Things to Know Before Engaging Accounting Service Providers

The Unmatched Significance of Accounting Firms Services

All accounting firms are usually made up of different professionals. Each bit of experience that individual members in these firms have is very significant. Other than bookkeeping and tax preparation services, the experts also give you unwarranted advice and useful tips for increasing your firm’s financial power.

Accounting firms usually engage in different capacities and services that they render to their clients. These include:

  • Bookkeeping– accounting firms help you to carry out your basic bookkeeping services like making all entries, crosschecking to ensure that they are correctly entered and are classified correctly for tax purposes.
  • Financial statements preparation- they also help you to prepare financial statements including the income statement, statement of cash flows, statement of financial position and other requisite periodical reports.
  • Financial control- some accounting firms will prepare for you a credit file to help you check your finances properly. This includes the amount borrowed, expenditure pattern and the corresponding income graph. This helps you to ensure that your firm is liquid and profitable.
  • Tax services– the Inland Revenue Authority of Singapore (“IRAS”) requires that every business needs to prepare its tax returns and then file them appropriately to meet the relevant tax deadlines. Accounting firms have experts who specialize in taxation. Since not every accountant in companies deals with taxation, the outsourced accounting firm will help you file proper tax returns and in good time as well.
  • Annual return filing– whether you are a dormant or active company, the Accounting and Corporate Regulatory Authority (“ACRA”) require all firms to file their annual return on a timely manner.
  • Updating books of account- usually, small business owners don’t have the money required to hire specialized personnel to update books of account. But accounting firms will help you to update all your books of account and online computer programs or software you use (if any) for accounting purposes.


Steps to help you get the Best from Accounting Firms Services

To help you achieve your life dream as an entrepreneur or successful corporate, there are several companies providing accounting services in Singapore that could help you achieve them. But, this is what you first need to do.

  • Specify your needs– different accounting firms provide different services to their clients. Therefore, you need to list down all the services you want and compare the firms so see the one that has many of the services you need. They include bookkeeping, account preparation, tax preparation and returns, financial reports, consultancy among others.
  • Obtain recommendations– when seeking recommendations; consider only recommendations from trusted and accredited sources. These could be forums, colleagues, friends and acquaintances. This will help you to narrow down from the large list.
  • Engage in personal talks with the firms– once you’ve received numerous recommendations, you can engage a personal talk with all the firms involved. Ask them all your questions including seeking clarity on their credentials and work experience.
  • Determine the total cost involved– we all want the lowest costs in the world. However, a low cost for accounting services does not guarantee you quality. But you should also check against the standard or common price so that you are not overcharged without a premium to show for it. Therefore, make all price comparisons so that you ensure what you pay is reasonable.
  • Consider the circumstances surrounding you– if there are any special circumstances surrounding you like loans, government subsidies and or third party requirements including your personal feelings; take them into consideration before coming up with the best firm. You should be fully satisfied before making a final decision.
  • Make an informed decision– once you’ve made all comparisons, you can make a solid decision based on your view. Pick the best accounting firm with which you can have a long term relationship because accounting services are required every other year as a compliance requirement in Singapore.

J Accounting Services would like to let you know that we do offer a wide range of accounting related services. This ranges from accounting, bookkeeping, taxation, advisory, incorporation to corporate secretarial service. To find out in greater detail about these services and the respective rates of it, please refer to our website.

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