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Digital Era: The Role of Cloud Accounting

Digital Era: The Role of Cloud Accounting

by | 8 Sep 2025 | Accounting, News and Case Studies

For Singapore SMEs

In the rapidly evolving digital landscape of 2025, Singapore’s Small and Medium Enterprises (SMEs) are increasingly turning to cloud accounting solutions to streamline their financial operations and gain a competitive edge. As we navigate this digital era, cloud accounting has emerged as a turning point for SMEs, offering a myriad of benefits that go beyond traditional accounting methods.

The Rise of Cloud Accounting

Cloud accounting refers to the use of web-based software to manage financial transactions, bookkeeping, and financial reporting. Unlike traditional accounting systems that require on-premise servers, cloud accounting platforms are hosted on supplier secure servers accessible via the internet, allowing businesses to access their financial data anytime, anywhere.

Key Benefits for Singapore SMEs

Recognizing the difficulties businesses face, the key measures in the Budget 2025 focus on easing the cost pressures and supporting companies navigate the current economic climate, and their workforce development efforts.

  1. Cost Efficiency and Adjustability

    One of the most significant advantages of cloud accounting for SMEs is its cost-effectiveness. The subscription-based pricing model eliminates the need for regular IT maintenance, expensive hardware and software updates. This pay-as-you-go approach ensures scalability, allowing businesses to scale up or down without significant capital investment. This flexibility is particularly beneficial for growing businesses looking for adaptable financial management tools.

  2. Real-Time Data for Financial Insights

    Cloud accounting empowers SMEs to make informed decisions by providing real-time results into their cash flow, expenses, and revenue. Real-time access also empowers business owners to seize new opportunities, respond and mitigate risks promptly. In the fast-paced Singapore business environment, this agility is crucial for staying competitive.

  3. Seamless Collaboration and Enhanced Flexibility

    Cloud accounting platforms offer real-time data sharing, enabling seamless collaboration between team members and third parties (e.g. auditors and external accountants). This reduces miscommunication and the accuracy of financial reports is enhanced. Additionally, cloud accounting allows authorized personnel to access financial data from any device, anytime, making it ideal for businesses with remote or hybrid workforces. This removes the traditional hassle for the preparer to re-distribute the financial reports whenever there are updates.

  4. Automation and Efficiency

    Cloud accounting’s advanced technology, including OCR (Optical Character Recognition) and AI (Artificial Intelligence), significantly reduces the hours spent on manual data entry, a time-consuming task in traditional accounting systems. It simplifies numerous time-consuming tasks such as payroll, expense tracking, bank reconciliation, and invoicing. This feature not only saves time but also reduces errors, streamlines processes, and frees up valuable resources for SMEs to focus on core business activities like daily operation and customer engagement.

  5. Data Security

    The heavy investment in security measures by the cloud accounting providers tells their priority level of data security. This ensures that our financial data is backed up, encrypted and stored securely. This robust protection often surpasses what SMEs can achieve on their own, offering peace of mind in today’s cyber threat landscape.

  6. Environmental Conservation

    A switch to cloud accounting has a significant positive impact on environmental sustainability. While the reduction in paper and electronic waste is obvious, there are even more ways cloud solutions can help protect our planet.

  • Decreased carbon footprint: By reducing the need for physical office space, commuting, and business travel, cloud accounting helps lower carbon emissions.
  • Energy and carbon emissions monitoring: Some cloud platforms offer tools to measure and monitor carbon emissions associated with cloud usage, enabling businesses to track and reduce their environmental impact.

The Future of Cloud Accounting for Singapore SMEs

Cloud accounting is no longer a trend for Singapore SMEs – it’s a necessity for success. As Singapore encourages digitalization, embracing cloud-based solutions is empowering businesses with the tools they need to thrive.

Emerging Technologies, Enhanced Value

The future of cloud accounting is bright, with exciting advancements on the horizon. AI integration, blockchain technology, and advanced data analytics are poised to revolutionize how SMEs manage their finances.

E-commerce Advantage

For Singapore SMEs operating at E-commerce platforms, the benefits of cloud accounting are particularly pronounced. From improved financial management to enhanced customer experiences through accurate inventory control, cloud solutions give online businesses a competitive edge.

Conclusion

By embracing cloud accounting, Singaporean SMEs can:

  • Boost efficiency: Streamline processes and save time.
  • Make smarter decisions: Gain real-time insights and data-driven analysis.
  • Drive growth: Stay ahead of the curve in a digital world with intense competition.

