How To Choose The Best Accounting Firm In Singapore?
Singapore provides a good market for entrepreneurs on a long-term basis. Along with having favourable government policies and taxation laws, Singapore also shows favourable geographical location and weather for year-round business. Choosing a suitable accounting firm in Singapore is necessary to give a much-needed boon to the business.
An accounting firm performs all sorts of financial services, from bookkeeping to tax filing and planning. But selecting a professional and trusted accounting firm in Singapore can be a tedious job. This article lists down certain key points which shall help in appointing the best accounting firms in Singapore.
Is it Licensed?
The most crucial aspect before appointing an accounting is to check whether it is licensed or not. A licensed firm ensures it to be reliable and that it works as per the regulations of the land. All accounting firms are registered with the ACRA, that proves their credibility. In Singapore, all the ISCA monitors the professionalism of the accountants thereby helping you to get reliable financial services.
Where is it Located?
Prior to appointing an accounting firm, you should evaluate the number of times you might require an accountant’s help, especially their physical presence in the office. This and also to answer rapid queries, it is necessary that the accounting firm is situated nearby the business premises.
Do They Offer Cloud-Based Accounting?
In this modern era, everything is going online, also the accounting service provider companies in Singapore. Thus, to answer all the financial queries even if an accounting firm is not within the reach, make sure the firm provides an online consultancy. Using cloud-based accounting services, you can also appoint some of the best accounting firms located in remote areas.
Taxation Knowledge
An accounting firm must be well acquainted with the tax laws. The firm will make sure your financial filings comply with the IRAS tax regulations. If not, a penalty may prove to be costly. Improper filing of tax documents creates an immense problem. This is why it is necessary to hire a reliable accounting firm to carry out financial strategies.
Specialization
In Singapore, all the accounting firms offer a wide array of services, bookkeeping, accounting, auditing, financial reporting, tax planning, financial statement management and many more. The firm must also provide an evaluation of the positive or the negative assets and give year-long feedback that will aid to boost your business.
Accountant Flexibility
The taxation policies in a country are ever-changing. Thus, it is important to check the flexibility of the firm and the accountants. It is vital to conduct a thorough interviewing process to know the flexibility of the firm. Also before appointing, check whether the accountants are available on call.
Expertise And Experience
Finally, the best way to select an accounting firm is to measure their experience. Based on their company portfolios and the works they have done in the past, appoint an accounting firm. When reaching a final decision, you may also ask for the company’s gross revenue, that will give an insight into whether the clientele has grown or not.
There are many corporate accounting service providers in Singapore. But the above-mentioned points will help you get hold of the best firm as per your requirements.
