Outsourcing for a Business: Here Are the Top 10 Best Accounting Firm in Singapore
More than 400,000 entities have registered with the ACRA. The number of companies in Singapore is at an all-time high, and still more entrepreneurs are eyeing the city-state as their preferred investment destination. With the number of businesses increasing, and every company needing an accountant, it is no wonder that the demand for an accounting firm in Singapore is also at an all-time high.
Accounting firms have CPAs and other accounting professionals that are willing to work for other companies for a fee. These firms help their client companies with the skill and expertise that is needed in their accounting department.
Why Do You Need an Accounting Firm in Singapore?
In Singapore, every company needs to do accounting, ie., produce a profit and loss account and a financial balance sheet. Additionally, every private limited firm in the city-state needs to do an audit on an annual basis.
Furthermore, companies in the city-state need to follow accounting standards, known as the Singapore Financial Reporting Standards (SFRS). In simple words, not everyone can be an accountant in a Singapore company until they understand the standards completely. On the other hand, many companies need a statutory auditor to prepare the annual audit of their firm. Also, together with the accounting records, corporations may need to keep additional records like CEO’s shareholdings, registers of beneficiaries and substantial shareholders, debenture holders, company directors, etc.
Formal accounting requirements aren’t the only reason you need an accounting firm in Singapore. An accountant also needs to analyze the numerical data for the goodwill of the company. They should be able to produce assessments that help in the firm’s growth. The accountant also needs to have adequate legal knowledge because they will have to ensure that the transactions of the firm won’t result in constitutional issues.
Accounting Firms Assign the Best Accountants to Work for You at a Low-Cost
Not every company has the budget and resources to hire a world-class accountant. Moreover, with the best accountants being so high in demand in Singapore, they mostly work on a freelance basis, helping several firms, rather than accepting a job with a salary. On the other hand, some companies may not have complex accounting requirements, but they need to hire an accountant every now and then. In such cases, giving an employment contract to a person would be impractical and costly.
An Accounting firm in Singapore does all the company’s accounting and bookkeeping. Working with them is cheaper as you don’t need to give an employment contract with the CPF benefits. Furthermore, given that accounting is a competitive business in Singapore, accounting firms have to be highly competent to keep their influence. Thus, when you hire the right firm, you get an idea of how the best accountants do their jobs.