We use cookies for statistical purposes.

  • 23 New Industrial Road, Singapore 53620
  • clients(at)opencompanysingapore.com
  • +65 88364489
Our Articles

Outsourced Accounting Services in Singapore

Outsourced Accounting Services in Singapore

Accounting has been and remains one of the most important parts of doing business in Singapore and everywhere else in the world. Keeping track of transactions, recording invoices and other financial documents, and reporting to the relevant authorities are just some of the attributions of an accountant in Singapore.

If until a few years ago, most companies would have in-house accountants, one of the newest trends is to appeal to outsourced accounting services in Singapore. If you are considering making this switch, this article is for you.

Usual outsourced accounting services in Singapore

There are various parts of the accounting of a Singapore company that can be outsourced, depending on the needs of every business. As a matter of fact, this is also one of the greatest advantages of using a specialized accounting firm: it can tailor its services to the client’s requests.

Here are the main outsourced accounting services available for companies in Singapore:

  1. tax and GST registration – it is important to have reliable partners from the beginning of your operations;
  2. bookkeeping, accounts payable (AP) and accounts receivable (AR) services;
  3. payroll and HR services are also among the services that can be provided by an accounting firm in Singapore;
  4. financial statement preparation and filing support;
  5. audit services – an accounting firm will have auditors specialized in various branches of this profession.

One of the questions often received is if only large companies can outsource their accounting departments. No, all sizes of companies can request and benefit from outsourced accounting services in Singapore. Especially at the beginning of operations, businesses will need all the help they need and can find it with specialized accountants.

Outsourced accounting means tailored services

Many business owners believed that working with outside accounting firms in Singapore would mean buying all their services, even if they did not need all of them. However, flexibility is one of the keywords when it comes to such solutions as most packages are customized and customizable.

Customized outsourced accounting services in Singapore mean packages with basic solutions that comply with the financial requirements all companies must respect. Customizable services creating your own package from zero or choosing a basic one to which you can add the others you are interested in.

Our accountants and auditors in Singapore are at your service with customizable solutions for both small and large companies.

Outsourced accounting vs. in-house accounting in Singapore

Having an in-house department implies hiring employees, and when it comes to accounting, you may need one or more specialists which can increase business cost considerably. This is one of the main benefits of using outsourced accounting services in Singapore. Apart from this:

  • in a specialized firm you will find all the specialists you need, from accountants to bookkeepers and even financial analysts or consultants;
  • not dealing with the payroll and HR management of an entire department will enable you to focus on other key areas of your business;
  • time is money, therefore, very valuable and not having to deal with all financial matters yourself will leave you with plenty of time;
  • not missing reporting and filing deadlines is very important, as all financial data must be updated, and an outsourced accounting firm can do that for your company.

Our accountants are members of the Institute of Singapore Chartered Accountants.

Moreover, according to data:

  1. accounting takes at least 5% of the time of a small business owner;
  2. this 5% can be translated into 120 days per year spent only on accounting administrative tasks;
  3. the payroll alone can take up to 5 hours a week, which means almost an entire work’s day.

If you are considering outsourced accounting services in Singapore, contact us! Our specialists are at your service.