Why You Need a Top-Notch Accounting Firm in Singapore

1. Why You Need a Top-Notch Accounting Firm in Singapore It is that time of the year to audit accounts and file tax returns. For that, you need to partner a top- grade accounting firm that understands your business troubleshoots any problems, and ensures tax compliance. Your accounting services in Singapore should accomplish the following functions. Bookkeeping and Outsourcing An expert accounting partner should be able to prepare monthly, half-yearly and annual financial statements. These records should adequately reflect all the cash flow within a given year, any profits as well as losses. Not all businesses are good at preparing sound financial statements for themselves. They would need a competent accounting partner that can prepare consolidated and non-consolidated statements. In addition, this accountant must also be able to outsource some services. If you have several employees, and payroll preparation takes a large part of your time, consider outsourcing it to your accounting firm. Many accounting firms are experts in payroll preparation, administration and other related tasks. Tax and GST returns Tax and GST returns should be prepared meticulously. There should be no errors in tax statements in order to avoid future problems. One small error can lead to countless questions from the authorities. A competent accountant should be strong in corporate and personal tax, have the complete knowledge of all tax laws, and must also have international expertise in these matters. Not just that, this corporate secretarial service in Singapore should also have a detailed understanding of GST, VAT, Transfer Pricing, Withholding Tax and much more. Since Singapore is a major trading hub for almost all the countries in the world, any accounting firm must know the nuances of tax laws of major countries that have their offices here. Auditing Services The role of a good accounting firm becomes even more critical in auditing. It should be proficient in Statutory Audits, Internal Audits, Grant Audits and more. This accounting services firm must know all the international protocols in auditing. It should also know the key differences between auditing and accounting.

2. Does your accountant add value to your firm in auditing? Does it provide insights and suggestions on future improvements? Ask these questions before appointing a tax and audit firm for your organization. Hire a local company Since your company is based in Singapore, you must hire a local accounting firm. This firm should have local employees that know local laws, rules and regulations. Your firm’s Singapore- based employees should also know about the latest accounting techniques prevalent in the country. Last but not the least, you should be able to conduct background checks of your accountant’s employees. Look for experience Having good experience matters when it comes to accounting and tax compliance. Always hire a company that has dealt with a wide range of clients in different domains like technology, finance, law, etc. Check the credentials of your accounting firm while hiring it by speaking to its present and past clientele. We hope this article helps you decide which accounting firm to hire. Stay in the loop for more information on this subject.