5 Benefits of Outsourcing Accounting Services in Singapore

Learn about the benefits of outsourcing accounting services in Singapore. It’s cost-effective, convenient, and helps you focus more on the growth of your business.

Accounting is a significant aspect of running and managing a company in Singapore. It helps in evaluating the financial health of your business and determine the domains that require growth. There are two ways to implement accounting in your company.

• Hire an in-house team of accountants
• Outsource accounting services to an Accounting Firm

Most businesses prefer to outsource accounting services as it is cost-effective and saves the company resources from recruiting and training the team of accountants. Read on to know more about the benefits of outsourcing accounting services in Singapore.

1. Cost-Effective

The team at firms providing accounting services consist of highly skilled, talented, and experienced professionals. They are pioneers in finance and will carry out accounting operations of your company in a concise, fault-free, and quality manner.

On the other hand, appointing an in-house team of accountants could be cost-extensive as you will have to invest in recruitment, training, and providing company benefits, salaries, allowances, and insurances. Outsourcing costs less and delivers the same results with better efficiency and accuracy than a team of accountants. That’s why it helps you to reduce operating costs and save company resources.

2. Improves your focus on the growth of your business.

Outsourcing accounting services help you assign your routine accounting work to qualified professionals, so you can focus on the core competencies of the business. These include developing new products or services, attract investors, increase market share, and drive revenue for your company. Meanwhile, the accountants at the accounting firm will keep the financial health of your business in check.

3. Reduced Errors and Penalties

According to ACRA, companies incorporated in Singapore are required to prepare their financial accounts in compliance with Singapore Financial Reporting Standards or (SFRS) and submit to the Accounting and Corporate Regulatory Authority (ACRA). Accounting outsourcing ensures your company financials are up-to-date, accurate, and compliant with the national regulatory bodies. This helps in reducing the common errors, stay updated on the new regulatory guidelines, and avoid penalties from the primary authorities.

4. Utilize the benefits of high-end technologies

Accounting service providers stay ahead of the curve by upgrading to high-end accounting technologies and practical best in class solutions. This makes the workflow efficient, fast, and accurate. Right from bookkeeping, statutory accounting, computation of quarterly GST returns to preparing financial statements in compliance with SFRS, and submitting it to ACRA and IRAS; accounting firm ensures everything is implemented correctly with zero chances of error.

5. Access to best-in-class services

The professionals at accounting firms stay updated with ever-changing authority laws and deliver best-in-class service to the clients. They maintain a high level of professionalism and also assist in:

• Providing advice on how to grow your business performance by analyzing your financial accounts.
• Maintain confidentiality about your company, it’s data, and related information.

Thereby outsourcing accounting services is a reliable, effective, and budget-friendly way to operate and manage a business in Singapore.

Accounting Services By CoSeClinic

Accounting is a significant process to record and evaluate the financial performance of your company. Our team of qualified and experienced accountants at CoSeClinic has vast knowledge and experience in providing reliable accounting services. To know more about our services feel free to contact us at enquiry@coseclinic.com or call on +65 62701163.