Main Reasons to Outsource Your Accounting Services in Singapore 

You have come up with an excellent product garnering a lot of clients to use your service. With your business expanding every day, your revenue and expenses increase. However, amid your rapid expansion, you suddenly realise your accounting work is in complete disarray. Your expenses, revenue, and payroll records are all tangled up and chaotic. The daunting question arises: Have you even finished reconciling last month’s books? 

With every passing day, your anxiety intensifies because the deadline for filing your business taxes is looming. Time is running out to sort out your accounting mess. With mounting pressure of maintaining accurate financial records, juggling other responsibilities becomes too overwhelming. 

Luckily, you chance upon a solution: outsourcing your accounting service.  

Here are the five main reasons why you should outsource your accounting service. 

Save Time 

Setting up an in-house accounting department requires a significant investment of time and energy. The process involves creating job posting and managing multiple job posting websites. After which you would have to take time to review resumes, conduct interviews and ultimately select the right candidate for your company. 

Furthermore, once you've hired a new employee, you would have to handle administrative matters such as setting up their profile, conduct performance review and manage all other relevant Human Resource (HR) duties. 

‍The multitude of tasks involved in welcoming a new employee can quickly become overwhelming. However, by outsourcing your accounting services to an expert, it can help alleviate your workload and reduce stress tremendously. 

Save Money 

Besides the complicated and lengthy recruitment process, your company must pay into the Central Provident Fund for each employee that you hire, adding to the overall expenses. 

You would also need to allocate physical space and resources to accommodate them. This includes investing in both physical and virtual infrastructure like office space, electronic devices and software programs to ensure smooth execution of their roles.  

If budget is a major concern for you, then outsourcing accounting services will be the cure for all! 

Expert Assistance 

Now that you’ve realised how much time and effort is involved in maintaining an in-house accounting department, you might consider the alternative of learning bookkeeping and accounting by yourselves. 

While it may seem feasible at first glance, it is important to recognise that accounting encompasses much more than simple bookkeeping and basic accounting skills. 

Accounting is a specialised field that requires in-depth knowledge and expertise to ensure accurate financial management. In addition to processing payroll and preparing for year-end financial statement, you must also make sure you are complying with GST and accurately and timely file your IRAS Income Tax returns. On top of this, you also have a business to run! 

By outsourcing your accounting services to an accounting firm in Singapore, you are tapping into their specialised knowledge and leverage on their professional expertise. This enables you to focus on your core business activities while leaving your accounting, tax and compliance issues in capable hands. 

In other words, by relying on professional accountants, you can save time, minimise errors and focus on expanding your business, while these experienced professionals navigate the complexities of accounting and ensure the financial health of your business. 

Cloud System 

The internet has revolutionised our lives greatly in many ways, including the way businesses operate. One significant change brought about by the internet is the reduction in paper consumption. Previously, businesses relied heavily on physical documents and mail. However, with the widespread adaptation of the internet, businesses now are relying on the internet and sending them electronic reports and paperless statements. 

Besides shifting to electronic documentation and paperless statements, accounting firms have also evolved by utilising automated cloud accounting software. This has enabled business owners to access their finances anytime, anywhere, at any time of the day. With only a compatible device with internet connection, you can access your finances whenever you like. 

Accounting software can be a great help, but it's not a magic bullet. 

With that much said, accounting software sounds like a mighty tool that can do a lot of things to assist your finances. Not only can it generate statements online, but it can also make payment transfers and track your expenses. However, it is important to note some downsides of only relying on accounting software. 

Firstly, accounting software can be complicated for some individuals. With many different functions and features, it can be difficult to navigate within the software. Without any accounting knowledge, you may take a longer amount of time to learn how to utilise the software properly. 

While accounting software offers numerous advantages, it lacks the human touch that can be invaluable in certain situations. When encountering tricky accounting problems or navigating complex rules and regulations, relying solely on software may not provide the personalised assistance and expertise human experts bring to the table. 

Lastly, accounting software can be costly. Before being able to utlise the accounting software, you will need to pay for the full suite software. However, your business only needs certain functions, and the rest will be deemed useless to your business.  

With these challenges in mind, we’ve built an application that might just fit the bill for your business operations. Plus, it is totally free for any Singapore registered company!  

-> Talk to us to find out more about our business account. 

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Accounting Services Evolve with Your Business 

One significant problem with creating an in-house accountant is the unpredictable growth and success of your business. You never know when your business will expand or tremendously and whether you would need to hire or fire employees. 

By outsourcing an accounting service, accounting services are able to anticipate and predict these fluctuations. This way, as your business evolves, you will always get the same standard of quality and accounting service you need. 

Are My Data Secured When Outsourcing Accounting Services in Singapore? 

Data security is a legitimate concern when outsourcing accounting services. As a business owner it is important to safeguard your data. As a business owner, it is crucial to prioritise safeguarding your data and information. However, rest assured, Singapore is well-known for its stringent measures put in place to protect your data and security.  

Here's what you need to know about data protection in Singapore: 

Singapore has earned itself reputation for its commitment to data security and privacy. Singapore's Personal Data Protection Act (PDPA) is a robust law that has strict standards for the collection, disclosure and usage of personal data. This ensures that organisations handle personal information are used responsibility to protect data and ensure compliance. 

Furthermore, accounts in Singapore must strictly adhere to the Code of Ethics. Accountants are obliged to treat personal data as confidential and use it only when needed. Together with the PDPA, Code of Ethics, the accounting firm’s policy ensures your data are secured and protected.  

What Are You Waiting For? 

As laid out, outsourcing your accounting services in Singapore will save you significant amount of time and money, while ensure your business adheres to all the government regulations. In addition, using cloud accounting software enables you to monitor and access your finance whenever you like as your business evolves. This gives you more time and money to focus on expanding your business. 

What are you waiting for? Here at Grof, we are determined to assist your business to reach its maximum potential by offering professional and tailored solutions to meet your needs. Remember, we’re only one call away.