Guide on How to Choose the Best Accounting Firm in Singapore

accounting business partner

Guide on How to Choose the Best Accounting Firm in Singapore

In Singapore, choosing the best accounting firm to assist you in statutory compliance can be likened to deciding on a potential business partner. An outstanding accountant is part of your trusted colleagues who provides prompt services with accurate results that are second-to-none for the long-term success of your business. When choosing an accounting firm, you must exercise caution, especially when you are on the lookout for unparalleled approaches to track all incomes and expenses for your firm.

In Singapore, there are quite a number of accounting firms, and if you are looking for a suitable one, the following are some tips to use in selecting the best firm to work with.

Where Is It Located?

Bearing in mind the location of the accounting firm you select is vital because if it’s too far away, your business may be disadvantaged when you need promptness in attending to your queries. Before making your final choice, you should evaluate how often you may require their accounting services, especially the physical presence of accountants in your premises at any given time. Therefore, to ensure that important meetings have the needed quorum in your business premises or theirs, the firm must be within your reach.

Generally, having your company’s accountant located nearby is ideal. However, with many companies collaborating online today using cloud-based technology to manage their business, location has become less of a concern. Irrespective of the location, you can also hire a remote accountant and use cloud accounting to view identical real-time data concurrently.

Is It Licensed?

Working with a licensed company is essential because it proves that it passed government vetting and their services are deemed good and reliable. Choosing a licenced accounting firm means that it abides by the laws of the land and remits tax as expected. Therefore, always check if your selected company has a license. Under the Accountants Act, all entities that provide public accountancy services must register with ACRA. However, the company does not need to register with ACRA if they provide non-public accountancy services such as accounting or tax services.

In Singapore, accountants are regulated by the Institute of Singapore Chartered Accountants (ISCA), which oversee accounting qualifications and maintain high professional standards. Tianlong Services workforce is highly trained consistent with ISCA qualifications and our managers and reviewers constantly work under the supervision and guidance of Chartered Accountants who are qualified accounting professionals equipped with financial expertise and business intelligence. Given the greater experience and knowledge that our certified or chartered accountants have, we are able to add value to your business right from the start at Tianlong.

Does It Have Relevant Experience?

Knowing the extent to which your chosen accounting firm has accumulated experience is key to having the right services in the long-term. You can measure experience according to its years of operation as well as the portfolio of companies it has offered similar services to in the past. The higher the number and the companies it has worked with, the higher the experience and vice versa. Also ask for a client list that details each company’s gross revenue and number of employees. This helps you examine whether their clients have grown and developed over the years.

Your chosen accounting firm should also have enough experience in preparing tax returns and financial documents for companies of a similar size and revenue to yours. You have an added advantage if the firm has also worked with companies in similar market sectors to yours because it will understand the unique needs of your business. To get a sense of whether they’ll be able to handle the evolving needs of your company, always choose the firm that surpasses the experience of its counterparts in the Singapore accounting industry.

Are the Accountants Flexible?

With the sensitivity of accounting services in Singapore, it is an essential to question the firm on the flexibility of its accountants before you decide to work with them. You must examine the availability of the accounting firm employees. Flexibility largely means that you can easily reach them any time of the day when you call in the office. You may need some bookkeeping job done on the weekend or have a query that requires the attention of the accountant at any time of the day.

Therefore, always ensure sure the employees you are working with are available to answer all your pending queries promptly. At times, you may prefer face-to-face contact and find it useful to have someone who is able to go to business meetings with you. If this is the case, then you’ll need to limit your search to accountants who work nearby or are willing to travel to your premises from time to time.

Conclusion

Before you settle on an accountant in Singapore, make sure to follow the above tips to guide you in choosing the best company to hire for the accounting services.

Tianlong Services is a licensed accounting firm located in in Singapore with the best accountants due to their matchless skills and exceptional expertise to provide your business with the finest accounting services. Choose us today because our professional accountants are well trained with extensive experience in offering professional guidance and advice on accounting services for the competitive growth of businesses.

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What do Tianlong Services do?

Tianlong Services provides accounting services to small businesses and entrepreneurs.

We provide useful articles for business owners like you to understand more about accounting, tax and business in general to better understand the terms used in the business world.

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