Accounting services for foreign corporates having small operations in Singapore

Many foreign corporates operate a small branch, rep office or subsidiary in Singapore. These operations are typically staffed with 1-5 headcount. Having a full-fledged accounting function for such a small setup may not be beneficial. Moreover accounting in Singapore includes many aspects that foreign businesses may find challenging. Your overseas staff will not be aware of regulations relating to GST, functional currency, Singapore accounting standards. In that case it is always better to engage a knowledgeable firm like ours to outsource your accounting work.

Hiring a full-time accountant may not a practical solution for such corporations. In most parts of the year, an accountant may not be fully utilized. Accounting work may only need a few days to a few weeks to be completed. Hiring someone permanently to perform limited work is not practical especially when a company’s budget is limited. Moreover you will need to maintain your software, plan for alternative resource if the current employee resigns and then train new employee for accounting activities.

Guide to Selecting an Accounting Service Provider

Outsourcing your accounting requirements need long-term commitment with a service provider. Hence, it is very important that you select the best one. Here are some tips that you can use in selecting an accounting service provider:

Determine the Exact scope of Work You Need

In addition to preparation of financial statements, in most of the cases HQ operations need specific monthly reporting to be done in company specific formats. HQ may also occasionally need participation of accounting personnel in budgeting process. As a result you need to exactly identify the type of accounting work you need. The work may include above tasks in addition to preparation of statement of account, filing of requisite forms for submission to relevant government and financial bodies, and the likes. Knowing the work involve will give your prospective accounting service provider a better perspective that will be the basis of their price quotation.

    Cost Effectiveness

    Price always plays an important role when outsourcing any kind of service. But before you sign an agreement with a service provider with the lowest price, you need to take note of some very important factors: quality, reliability, and expertise. Selecting a service provider based on the idea of “lowest bidder” is not always a practical solution. Industry experts will attest that a lot of cheap accounting services eventually turn out to be more expensive because the quality of work does not meet all the requirements needed. At times, providers with the lowest rate are just filling up their time with temporary accounting work until they find another permanent employment. Some may have all the skills, but they lack IT system knowledge that is crucial in accounting work. The time spent on an accounting project is also commensurate to the amount billed for the service. As most accounting works are done manually, a good outsourcing service provider will make you aware of the amount of time needed to complete the work you require. They will charge you based on the amount of time needed for your project.

      The Accounting Service that We Provide & pricing

      Our accounting service is based on the principle of best service at the most cost-effective price. In addition to routine accounting work we also provide services specific to your needs as mentioned above.

      Let us know your requirements in detail and we can provide you quotation for the same.

      Benefits of Outsourcing Your Accounting Requirements to Us

      No need to hire your own staff. We will assign a manager for your case who will be single point of contact for you

      No efforts involved in software, training, replacement of employees

      Timely completion and submission of your accounting reports

      Security of all your accounting records

      Regular meetings to thresh out any issue and to review results

      Client-Provider Coordination

      Because we are using the latest cloud technology, you can regularly scan all your accounting files and save them in a cloud storage folder we set up specifically for you. Our accountants will work on your requirements remotely and we will set up a regular meeting with you to discuss the progress and the result of our work.

      Frequently Asked Questions about Our Accounting Services

      Depending on the scope of service, our billing can be on yearly or on monthly basis.
      You can terminate our outsourcing contract and we will help you set up your accounting framework by providing you the latest profit and loss statement as well as your updated balance sheet. We will also provide you with a back-up data of the work done the previous year in case the accounting software you use is similar to ours.
      We maintain a team of expert accountants in Singapore who are well-versed in the accounting standards of Singapore.