In order to reduce costs and improve overall efficiency, you might be thinking of using an accounting software to run the books of your business. Nonetheless, never underestimate the abilities of an accountant or accounting firm in performing value-added duties to your company. Certified Public Accountants are present in every successful company. CPAs are not just your regular accountants as they passed a rigorous national license examination. That’s why a lot of accounting services Singapore are performed by these people.
Finding the right accountant might be a bit hard. The person will handle some of your most sensitive information so the person must be trustworthy. At the same time, you will be relying on this person so he must be competent enough to produce high quality reports.
One must learn first the areas of expertise an accountant can offer.
Business advisory services. Accountants crunch numbers in order to get more meaning from them. Accounting software will just provide figures like a net income of $550; accountants can do it too, plus a lot more! They can tell which product provided you with most income, what expenses you are incurring most or if your fixed investments are earning well. These professionals can also compare your business performance per period, or even compare it with how your competitors are doing.
Accounting, bookkeeping services and record keeping. Perhaps, these are the bread and butter of accountants. Software will do only what is programmed it to do, and so if very complex transactions exists, the software can no longer function as intended. Manual intervention by accountants is now needed. There’s a wide range of accounting entries accountants can do.
Tax advice. It could be tax planning or tax compliance. Tax planning will reduce your taxes while tax compliance will help you comply with all the requirements of your tax bureau.
Auditing. Auditing is done to give owners an independent opinion regarding how well the business is being managed. It will expose red flag areas that the company needs to improve on. Audit can also detect fraudulent activities.
Now you have seen how important an accountant is, it’s time for you to find one. But before you interview candidates, you must first know what qualities to look for.
Services. You can either look for an accountant or an accounting firm for your accounting needs. Just be sure he/they can provide you with the broadest range of services. Ask him/them about his/their proficiency in each of the accounting areas listed above.
Personality. The candidate must be professional, timely and most of all honest!
Fee. It’s good to have at least five candidates. Ask each of them the fees they will require, and benchmark it with the average fees for accounting services in Singapore. Don’t choose the cheapest, rather, choose the one who can fill your business needs with the least amount of fees.
As an additional measure, you may ask the references they indicated in their CVs. In this way, you’ll get to know more about your potential accountants, and you will be able to choose the best one.