Accountant For Small Business Singapore

Tips for Finding Accountants for Small Businesses in Singapore

Yours is categorized as a small business if it makes an annual income of not more than SGD $1 million dollars annually, if you employ not more than 15 staff members and if you are in a partnership or sole proprietorship.

The main reason why you will need an accountant for small business Singapore is that finances are the life and blood of any business be it an SME (small & medium enterprise) or a large business. In Singapore, there are many large, medium and small enterprises because this island state is considered the main business hub in all of Southeast Asia.

With the government offering many incentives on tax for small businesses through the Inland Revenue Authority of Singapore (“IRAS”), many people find it very convenient to establish businesses there. However, the question in the minds of many people is whether they should hire an on-site accountant for bookkeeping or hire one on an as-needed-basis. However, as you will find out in this article, although both methods have their merits and demerits, the advantages of outsourcing an accountant for your small business in Singapore are very many.

Some reasons to outsource accountant for your small business in Singapore

Software is very important in accounting today, especially cloud based software. However, while you could buy yours, you would need people to manage the software, make upgrades and updates which could in turn cost you money. Today, it is better to outsource the accounting to other people so that they can worry about the nitty-gritty of software and stuff. Cloud accounting software such as XERO means that you can access the business accounting records irrespective of your location, even from your smartphone.

When a business is growing, it is paramount that you deploy most of your time to cover the activities that relate directly to the customers while you leave the heavy jobs to someone else to do. When you look for information online, you will see that most business have been built on outsourcing. You will enjoy yourself tremendously when you do that.

Outsourcing saves money. You should outsource as many tasks as possible because when you do that, you will not have to worry about employees consuming office space, no sick leaves because you do not have employees working on-site. You will save yourself most of the troubles that most business people have to deal with when they opt to hire employees to work on-site. You do not have to pay performance bonuses, no hiring or firing of employees and no worrying about how to motivate them. Outsourcing is too much fun and effective too.

Get a wide range of services when you outsource the accounting tasks to the accountant for small business Singapore. This includes services like the preparation of unaudited financial statements, balance sheets, profit and loss accounts for business, trial balances and so forth. These services are offered to all types of business whether they are already well established or they are just starting.

When you do not hire employees to do your accounting tasks onsite, you do not have to keep worrying whether they are doing the job right, according to regulations. In fact, you do not have to worry about anything. You let another person worry on your behalf, take care of the technical side of the business while you take care of the business side of things. Outsourcing accounting tasks in Singapore has proven the best solution for small business owners time and again. You too can enjoy the benefits.

Choosing the right accountant for your Singapore company

Once you have made the decision to outsource, you have to find out the best accountant for small business Singapore. There are many firms offering such services. It could be a bit daunting to find the best one. But, no matter how urgently you need an accountant for your company, take your time to find the best one. Remember, you will most likely work with this person for a long time. This will be a long term relationship between you and the service provider.

Consider choosing an accountant for small business Singapore who is also an advisor. For small start-ups, you need some advice about where your resources should go. If your accountant is helping you get a loan or government grants, he/she will advise you on the best way to go about it, so that you get the loan or grants at very favourable terms and a high success rate.

You will need to ask about the fees upfront. This is very important and if you do not, you may have to pay inflated costs later on in your dealings with the accountant. You do not want to jump off your chair and later be surprised by the invoices coming one after another, do you?

Find out the range of services that the accountant offers. For example, some of the services that you may need include auditing, financial statements, tax services and so forth. Check whether the outsourced service provider can offer you all that.

If you are searching for an outsourced accounting and advisory firm in Singapore, why not check out J Accounting Services? Refer to our website for more information.