Check out our blog at https://mightyglory.sg/blog to explore more contents and articles. Feel free to contact our proficient team for assistance

COVID-19 Survival Kit: Cloud Accounting And Outsourcing Services

COVID-19 Survival Kit: Cloud Accounting And Outsourcing Services

by | 29 Oct 2021 | Accounting, News and Case Studies

Why Cloud Accounting Is More Popular Since The Pandemic? And How Outsourcing Can Support Your Business?

Cloud accounting is not a new business innovation. It started with the first cloud accounting solution, Xero since 2006. In the past, companies have always viewed it as a new solution made for more advanced enterprises. Many SMEs especially put it on the back burner, focusing on other urgent priorities for their business growth.

Within the past year, the pandemic changed the situation. Priorities were flipped. A global crisis was the perfect set-up to showcase the superiority of cloud accounting over the traditional accounting system. For SMEs, all of the reasons preventing them from switching to cloud accounting solutions, become the motivators to adapt to a new norm to ensure the survival of their businesses.

1. “The existing system is broken.”

Pre-COVID:

One of the main barriers of converting to cloud accounting was that the traditional accounting system was working fine — It was not broken, and businesses didn’t see a need for a “fix” or upgrade. It was a solid 6/10, albeit slightly outdated. Cloud accounting merely bumps it up to an 8/10 with its efficiency benefits.

Post-COVID:

As countries start going into lock-down situations like a circuit-breaker, companies have weeks or days to find alternative solutions to ensure that daily operations can continue to run. Being forced into remote working, accessing hardcopy documents or bookkeeping from snail mails have become unproductive or virtually impossible. The traditional accounting system starts to reveal its weaknesses, and functions like an unreliable 3/10. This often ends up in cluttered, disorderly inboxes and frequent miscommunication over the phone or video calls. Switching to cloud accounting systems then, becomes increasingly attractive.

2. “I can’t get hold of people or documents when I want it.”

Pre-COVID:

Traditional accounting systems allowed real-time verification of information. You know where and when to find your staff or vendors, and vice versa. These are often done face-to-face when amounts are huge or when it’s a new expense. There is an established level of trust when information is passed via those tried-and-tested real-time communication channels.

Post-COVID:

Losing the face-to-face interaction has resulted in delays, miscommunication, mistakes, frustrations, and in turn lost trust. It demanded last-minute new standard operating procedures like email records to compensate for accountability loopholes. The previous system was not designed to cater to remote working situations. When the backbone of the business operations is dysfunctional, it loses its ability to withstand impacts during turbulent times. This is where cloud accounting shines — it ensures business continuity with remote workforces and supports seamless online collaboration, even within a pandemic situation.

3. “There is a higher demand for online services.”

Pre-COVID:
Businesses offering online platforms or services are seen as the trend-setters, not as the norm. Customers who demanded those services are typically the young or the tech-savvy, and restricted to certain industries. Whenever a new change is introduced, there’s bound to be resistance from various stakeholders.

Post-COVID:
With the COVID-19 pandemic, everything has to be shifted online as physical supply of many goods or services are not readily available. Digitalisation is no longer limited to a selected group of early adopters. When the masses have to learn how to do everything online, online business services boomed overnight. This change in purchasing behaviour has led to all stakeholders — customers, staff, suppliers, partners, government agencies, unanimously embracing online services. Online shopping & entertainment, home deliveries, video-streaming, e-learning, virtual troubleshooting and more are adopted with unprecedented openness. The ease of transitioning into cloud accounting helps to accelerate the process of shifting businesses online.

How Outsourcing Complements Cloud Accounting

The case to go into cloud accounting for SMEs is overwhelming since the pandemic. As companies invest in cloud or SaaS services, the benefits of outsourcing solutions have become more apparent.

1. Efficient deployment of human resources

Just like how cloud computing reduces the need for tech support from IT personnel, cloud accounting enables you to streamline your accounting needs. Instead of a hiring or firing decision during uncertain times, you can scale up or downsize your business by adjusting your accounting package. Outsourcing mundane tasks such as bookkeeping and administrative work also enables you to focus on higher priority business actions, adding more value to your business growth in the long run.

2. Real-time accessibility anywhere

Because anyone can view data, access bank accounts, track inventory, expenses, sales etc. anytime and from anywhere, cloud accounting is really made for work-from-home situations. This means even if you outsource to a third party, all your accounting and compliance-related matters can be kept updated without having an in-house accountant.

3. Automate work processes and eliminate paperwork

Cloud solutions not only remove the costs of keeping hardware and software in-house, it also helps SMEs work smarter and more efficiently by saving time to manually sort out bills and expenses. With outsourced corporate service providers, your online accounting system is set up from day one with perfect accuracy to eliminate erroneous entries and tedious transaction reconciliations.

