Entrepreneurs starting a business in Singapore must be knowledgeable of and abide by statutory requirements. Among these requirements is having well-maintained accounting and bookkeeping records. More than mere compliance, a healthy record-keeping process also plays a critical role in sound business planning and decision-making.
Here are five benefits of outsourcing your accounting services:
Cost savings
Probably the most common driving force why many firms outsource services is cost-efficiency. Large corporations usually have the resources to employ a separate department that covers its accounting needs. On the other hand, it is crucial for small to mid-sized businesses to capitalize on its manpower and company resources to ensure maximum returns. Outsourcing accounting services has lower budgetary requirements that allow a business to allocate savings to more gainful business activities. Richmond specializes in providing SMEs in Singapore with competent accounting and bookkeeping services. We offer monthly, quarterly and yearly bookkeeping services including GST return tailored to meet your company’s specific needs and aimed at helping you operate more efficiently. The cost of our monthly bookkeeping services starts at $400 and yearly bookkeeping starts at $600. Simply get in touch with us to get a free consultation with our specialists for more information.
Time savings
Time is of the highest importance in ensuring a company’s consistent productivity. Hence, it is vital to budget man-hours as resourcefully as possible. Attending to administrative needs require a significant amount of time that may better be utilized in more profitable tasks. Outsourcing services allows you to cut man-hours, trim the staff size or focus the time saved to the firms’ core responsibilities, all of which are beneficial to the business.
Accuracy
A flexible and multi-tasking team is common in any small to medium-sized businesses. Without a staff focused solely on accounting and bookkeeping, you run the risk of committing more mistakes. Outsourcing accounting services will result to a minimized, if not completely eradicated, room for errors. With technically-skilled staff and resources at the disposal of professional services firms, you can be assured that the firm’s accounting and bookkeeping tasks will be processed with a consistent speed and quality you can rely on.
Security
Ensuring that your business remains lucrative is a colossal responsibility that requires hard work and focus. Apart from that, you need to ensure compliance to government standard requirements such as managing accounts, filing necessary documents, submission of annual reports which are equally time-consuming activities. By outsourcing your bookkeeping and accounting, you can rest assured that your company complies with government requirements. Moreover, you have access to a backup data and your company information is treated with high level of confidentiality.
Insight
Outsourcing your bookkeeping and accounting means you have access to practical insights from experts in the industry. Efficient bookkeeping results in an eased drafting of statements that need to be submitted for annual returns which allows you to make more sound decisions in running the business and managing your finances more efficiently.
Richmond is your complete solutions provider when it comes to accounting and tax services. We aim to help SMEs focus on more gainful business endeavours while we take care of their accounting needs and ensure compliance with ACRA statutory requirements. Get in touch with one of our specialists for a discussion.
