Many multinational corporates operate small office in Singapore. Typically these offices are meant as a sales or service office for Singapore. These companies usually have a staff of 1 to 7 people based out of Singapore. As of 2014 it is estimated that more than 3000 companies like this operate in Singapore primarily in manufacturing, financial services, sales operations and as regional support centers.
Accounting is a very important for these businesses. It records all financial transactions of a company and helps keep a keen eye on where expenses go. Accounting also makes sure that all documents relevant to filing taxes, applying for a bank loan, or processing of business insurance are readily available.
These companies often require accounting services from a reliable provider, Often has more requirements relating to management reporting and usually look for good quality
The Accounting Dilemma of small branches of multinationals
Hiring a full-time accountant, however, is not a practical solution for these entities. There may not be enough work for the accountant for most of the month. Accounting work may only need a few days to a few weeks to be completed. Hiring someone permanently to perform limited work is not practical especially when a company’s budget is limited.
Moreover the accounting requirements of such entities might also be complex. Often it requires reporting management accounts on periodic basis in specific templates, operating bank accounts as a preparer of the bank transactions and much more.
Hiring a full-time accountant will also mean taking care of replacement (in case employee leaves), retraining of new hire, maintenance of proper accounting system and also efforts in supervising such employee remotely.
Outsourcing Accounting is the best Option
Finding an accounting service provider is a better and more practical alternative to your accounting needs. Outsourcing your accounting requirements need long-term commitment with a service provider. Hence, it is very important that you select the best one. Here are some tips that you can use in selecting an accounting service provider:
- Coverage of service
Before you sign an agreement with a service provider always check the coverage of services provided and if the service provider has dedicated staff to do the accounting work. At times, providers with the lowest rate are just filling up their time with temporary accounting work until they find another permanent employment. Some may have all the skills, but they lack IT system knowledge that is crucial in accounting work.
The time spent on an accounting project is also commensurate to the amount billed for the service. As most accounting works are done manually, a good outsourcing service provider will make you aware of the amount of time needed to complete the work you require. They will charge you based on the amount of time needed for your project.
Reliability and long term service commitment is generally the first concern of such outfits.
As the business owner, you need to exactly identify the type of accounting work you need. The work may include preparation of statement of account periodically, filing of requisite forms for submission to relevant government and financial bodies, and the likes.
Since this work generally involve reporting figures to headquarters on a monthly basis the reliably of accounting service provider is of paramount importance.
The Accounting Service that We Provide
Our accounting service is based on the principle of best service at the most cost-effective price. We provide professional accounting services to branches of foreign multinationals. We are a group of dedicated individuals who are adept in Singapore accounting practices and who use the latest technology in providing solutions to your accounting needs.
Scope of Work
- Account maintenance following accounting standards of Singapore
- Financial Reports (GST Report, bank book, all types of ledgers, cash flow, trial balance, balance sheet, profit and loss account)
- IRAS form preparation for submission
- Preparation of financial statements as per Singapore accounting requirements (Consisting of Income statement, Balance-sheet, Cash flow statement, Statement in change of equity, Director’s report and notes to financial statements)
- Preparing management reporting and submitting it to headquarters on periodic basis
- Acting as a transaction preparer for your bank account remittance transactions