Corporate Services Singapore Shares Top Reasons For Outsourcing Accounting Services

SINGAPORE - Oct. 16, 2018 - PRLog -- Corporate Services Singapore, a corporate services and business financial solutions specialist, believes that the very process that goes through the whole accounting and bookkeeping job is what makes entrepreneurs decide to hire a professional services provider to handle such tedious task, instead of leaving it to the hands of an in-house accounting staff.

"Achieving high profit is no doubt the goal of every company," said Hans Teo, general manager at Corporate Services Singapore. "In pursuit of this, a business makes sure that its financial health is in tip-top shape to be able to run a smooth-sailing operation. Properly maintaining accounting records is instrumental in ensuring a company's financial health, but it is a process that can be time-consuming and requires consistent accuracy."

"It is for this reason that most business owners today prefer the services of finance and accounting outsourcing companies, as they undoubtedly possess the skills and knowledge necessary to execute the job," he added.

When accuracy and consistency of financial records are at stake, entrepreneurs cannot afford to take a risk and leave the company's future in the hands of an in-house accounting staff that needs years to train.

"There are advantages as well to employing your own accounting staff, but the trend right now leans more towards outsourcing to an accounting and bookkeeping services in Singapore, as the benefits to doing so outnumber what a business owner could gain from hiring an in-house accounting personnel," explained Hans.

Why Businesses today Prefer Outsourcing to an Accounting Service Provider

It used to be that businesses, especially the smaller ones, would never take a second look at what outsourcing to an accounting service provider can offer in terms of efficiently looking over their financial health. For small business owners, hiring a third-party firm to handle the accounting and bookkeeping function is an unnecessary expense.

"Years or even decades ago, outsourcing to an accounting services was seen as something that only larger companies can afford. But with the latest technologies and the advantages that can be provided by outsourcing, businesses of all shapes and sizes are preferring this kind of setup even more," shared Hans.

For entrepreneurs who are wondering what an outsourced accounting services firm can offer them, Corporate Services Singapore lists down the following reasons why they should consider hiring one:

1. Skills

The skillset that goes into accounting and bookkeeping entails years of training. Outsourced accounting services in Singapore provide professionally trained specialists with years of experience in the field. As they specialise in this area, accuracy in handling financial records is assured. The possibility of errors when calculating taxes or even in entering data in accounting records can be minimised.

2. Updated knowledge in statutory regulations

Adhering to Singapore's stringent statutory regulations is a must for every company. Such regulations are sometimes tweaked or changed depending on certain factors. Accounting outsourcing service providers not only have a deeper understanding of Singapore's accounting standards but are always up-to-date when it comes to new regulations that are released. Timely compliance with regulatory requirements is what makes a business operation run smoothly.

3. Use of latest technology

Most finance and accounting outsourcing companies utilise the latest in accounting software to ensure accuracy in handling financial records. This type of innovation makes the job easier to execute, hence businesses can get timely financial reports as needed.

4. Efficiency and faster execution

As firms specialising in accounting outsourcing services are highly trained in handling the job, they are able to do the task faster but with better efficiency. Companies can focus better on managing the business instead of spending their time on doing financial records.

5. More value for money

Contrary to what most know, hiring an outsourced accounting services firm in Singapore is more cost-efficient than employing an in-house accounting staff. "You actually spend more on employee packages and training of your accounting staff than the accounting fees you spend on a third-party firm," disclosed Hans. "On top of that, you also have to spend on office equipment and facilities that your in-house staff will use, which is not the case when you hire a professional services provider."

6. Valuable insights

As outsourced accounting and bookkeeping services have a wealth of knowledge and experience in the field, companies can gain from their valuable insights. This can give them an idea on how to improve their business operations.

Hans reiterated that in order to get the most benefits from partnering with a professional services provider, it is important to be meticulous when hiring one.

"Research about their background and the clients they have handled in the past. Ask about their certifications. Make sure to know about the software solutions they are using and if these are compatible with your own systems. Most importantly, know if the services they offer and the cost of such match your business needs.

"Remember that a partnership with a reputable accounting outsourcing service provider can be a great investment for your company. It can help you stay on top of your business, whilst assisting you as you achieve your business goals," concluded Hans.

For more information about outsourced accounting, visit  https://www.corporateservicessingapore.com/outsourced-acc...

About Corporate Services Singapore

Corporate Services Singapore first ventured in the accountancy and finance industry in 2010 and has since evolved into an accounting, payroll, audit, tax, corporate secretarial, and advisory services provider catering to both local enterprises and multinational corporations (MNCs) in Singapore. With a trusted network of partner and affiliate companies, it has grown into a one-stop financial solution that provides competence and experience to assist clients in all stages of a business lifecycle.