How to Choose the Best Accounting Services in Singapore
Choosing the best accounting firm in Singapore that can assist with statutory compliance is far much similar to choosing a business partner. Working with a professional accountant can help with ensuring that the company’s financial records and books are accurate and aspects of taxation well executed. A lot of caution should be exercised when choosing a professional accounting firm to work with.
Singapore has a number of professional accounting firms that businesses can engage with. However, there are a number of factors that should be taken into consideration before settling for the best accounting services. Here are some of the things to consider;
Location of the accounting firm
The location of the accounting firm that you choose to work within Singapore should be taken into consideration. If it’s located far away, then it might inconvenience the company, especially when promptness is required in regards to addressing queries that might arise. Having knowledge of the location will also help you in determining how often you might require their accounting services, especially if you may be in need of the physical presence of the accountants.
There are, however, accounting firms that collaborate well online through the use of cloud-based technology to manage the businesses, and that can be of help if the system is well harnessed.
Check for licensing
Working with a licensed accounting firm in Singapore comes with some element of confidence as it proves that the firm has been vetted by the government and is deemed to be credible. A licensed firm is believed to abide by the laws and regulations of the land, including proper remittance of tax as required. The accounting firm that you choose to work with might be credible, and with all the required level of expertise, however, they should also be licensed to operate legally if they are to work on your unaudited reports.
Accountants in Singapore are regulated by the Institute of Singapore Chartered Accountants, a body that oversees accounting qualifications and maintains a high level of professional standards. Consider engaging an accounting firm with professionals that are qualified and with greater experience and the needed accounting knowledge. You need to work with a firm that adds value to your company and well capable of offering a range of services.
Relevant experience and Flexibility
Another key factor to consider when choosing the best accounting firm in Singapore is the level of expertise and flexibility. The firm that you settle for should be well versed in your industry or line of business. They should be knowledgeable about the preparation of tax returns and financial documents. It would help if you had knowledge of the extent to which your preferred accounting professional is learned and other services that they can deliver apart from the accounting services. You can evaluate their experience based on years of operation, the portfolio of companies that they have engaged with, and provided similar services. The higher the number of companies the firm has worked with, the higher their level of experience is likely to be.