4. Wide range of expertise in accounting and corporate services

For small businesses, relying on one accounting staff to keep up with changing business policies is a tough order, especially during the pandemic when fast business decisions need to be made as new regulations are announced from time to time. Because outsourced accounting service providers serve several clients at one time, they continually improve their qualifications and skills to stay competitive, and are in the know regarding the latest business trends and regulations. Having a high level of professionalism and accuracy ensures the sustainability of their business contracts.

Get the full advantage of cloud accounting with outsourcing services

In today’s unpredictable economic climate, cloud accounting keeps small businesses lean and agile for nimble business growth. By outsourcing your accounting and administrative support needs to a trusted service provider, you are gaining a reliable business advisor to provide practical, effective solutions for the long haul.

Connect with us today to find out how Mighty Glory Corporate Solutions can support your business operations as your trusted outsourced partner during these uncertain times.

Why Outsourced Accounting Services in Singapore Are Worth to Consider?

Why Outsourced Accounting Services in Singapore Are Worth to Consider?

by | 25 Mar 2021 | Accounting, Business Tips

Many start-ups and small business owners in Singapore are outsourcing their accounting duties to other firms. It might seem counter-intuitive: Why would a small business entrust another firm with their finances? However, there is wisdom in this practice. Outsourced accounting services might seem like an unnecessary expense, but the costs of hiring and maintaining an in-house accountant are far more.

There are many benefits to outsourced accounting services, especially in Singapore. The expertise and professionalism that comes with accounting firms make them reliable and trustworthy. In this article, we shall look at some of the positive outcomes of outsourced accounting services in Singapore.

When to Consider Outsourcing Your Accounting Duties?

Small businesses need to consider outsourcing their accounting function before hiring an in-house accountant. Here are some of the scenarios when outsourced accounting services work best:

  • A small business that doesn’t need an in-house accountant.
  • A company fails to find a suitable accountant at an affordable cost.
  • A growing business with the need for accounting services to meet changing financial needs.
  • Temporary assistance due to manpower constraint, for example, when the staff in charge is away for personal reason.

Benefits of Outsourced Accounting Services

Outsourced accounting service providers exhibit professionalism and expertise in financial matters. They offer a wide range of services, including bookkeeping, daily administrative support, payroll-related, managing accounts payable and accounts receivable, filing income tax returns, ECI (or Estimated Chargeable Income), and preparing other reports for special reasons. On the other hand, hiring an in-house accountant can lead to less accuracy and maybe even losses when it comes to misinterpretation of any financial laws.

Here are some of the benefits of outsourcing accounting services in Singapore:

No Need to Hire Full-time Accountant

Small business enterprises may not need to hire a full-time accountant for their firm. They deal with a limited volume of work, which means they can do without a fully paid accountant. That is why hiring outsourcing accounting services is a more feasible approach. With outsourcing, a firm can review their finances and periodically plan for the future, while freeing up time to create new business strategies.

Cost Savings

Setting up a company in Singapore and maintaining it require a lot of work – not to mention that it is very costly. Outsourcing might seem like an expensive venture, but you’d be surprised to learn that outsourcing saves a lot of money in the long run. Outsourced accounting services reduce expenses, usually attributed to a full-time employee. It removes the need to pay the salaries, bonuses, pension or levies, and other benefits for an accountant. With outsourcing, you only pay for accounting services, nothing extra. You get better quality services for less money than it would take to hire and maintain a full-time employee. There is no loss in productivity that usually affects employees in a company.

Expertise

Outsourced accounting services provide the option of hiring professional accountants with high levels of expertise at an affordable price. Small businesses in Singapore can benefit from a team of highly qualified accountants who provide integrity and deliver work on time. Accounting services make sure to cope in a competitive market by continually improving their qualifications and skills. These are all readily available to companies should they choose to outsource their accountants. Moreover, external auditors do a better job of reducing errors in their work – considering that they may lose a contract if they mess up.

Accuracy

When it comes to outsourced accounting services, the margin of error reduces significantly. Accounting firms will usually utilize accounting automation software to save time. Using accounting software reduces the amount of time spent in preparing tax returns, tracking expenses, and producing financial reports. In addition to saving time, automation reduces the number of human errors. Using Optical Character Recognition (OCR) and Artificial Intelligence (AI) result in a high level of accuracy.

Scalability

When it comes to outsourced accounting services, one of the most significant benefits lies in the ease with which the business can expand without requiring any additional employees. Most accounting firms in Singapore can accommodate small to large corporate sizes when it comes to accounting services. If a business gets a sudden growth in its finances, there will be no requirement to hire extra accountants. The outsourced accounting service will step up to the job without any lags.

