Singapore is a popular destination for business setups. Located at the heart of Southeast Asia and close proximity to emerging markets of India and China, Singapore also offers one of the most attractive corporate tax structures in the world at 17%. Due to good technology infrastructures and transparent business policies in place, many foreign investors also prefer to move their business functions here.
After going through the process of setting up your company, one will have to be aware of the government bodies to deal with thereafter. Some of them include ACRA, IRAS and MAS. In order to stay compliant with these regulatory bodies, certified accountants or tax experts becomes an increasingly valuable asset to any businesses.
Rather than trying to stay on top of your company’s accounting function, outsourcing may turn out to be a more sensible decision for the business as a whole. This is where outsourced accounting services in Singapore come in to assist corporations such as startups and SMEs to cope with their accounting. With so many outsourced accounting firm, here are 5 tips when you engage with an external service provider.
Be clear about your priorities
Accounting involves various functions and you might not need to outsource all of them. You can identify the needs of your company and rank their priority so you do not end up overspending on outsourcing accounting services.
For example, you may want expert advice on finances each month, better IT support for your accounting network, a clearer and customised reporting system or simply want to track cash and profits effortlessly. List down these priorities down and convey your budget when you are meeting with your representative of the outsourced firm.
Here at Ecovis Bizcorp, we understand that every company has different needs. Instead of providing you a “standard” work, our consultants will engage in an in-depth discussion with you to fully understand your business requirements before customising bookkeeping services that are tailored specifically to the needs of individual clients.
Address queries about hidden cost
With any paid service comes a risk of hidden cost. Sometimes one ends up in an unexpected emergency and having one task snowballing into multiple, resulting in additional costs you were not initially aware of. To prevent unexpected surprises, be sure to set your expectations at the early stage of partnership and clarify if extra charges are expected by painting numerous possible scenarios.
Ecovis Bizcorp’s fee structure is clearly laid out and competitively priced, making it easier for companies to make their decision.
Reputation of the accounting outsourcing company
Accounting is a multifaceted undertaking best left to accounting firms with a great reputation and long periods of experience in this field. It is therefore important to entrust your organisation’s accounts to a trustworthy firm.
Before you enter into a partnership with your potential outsourced accounting firm, do at least make a visit to the vendor’s site and have a general understanding of their working culture. If you happen to have a reference who has previously worked with your desired service provider, you should talk to them about their partnership experience and pain points. You can also do your due diligence by researching on the internet to find more about the firm, other company’s reviews, safety practices and past clients or testimonials. For example, Ecovis Bizcorp has worked with numerous international and local clients including Chrysler South East Asia Pte Ltd, DBS Bank Ltd and ChungHwa Telecom Singapore Pte Ltd.
Other aspects you can look out for are the certifications and years of experience of the team members. These factors can help you establish the credibility of the outsourced accounting firm.
Sometimes recommendation of certain accounting firm is made from word of mouth. Although their experience may be a pleasant one, it may not completely work the same for you. No two companies are the same. This applies to the needs of your company and your working style.
Communication is the key whether you are outsourcing your corporation’s accounts to an external team. Your accounting representative should be able to handle your queries confidently, manage your expectations and reply promptly. This is an indication if they have clearly understood your requirements and can address any issue that may crop up. Here at Ecovis Bizcorp, we understand that the ability to follow through your requests and value add to your current process is also important in building a close-knitted long term relationship, which is why we emphasise on clients’ experiences and are committed to improving our service quality by listening, communicating and training.
Technology and resources are two considerations that are crucial when you choose to outsource. Especially for small businesses, lack of accounting software and technology is one of the main reasons why companies outsource their accounting functions. It is therefore important to have a thorough understanding of the tools and technology they use to compute your financials. As a business owner, you would still want visibility and control over your company’s accounts. Therefore, it is preferable to receive reports of your financials that are intuitive and easy to understand. Most importantly, their software must be error-free to avoid costly mistakes.
Do sufficient comparison
Many companies make the mistake of committing to an outsource accounting firm without ample comparison. While it is understanding that sourcing for an external service provider is time-consuming, it is an important long term investment for the company. Gather various information of at least five accounting firms and evaluate them based on different aspects such as their prices, services, credibility or their overall professional reputation.
Outsourcing your accounting service in Singapore
For outsourced startup and SMEs accounting services in Singapore, get in touch with us. Ranked the 18th largest international accounting firm in the world with over 7,000 people operating in 78 countries, let Ecovis Bizcorp help you support your business whenever, wherever. Contact us today to find out more.