Businesses or individuals in search of top Singapore accounting firms know how helpful an experienced accountant can be. In fact, accounting is one of the broadest and most highly specialized business disciplines there is. The practice can focus on a single task, like tax planning, or can cover a massive swath of practice similar to a large law firm.
Accountants do much more than most people give them credit for, and the variety of Singapore accounting firms is proof. There are sole practitioner firms that specialize in taxes, business consulting, inventory issues, estate planning, management consulting, stock exchange transactions, issuing annual reports after a full-scale audit, and more.
What are the advantages of hiring an accounting firm?
Expertise
Accounting firms are known for their high level of expertise in such areas as financial audits, tax planning, and inventory management. Few businesses are able or willing to hire long-term employees who excel in such specialized skills.
Cost
In-house accounting teams usually lack the broad range of expertise that accounting firms offer. Typical businesses have at least one staff accountant to deal with daily tasks like payroll, expense tracking, profit projections, and record-keeping. But in-house professionals are seldom skilled in such areas as financial audits, regulation compliance, and other specialized areas common to large accounting firms.
Hiring a firm can save a company a significant amount of money and time when special skills are called for. It’s much smarter to hire an expert on occasion than to keep several specialists on staff year-round.
Legal Protection
Licensed accounting firms need to meet many requirements in order to stay open for business. Too many complaints from unhappy former clients, legal problems, or ethical issues can cause an accounting firm to lose its ability to practice. This is good for customers because a firm with a clean record and a current license meets at least the minimum requirements to do business.
A licensed accounting firm can do dozens of different chores that make running a business much easier. Professional accountants must work in the field before earning their credentials, and that’s after at least four years of rigorous schooling.
When hiring an accounting firm, it takes just a few minutes to do some background research. The best way to assess a firm’s competence is by speaking with former clients. Before hiring an accounting firm, always ask one of the principals to provide a few names of former clients that you can speak with.
Approach the hiring of an accounting firm the same way you would hire a doctor or attorney. Experience, education and a reputation for ethical behavior are important. But when you find a firm that matches your needs, the results can be excellent.
