The Advantages of Outsourcing Bookkeeping Services
Posted on June 15, 2017 by Admin
Is it Time to seek help?
What better way to have your administrative and bookkeeping matters resolved by seeking professional help? Transactions and reconciliation can be highly tedious especially more so for those without a background in accounting and taxation. Usually, for a nominal fee, businesses are able to delegate the matters of accounting over to reliable and experienced accounting professionals. Additionally, with the aid of professionals, businesses can avoid hefty penalties arising from incorrect inputs or late reporting submissions to the respective statutory authorities in Singapore.
One of the common pains faced by business owners apart from the high cost of hiring is staff turnover. Having gone through the arduous process of hiring and training employees, the next concern thereafter is having a strong staff retention policy. By engaging an accounting services provider, businesses are able to alleviate the need for procuring a full-time accounting staff which is costly to hire and rule out any possibility of misappropriation of confidential information due to employee misconduct.
Key Aspects in Selecting the Right Provider
Being many years in the industry, one of the common feedback from business is finding right accounting service provider. Let us share some tips on finding the right provider:
Knowledge and Experience – The key is having a provider with the necessary skills to perform the task of bookkeeping and documentation competently. A good gauge would be the years of experience accompanied with professional qualifications like CPA, these elements combined will provide you the testament required on assessing the provider’s degree of competence.
Charges and Fees – More often than not, you will chance upon providers or freelancers offering marginally low rates for annual bookkeeping and accounting services. As tempting as it may be, it would be highly advisable to avoid them, and to a large extent, we rather encourage businesses to perform their own bookkeeping. Many of our clients had previously engaged the services of lower priced providers and have left due to the dissatisfactory services and poor levels of commitment provided. As such, when sourcing for a bookkeeping firm for your business, always note that the level of services required will determine charges, but that being said, prices should always be affordable and reasonable.
Current with Technology – Keeping up with technology is important especially with the digitalization of the market place. Having a provider that is current and in touch with the latest technological tools available would be a plus for your business. This will benefit you in terms of accuracy/details as well as obtaining quicker delivery of your reporting so that you are able to harness timely and relevant information for your business.
Expectations and Scope of Bookkeeping Services provided
There is a wide array of services under the scope of bookkeeping. Below indicates the list of services that are commonly outsourced by businesses:
- Preparation of Accounts for Directors
- Preparation of Accounts Receivables and Payables Schedules
- Maintenance of Cash and Bank Reconciliations
- Preparation of Schedules for Audit Purposes
- Preparation of Trial balances, Balance Sheet and Profit or Loss Statements
- Liaising with Auditors and clarifying audit related queries