Outsourcing accounting function is one trending topic in the business sector of prosperous countries like Singapore.
A substantial part of the company’s total functions is handed to the outsourced accounting services for some benefits.
Though they are considered as back-office services, they still induce impact to the company as a whole when they are done incorrectly.
Firms that offer outsourced accounting services offer a great deal which is greatly fit for the company’s needs and are sure to be quick and well recorded.
Companies save costs not only by signing up for payroll services out of their management but also by reducing the amount of their payroll to handle as well.
With lesser headcount, they save money for the employment and the rest of the benefits they need to provide for the staff.
The money saved may go to other useful areas of the company. Health insurance costs are also saved.
Tax services and company secretarial services should be a part of it too as the company needs to make sure that their methods should be in line with IRAS and other governmental provisions altogether. These services are good deals for Singapore companies indeed as they most of the time may not have the resources to perform corporate secretarial works.
Imagine how much of time does a regular company require searching for potential individuals who can help them manage their payroll, accounting, tax management and secretarial duties collectively.
There is less possibility to have a guarantee that the hired employee has gained enough knowledge to work on these matters productively.
They might even have to require conducting series of training and evaluations to be certain that the task will be managed well.
The well-trained and well-experienced accountants or secretaries may even require higher compensation than what the company has originally budgeted for.
There is also an inevitable possibility of losing one head thus, giving the company need to re-hire and go through the same process all over again.
With the changes in Company Act in March 2017, company secretarial services ensure Singapore Companies comply with the up-to-date local regulations.
These outsourced accounting back office teams free up lots of valuable time that business owners can use for more substantial and critical parts of company management such as strategic planning, risk management, marketing and customer servicing.