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Preparing a proper set of financial statements is crucial even for small companies. You can either hire an in-house accountant to do your company accounts or outsource this task to an accounting firm. We would strongly encourage you to outsource to a professional accounting firm.
The 5 key reasons why you should outsource your accounting work to a professional accounting firm:
Saves time.
By outsourcing the accounting task to a professional, you will be able to focus on other areas instead of wasting time on sorting out documents and doing data entry.
Saves money.
If you hire your own in-house accountant, the monthly salary, CPF contribution may work out to be more than the cost of outsourcing the accounting work to a professional accounting firm.
Ensures availability of competent accountant.
Often due to the mismatch of salary expectation and relevant working experience you may face difficulties in recruiting a suitable in-house accountant. Outsourcing, on the other hand, ensures that there will always be someone qualified to do the job and an Accounting Manager that is accountable.
"Back-up" & continuity.
Commonly, a small company may employ one in-house accounts person to handle the entire range of the accounting work. In such a situation, should the staff resign, you will be left with no one to handle the work, and you may encounter delays with the retrieval of accounting information for your business operations. Also, you will find that it is harder to fill the job vacancy because job applicants do shy away from joining a company with huge accounting backlog.
When you outsource your accounts to a professional firm, there will always be someone managing your accounts at any point in time.
Customised accounting requirements.
Although most professional accounting firms offer accounting packages, you can also choose to have the services tailored to your company need without blowing your budget on fees.
Our team of accountants is utilises popular accounting software such as Xero, MYOB and QuickBooks to perform all the pertinent accounting functions as such accounts payable and receivable, bank reconciliations, general ledger and journal entries etc.
We can do your monthly bookkeeping at a fraction of the cost of a full-time employee. Furthermore, when you engage our services, we will make it our business to learn your goals and operations quickly so are to free your time to concentrate on areas that will make your business more profitable.
We have specially tailored accounting packages for local businesses and young entrepreneurs, taking care to ensure that you will not have to blow your budget to engage us for the following accounting services:
Our monthly bookkeeping services starts from S$200 per month for up to 30 transactions/month. A transaction is defined as one payment or one receipt made or each line of payment/deposit on your bank statement.
This fee includes:
In addition, we also provide HR services such as CPF registration and payroll services. Please contact us for more details.
Our package fee starts from S$2,000 per set of financial statements including tax filing of Form C-S (the tax filing deadline will be in the next year after the financial year end) and ECI submission (within 3 months from the financial year end).
We compile your year-end Financial Statements (FRS) in compliance with the Singapore Financial Reporting Standards (SFRS(I)), from management accounts (and General Ledger reports) provided to us. The FRS compilation work may also include random checking of the account entries in your General Ledger Reports.
The basic package includes:
* A transaction refers to any payments and receipt made i.e. a line on the bank statement.
If you have been using an accounting software and just wish to engage our FRS compilation service, please contact us for more information.
If you prefer to save money and want to be in control of updating your own accounts, we can help you set up your cloud accounting software (XERO or QUICKBOOKS).
Our service package of S$800 (one-time fee) will include:
