Corporate Services Singapore Lauds New Measure For Professionalising Accounting and Outsourcing Serv

SINGAPORE - Nov. 23, 2018 - PRLog -- Corporate services and business financial solutions provider Corporate Services Singapore has lauded the implementation of the mandatory compulsory training and proficiency test for corporate services providers, including accounting and outsourcing services firms, which started on November 15.

Under this new provision, all corporate services providers are required to undergo a training and proficiency test before being accepted or renewed as registered filing agents. The test, which will be administered by the Accounting and Corporate Regulatory Authority (ACRA), seeks to professionalise the corporate services industry and serves as a good measure to uphold Singapore's reputation as a globally renowned financial and business hub.
According to Hans Teo, general manager at Corporate Services Singapore, the mandatory test is a smart move that can help boost the credibility and reputation of corporate services firms as trusted professional services providers, particularly those involved in providing outsourced accountancy services.

"We welcome this new development as a great way not only to further professionalise our sector but more importantly, to establish the image of our service providers, especially the accounting outsourcing companies," said Hans. "The mandatory training and proficiency test will serve as a big factor or consideration for businesses when seeking a reputable outsourced accountancy services to partner with in Singapore."

Outsourced accounting is a process of outsourcing the accounting and bookkeeping requirements of a company to a third-party firm. Engaging one involves a partnership that is built on trust and complacency.

With the implementation of the mandatory test, corporate services firms who also provide accounting and outsourcing services (https://www.corporateservicessingapore.com/outsourced-acc...) will be able to strengthen their knowledge on finance-related regulations, particularly on anti-money laundering activities.

"Undergoing this test will allow accounting outsourcing companies to raise their awareness on illicit activities that not only include money laundering but terrorism financing as well," explained Hans.

Hans further said that implementing the mandatory test is timely as more and more companies are outsourcing their accounting and bookkeeping requirements to third-party firms.

"A certification that proves such firm has passed the mandatory test can help companies weed out the good from the bad apples," stated Hans. "This makes the selection process for them so much easier, as they know they're partnering with an ACRA-accredited firm."

Outsourced accounting services becoming a trend amongst today's businesses
A growing number of companies are switching to outsourced accountancy services to help handle their accounting and bookkeeping needs. This is because such firms not only provide accurate and professional accountancy services but also help them gain a deeper understanding when operating their business.

"Today, companies of all shapes and sizes recognise the benefits of accounting outsourcing companies. The main advantage being helping them with financial management, which is crucial especially in the early stages of a business," shared Hans.

Most companies find outsourcing the accounting function more beneficial than hiring an in-house accounting team. In terms of expertise and cost, outsourcing this area of the business allows a company to benefit from accurate and timely financial reporting at a fixed cost.

Moreover, hiring an accounting and outsourcing services helps business owners save on time that can be used more productively in increasing sales or improving their products and services.

"Outsourcing the accounting function is no doubt a great idea that should be explored by companies today, no matter the size or business structure. Of particular note is the cost of outsourcing accounting services that is actually more competitive than hiring an in-house accounting team," explained Hans.
Corporate Services Singapore, for example, charges a fixed price for their accounting packages, which eliminates any hidden charges. What clients get is predictable billing and a more manageable cash flow, as opposed to hiring in-house employees that should be provided with employment packages, office equipment, and continuous training.

"We know how important cost-efficiency is to most companies today, and being transparent in providing the cost of accounting packages, may it be standard or customised, is a reflection of good business practices that can also serve as a gauge when selecting a firm to partner with," said Hans.

Besides looking for cost flexibility, Hans encourages businesses to take note of important qualities when seeking a reputable outsourced accountancy services. He shared companies should check for a firm's record and experience, as well as the infrastructure or technology it uses for financial reporting.

"Companies should also look for a firm that is compatible with its culture and knows the nature of their business or industry. They should check as well if their business goals match their own. More importantly, it is a must to know if the firm is financially stable and established enough to survive as a business," advised Hans.
Hans encouraged companies to carefully assess their candidates when selecting an accounting firm to outsource to. With the mandatory test now being implemented and taking note of the qualities that a firm should possess, businesses can make the selection process faster and more efficient.

"Remember that a partnership with an accounting and outsourcing services can make or break your business. When your company's financial health is concerned, it is best to make your evaluation process as thorough and detailed as you can," concluded Hans.

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.