your accounting in Singapore, kindly contact us today. We will be happy to hear your business requirements and find an accounting solution that best fits your needs.

The cost range of accounting services in Singapore varies depending on the type of services you need and the provider you choose. In general, services are offered in various packages that can be tailored to a company’s specific needs, and will be priced as appropriate. For example, companies who only seek simple bookkeeping and accounting services will typically pay less than businesses who need more extensive accountancy services.

Outsourcing your accounting services has a variety of advantages over in-house accounting. Most importantly, outsourcing allows your company to focus more on the business and its core competencies. It also puts all your accounting needs in the hands of well-equipped and highly-experienced professionals, allowing tasks to get done quickly and accurately, alleviating stress and additional work from your staff. Outsourcing also saves valuable resources, saving the effort required to train in-house staff who need to handle day-to-day accounting issues. This improves the overall efficiency of your business, boosting productivity across the board.

If you run a business, it is crucial for you to keep track of your business’s finances accurately. This means tracking your profits and losses, as well as filing your taxes correctly and timely, and ensuring that your business is compliant with current tax regulations.

While there are many accounting software options, we prefer a solution that supports businesses of all shapes and sizes, which is why we are proud to hold Gold Partner status with Xero™.

Xero™ cloud-based software is an ideal choice for its streamlined interface as well as its simple integration with payment services such as Stripe, Paypal, and traditional banks. Xero™ also supports multiple currencies and offers robust financial reporting.

Here at BoardRoom, we have been helping companies across Asia and Australia with their bookkeeping and accounting services. Our experienced professionals are committed to filing your taxes and keeping your business tax compliant. If you want to find out more about how we can help your business, please contact us today.