Are you a small company with limited resources and wanting to get into the big league? Always wondering how are your competitors doing better even with a small team? You should probably consider reading the whole article about Outsourcing Accounting & Bookkeeping Services.
Profit is the sole ultimatum for any business, money is required for company expansion, etc. A good financial management is required to be in place, getting accounting done in-house can be really expensive. Outsourcing is the only way to get your accounting done and get experts to manage your compliances, in this way you save costs and have experts at your disposal.
Every Corporate Service Provider in Singapore offers Outsourcing Accounting & Bookkeeping services. But choosing the right one, suiting your requirements is critical.
The following things you should consider before engaging any Corporate Service Provider:-
- Set your goals clear –
You have successfully incorporated your company in Singapore by complying with all regulatory and statutory requirements. But it does not end here, you have to pay your taxes, show the stakeholders of the company the profit/loss you’ve made this year, you need to maintain books of accounts to determine the actual value.
- Choose a Corporate Service Provider with a mix of experience and expertise –
Professionals can get your Accounting & Bookkeeping done, above that what they offer is guidance on how to proceed with the financial statements, things to be done to reduce your tax liability etc. Hiring a professional company is important.
- Long-term professional relationship –
Associating with one Corporate Service Provider for long-term ensures success because the professional team aligns to your requirements eventually and can provide better insights and the work gets done smoothly.
- Be clear with the service agreement –
Make the Corporate Service Provider understand your company’s nature of business and the products/services you offer to the customers, business plans and the vision with which you’ve started the company. This allows the professional team to be prepared with the kind of outsourcing work they would be expecting.
Presenting all your expectations in front of the professional team will smoothen the process and helps avoid any misunderstandings & conflicts in the future.
- A provider who can support you when your business grows –
Every entrepreneur starts his/her business with the intention to make it big in the industry. Consider your options well before settling for a provider, keeping the long-term relationship in mind.
Initially, the accounting requirements would be minimal but as the business scales, a professional team is needed to be competent to handle the work. Choose wisely, think long term.
Some advantages of Outsourcing Accounting and Bookkeeping Services:
- No loss of clients due to being overburdened –
When you outsource your Accounting services to experts, you get the freedom to engage new and potential clients and grow your business. You get the time and resources to focus on your core activities.
- Experience a standard of quality work –
Many companies employ staff in-house for accounting and often find them inefficient. However, outsourcing helps in getting rid of the inefficiency part. You can be stringent with your service provider or change your service provider if they are not meeting your expectations. This way you will grow profitably and operationally.
- You save costs without even having to work for it –
A Corporate Service Provider will have many clients in his portfolio and does the same work for all the clients. So, the costs are low as an expert handles many other companies just like yours. The amount charged for the service will be far lower than employing in-house.
- Need not to worry about overhead costs, just pay for the actual work done –
When you are outsourcing accounting & bookkeeping work, you are actually paying for the work you need to get done. This means you no longer have to pay for the overhead costs such as vacation, sick leaves, on-the-job-training, and other related expenses. Therefore, you significantly increase your profitability.
- Your firms valuation increases because of higher profitability –
When businesses are bought and sold, the parties involved in the transaction determine the profitability and goodwill of the business. Companies that are outsourcing are more likely to be profitable and considered for the deal. If a firm’s valuation increases, it helps them in various situations such as when trying to raise borrowed funds from banks.
CorpServe Asia offers cost-effective and tailor-made outsourcing services for all kinds of businesses. We take care of your business support services and fill the gaps where needed for the smooth functioning of your business.