Accounting In Singapore: The Benefit of Personal Attention
Singapore, as an independent republic in Southeast Asia, has developed a solid business reputation over the last few decades with the presence of everything from large, multi-national companies that need complex financial consulting to small, mom-and-pop shops that need simple payroll processing. In response to the booming economy of Singapore, a wide array of service firms have spring up to support this economic growth.
The country has been named as a top contender in a variety of listings: the World Economic Forum named Singapore as the world’s most “technology-ready city” and BERI (Business Environment Risk Intelligence) named it as the city with the most investment potential. Not only that, but Singapore is the world’s third-largest foreign exchange market.
As a country with so many economic activities, it makes sense that it’s also a hub for accounting and financial services.
As a commerce, transport, and finance hub, Singapore has steadily grown throughout the past few decades. And as it’s grown, so has the need for accounting services. With the advent of the internet, it’s becoming easier for some companies to outsource work, but the main reason for retaining a local accounting firm to assist with business reporting, bookkeeping, cloud business applications, tax management, payroll processing, and even special cloud accounting applications like Xero. It’s a good strategy to outsource, but not offshore: you can realize significant savings from contracting an accounting partner to help with your financial reporting tasks, but still retain someone with the expertise from helping many other local businesses. It’s essential to have a local company familiar with the customs and regulatory information for the jurisdiction of Singapore.
Since accounting has evolved from mere bookkeeping to a wide array of consulting options, it’s no longer enough to merely hire someone to keep track of records. A good accounting partner will assist you not only with the record-keeping procedures, as well as recurring processes like payroll, but will be a financial advisory partner that assists with business and financial advisory services, as well as help you navigate the red tape of company incorporation, keeping you abreast of changing tax laws, and helping you with full compliance for accounting standards.
Case Study: Singapore Accounting For Small Businesses
Let’s consider the options for a small construction company’s accounting needs. The first option for the company owner is to hire a full-time, in-house accountant. But this is extremely expensive for a small company who just needs payroll processing, bookkeeping, and tax preparation. Another option is to off-shore the accounting to someone overseas, at a low-cost rate: but this doesn’t work as well, because of both security concerns and limited knowledge. Not only do off-shored accounting services not know the legal and financial regulations of Singapore, but you don’t want your sensitive data in the hands of anyone. The third option is hiring a local accounting firm, like OS 1 Enterprise, as an accounting partner for the company.
An Accounting Partner Helps Navigate Business Regulations
Companies registered in Singapore must keep books, according to business regulations. OS 1 Enterprise helps with maintaining compliance to regulations like the Singapore Companies Act.
Singapore has been ranked as the place highest in the Ease of Doing Business Index for the past decade as published by the World Bank Group, with no signs of changing anytime soon. While some growing companies have begun out-sourcing accounting work to developing countries, we’ve seen that those most concerned with high quality control and a strong knowledge of local accounting still retain a quality leader in the business arena. There are over seven thousand multi-national corporations from the United States, Japan, and Europe with branches in Singapore, all of which contribute to the growing economy sector.
With close personal attention paid to your accounts, rather than an off-shored service that isn’t directly involved, you can be guaranteed that your books are updated daily, helping you run a company that is free of debts, pays taxes and other liabilities on time, keeps up with payroll, and accumulates capital in the most profitable way possible. An accounting partner who ensures that your business is running smoothly and profitably will enable you to pay attention to the parts of your business that you’re best at.
Much of the red tape involved with running a company in Singapore (like incorporation, regulations, tax compliance, and labor laws) can be simplified for you when partnering with a company that offers these services as consulting.
OS 1 Enterprise is an accounting firm that is both certified by CPA Australia, and a Xero Silver Partner. The range of finance management solutions that we offer covers the needs of large corporations to small private businesses: financial reporting is complicated, and our experience offers extensive knowledge in the field.
While we help both with tax planning, ensuring your expenses and profits are distributed correctly in order to receive the best possible benefits, and monthly reviews, making sure everything is going as planned, it’s not just about running numbers. And that’s why it is so important to have a local accounting partner that is an expert in Singaporean business: we meet once a year to go over your business and how we can help you save even more.
An outsourced accounting firm, consulting your company on everything needed to stay competitive in the fast-growing and active Singapore market, can be the difference between making uninformed business decisions or making smart, well-educated decisions based on the data and reporting that comes with expert accounting.