Outsourcing of your business' accounting services is not a new thing. However, it will surely save you some bucks if you have not done it. The key is to find someone who is good and reasonable with the fees. Typically, go for a qualified CPA. Do not stinge on trying to find a lower end bookkeeper. Do not be penny wise and pound foolish.
Most small accounting firms are able to provide computerised accounting software for your business. Typically, the accountant will have a staff come by your office at least once a month to key in all the documents into the accounting software. This would have been done by someone that you would have hired in a full time capacity. Therefore, by outsourcing, you have made your accounting services function more streamlined and effective. Thus, saving you costs!
Some business owner, being fairly entrepreneurial and pound foolish, try to take on the role of an accountant as well and try to do everything on their own. This will result in them not fully focusing their efforts on growing their own business. It is something I will not encouraged at all.
All small business accounting firms have qualified accountants working for them. As the business owner, your responsibility is to identify an accountant you can communicate and have a sense of 'partnership' with. Your sixth sense will be able to tell you all these.
Do not try to test your luck with the authorities. Always make sure your books are kept properly and up to date. In Singapore, there are annual returns to be filed with the tax and company authorities. Therefore, it is always imperative to have your books kept in a timely manner.
In Singapore, there is a need to file an estimated chargable income every year to the tax authorities, regardless of whether you are making money or not. Therefore, make sure your accounts are up to date and accurate. Do not try to compile a few years worth of accounts and give them in one go. You could end up being penalised.
How does one choose a good qualified outsource accountant to perform your business' accounting and bookkeeping functions? As for me, I find that it pays to go with someone who is a CPA (Certified Public Accountant) and has at least 10 years of practical commercial accounting experience. Ask for the person's work experience. You will be surprised that there are some very qualified lady accountants, who were former financial controllers but have chosen more time with the family, running their small but effective accounting firm these days. Try finding more about such small firms.
Another factor, apart from qualifications and experience, is the ability to relate to people. The accountant must be able to articulate what he knows about your business to you.
Most small accounting firms are able to provide computerised accounting software for your business. Typically, the accountant will have a staff come by your office at least once a month to key in all the documents into the accounting software. This would have been done by someone that you would have hired in a full time capacity. Therefore, by outsourcing, you have made your accounting services function more streamlined and effective. Thus, saving you costs!
Some business owner, being fairly entrepreneurial and pound foolish, try to take on the role of an accountant as well and try to do everything on their own. This will result in them not fully focusing their efforts on growing their own business. It is something I will not encouraged at all.
All small business accounting firms have qualified accountants working for them. As the business owner, your responsibility is to identify an accountant you can communicate and have a sense of 'partnership' with. Your sixth sense will be able to tell you all these.
Do not try to test your luck with the authorities. Always make sure your books are kept properly and up to date. In Singapore, there are annual returns to be filed with the tax and company authorities. Therefore, it is always imperative to have your books kept in a timely manner.
In Singapore, there is a need to file an estimated chargable income every year to the tax authorities, regardless of whether you are making money or not. Therefore, make sure your accounts are up to date and accurate. Do not try to compile a few years worth of accounts and give them in one go. You could end up being penalised.
How does one choose a good qualified outsource accountant to perform your business' accounting and bookkeeping functions? As for me, I find that it pays to go with someone who is a CPA (Certified Public Accountant) and has at least 10 years of practical commercial accounting experience. Ask for the person's work experience. You will be surprised that there are some very qualified lady accountants, who were former financial controllers but have chosen more time with the family, running their small but effective accounting firm these days. Try finding more about such small firms.
Another factor, apart from qualifications and experience, is the ability to relate to people. The accountant must be able to articulate what he knows about your business to you.
About the Author:
I own a retail book distributing business which has enjoyed the benefits of outsourcing the accounting function to a qualified CPA Outsourcing will certainly help you reduce your business costs! Find out more about outsourcing your accounting functions. Start saving now! Visit Accounting and Bookkeeping Services Singapore by qualified CPAs
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