As one of the leading financial centres in the world, Singapore continually attracts businesses to its shores and enjoys a highly competitive market. Naturally, keeping pace with the competition is paramount in the city-state’s economic landscape, but that does not mean one can afford to neglect the fundamentals of running a business, such as its accounting and finances.
This is why businesses outsource accounting in Singapore, such as from Tianlong Services, to receive a helping hand. By partnering with the right accounting firm for their business, business owners can stick to their top priority of working towards commercial success. But when doing the necessary research, what should you look into to find the best option?
Below, we outline the factors to consider when choosing the accounting firm that best meets your business needs.
With all the regulations and compliance requirements involved in business finances, it is only natural to settle for nothing less than experienced professionals. The Association of Chartered Certified Accountants (ACCA) qualification is the most widely recognised certification in the city. However, there are also additional certifications to take note of, namely:
- Singapore Chartered Accountant Qualification
- Institute of Singapore Chartered Accountants (ISCA)
- Chartered Institute of Management Accountants (CIMA)
- Singapore Institute of Accredited Tax Professionals
- CPA Australia
…and many more.
As a starting point, make sure that the firms you choose have up-to-date credentials.
To set themselves apart, accounting firms typically provide clients unique benefits or advantages that no one else can. Some leverage cutting-edge technology to go beyond conventional accounting, while others have perfected their processes that ensure a hassle-free and simplified outsourced accounting experience. For example, with Tianlong Services, each business is assigned a dedicated accountant to handle all its specific accounting needs. This ensures that the communication between the business owner and accountant is streamlined, and any enquiries are answered in a straightforward and efficient manner.
When considering your choices, assess what your business needs and what advantages impact its success.
Working with just a handful of outsourcing providers is much easier and more manageable than dealing with many. As your business grows, you will likely need more corporate services to fill the gaps in your journey to success. Therefore, choosing a one-stop corporate service provider that specialises in more than accounting and bookkeeping services lets you seamlessly scale your business needs without having to go back to square one and look for another firm.
At Tianlong Services, we offer a wide range of services besides accounting. From payroll services to tax filings, we are more than capable of managing all financial transactions of your business. As such, you can dedicate more time and effort to more vital matters.
Having mentioned pricing, fees are another vital consideration when deciding on whom to outsource your accounting. This is because hiring an accounting firm in Singapore can cost businesses well over into the thousands, making it a non-trivial decision. Different firms have their own pricing models – some charge by the hour while others on a monthly or project basis. Lastly, note that there are additional fees when opting for add-on services or special requests.
Tianlong Services strive to provide an affordable alternative for businesses in Singapore without having to sacrifice quality. Instead of paying thousands of dollars, businesses can look forward to engaging our services for roughly $520 each month. This means that you can keep your financial records clean and straight while cutting business costs at the same time.
That being said, it should come as no surprise that big accounting firms, such as the Big Four, can be expensive. For small to medium-sized businesses, these fees are simply not feasible. In this case, going for a smaller boutique firm would be the appropriate choice. Smaller firms have their own set of benefits that give them an edge, especially when it comes to their familiarity in dealing with unique financial challenges faced by smaller businesses. They also have better local expertise, and the relationship with your accountant will be more personal and genuine.
Finding the best choice among hundreds of accounting firms in Singapore can undoubtedly prove challenging, especially for businesses that have yet to try outsourcing. But with enough time and research, finding a suitable provider that can meet your needs is certain to occur.
At Tianlong Services, we strive to become the business partner you can rely on for all your accounting and bookkeeping needs at every step of your journey. Moreover, our free month trial program helps make it easier to narrow down your options as we work to share the advantages of outsourcing to everyone. Whether it is consulting charts of accounts or other corporate needs from tax and payroll to corporate secretary services, you can rely on us at Tianlong Services to always go above and beyond.
Contact us today to learn more details about our professional services.