News & Updates
October 14, 2022
Business owners encounter many challenges in getting on top of their businesses—from outdated bank reconciliation and transactions to unbalanced accounts. You name it! Even though executives go above and beyond to avoid these scenarios, they occur more often than expected. The impacts of these uninvited guests include actual trading activity not reflecting on management reports, increasing risks of fraud, strained relationships between businesses, time-consuming workaround, and more!
The best solution is to hire the right workforce to work on your business, especially managing finances. If your business is a small- or medium-sized enterprise, SME accounting is an option worth considering. Either hiring an in-house accounting or outsourcing accounting services will work in your favour as long as you go through the extensive process of finding ideal partners to help grow your business.
Benefits of Good Accounting for SME in the Singaporean Business Landscape
Excellent accounting and bookkeeping are only the beginning. Your company can establish the foundation for accounting’s ultimate benefits when your accountant keeps accurate records. Suppose you want to reap what you sow. In that case, onboarding a competent corporate solutions provider or accountant is one thing you can utilise to make these things happen. Check out what you could take advantage of when working with qualified SME accounting services:
- Make informed decisions
- Manage your working capital
- Forecast accurately with built-in seasonal fluctuations
- Create budgets that are not just a wish list
- Compare current results with prior periods
- Perform strategic analysis with complete data
- Identify capital requirements for expansion with bank support justification
- Vastly improve the selling price of your business
Growing your business starts with essential record-keeping done by an experienced accountant. Although you have to spend for the services’ expenses, the value made in the long run will pay for the cost many times over. Singapore is a saturated market with competent businesses. If you want to achieve breakthroughs, make it a habit only to hire individuals who can work on the same phase as you. More than that, take time to undergo an extensive onboarding process and set out qualifications in the best interest of your enterprise.
Here are a few things to remember when hiring an accountant or accounting services.
What to Look for From Accountants/Accounting Services
Many references have covered what makes a good accountant. However, you should prioritise your business requirements when hiring an accountant or SME accounting services. Begin with determining your needs first and try to work your way around them. Having a full understanding of the essentials of your company will get you far in managing your enterprise. Continue reading below to learn more about the things to look out for when choosing accountants/accounting services:
Commercial experience is a good start when hiring an accountant or a service provider of accounting services. A long list of previous experience in handling commercial businesses ensures that your company is in the right hands. It can be challenging to hire an individual or firm with little to no business experience. The result is that they will learn as they progress in their work, and this can cause delays and is time-consuming. Get the best results by partnering with established individuals or firms.
Hire an accountant or accounting service provider with the right skills to get things done. They should know how to perform a complete and thorough review of your systems, people, as well as processes. Besides that, a corporate accountant should be knowledgeable about documenting your company’s processes so that other employees can follow them. Another vital skill is creating checklists and timetables to guide the business in doing things.
While accountants have many duties and responsibilities, they should pay more attention to one of the essential parts of the job. An accountant should know how to pay your company’s dues. When this is not properly addressed, the possibility of more serious problems is high. Don’t wait for this to happen by meticulously choosing who manages your business’s finances.
Knowledge of the Law
Some businesses in Singapore hire an accountant or accounting services to ensure they comply with ACRA and the laws and regulations set out by regulating bodies. That is why it is important to hire someone knowledgeable about the country’s ever-changing business laws. If an enterprise fails to submit all the requirements in the given period, penalties will be on the way. This is the last thing you want to happen to your firm. Get a reliable accountant or provider of accounting services to keep your business afloat.
Partner with ContactOne Today for Reliable SME Accounting Services in Singapore
Turn to ContactOne today and discover an array of corporate solutions that work. Our services are tailored to client’s needs, ensuring effective and straightforward problem-solving. Call us on +65 6333 0633 or +65 8666 3633. You may also visit our website to get to know us better!