Conclusion

Taking accounting into your own hands may not be the most feasible option in the current Singapore’s economic climate. Businesses and start-ups are popping up all over the country, and starting up a business is no easy feat. Consider the following: registering a business, preparing all the documentations required under the Companies Act, getting licenses and permits, and registering for Goods and Services Tax (GST). These are time-consuming tasks that cannot be done by a single individual. That is why outsourced accounting services are so prevalent in Singapore today.

Connect with us today to get a suitable package under our accounting services for your business in Singapore.

How Does Singapore GST Assisted Self-Help Kit Work?

How Does Singapore GST Assisted Self-Help Kit Work?

by | 6 Nov 2020 | Accounting, Business Tips, GST Returns

If your business is required to file for Goods and Services Tax (GST), the GST Assisted Self-Help Kit (ASK) is useful for all GST-registered businesses. It is a program designed by the Inland Revenue Authority of Singapore (IRAS) to help businesses in determining the accuracy of every company’s GST filings. The GST ASK may be implemented voluntarily or as required by the IRAS.

While it is not uncommon to have errors in GST reporting, miscomputations and incorrect recording may happen, which can significantly affect your business operations since you will attract the government to perform audit checks on your business, taking valuable time for you efficiently do business with your customers. So, it’s best to implement a GST ASK review or hire outsourced accounting services in Singapore to avoid any problems in the long run.

How Does ASK Work?

The kit is comprised of three main stages to help businesses assess and ascertain the errors they have committed in the prior GST reports. This allows companies to realise their GST errors early, optimise business reporting procedures for future submission, and avoid being penalised.

The main stages of the ASK program include:

Stage 1: Identifying Good GST Practices

To enhance the accuracy of this self-reviewing program, the company will be prompted to assess their internal processes based on four key aspects: people, record-keeping, internal controls and systems.

To complete this stage, the company must answer a questionnaire aiming to identify the business’ GST practices.

Stage 2: Before the GST Review: Pre-Filing Checklist

The second stage involves many thorough questions for the company to determine if certain items, business processes, etc are in place. A pre-filing checklist is available at the User Guide for Assisted Self-Help Kit. This step is useful, especially for companies that are filing their first GST returns. It is also highly recommended for businesses that have new business arrangements or personnel handling the GST filing.

The pre-filing checklist has four to six sub-sets of questions to be reviewed and reflected, according to the company’s actual scenario. Once completed, it can be of great use in understanding the accuracy level of the GST filings.

Stage 3: GST ASK Annual Review

Businesses that have filed a GST return will undergo a strict and rigorous review of the GST returns filed for all the past periods since the entity first became GST-registered.

You can seek GST ASK annual review guides or consult different professionals and firms offering accounting services in Singapore to make the whole process simple. And the good thing is that the IRAS provides a guide for businesses to conduct this annual review.

The GST ASK review should be conducted by your in-house staff. It could also be performed by an external party, such as:

After the review is completed; they must report any errors that were found and learned during the assessment to the IRAS.

During the annual review, the two types of errors that will be discovered are as follows:

Transactional Errors

These are due to the wrong application of GST treatment or a lack of adequate evidence to back the transaction records.

GST Reporting Errors

Unlike transactional errors, GST reporting errors relate to the inaccuracies committed during the preparation of GST reporting. The erroneous data can be a result of using incorrect data, claiming disallowed input tax, and GST adjustments for certain scenarios.

What Are the Main Benefits of Conducting the ASK?

If your company fully submits itself to the GST ASK annual review, you can enjoy a lot of benefits, including:

  • A better understanding of the GST requirements;
  • Accurate reporting of future GST returns;
  • Lower risk of incurring penalties on avoidable errors;
  • Quick identification of GST errors for early reporting to IRAS, under the voluntary disclosure program;
  • Administrative concessions for common errors reported through the participation of ASK Annual Review; and
  • Streamlined application or renewal of GST Schemes (like Import GST Deferment Scheme, Approved Third Party Logistics Company Scheme, Major Exporter Scheme, etc.)

While the GST ASK is not mandatory, a company’s voluntary participation in the program can significantly help them maximize resources. If there are any errors committed in the process of filing their GST returns, they will enjoy lower penalties if proven that the mistakes made were not made on purpose or to avoid taxes.

What Can We Do at Mighty Glory Corporate Solutions?

Whether you want to get your business started, or your company needs to carry out the annual review, Mighty Glory Corporate Solutions can work closely with your company throughout all the stages of the GST ASK processes.

We will enhance your business’ GST compliance level by carefully reviewing the existing procedures and giving recommendations on areas that can be improved. Our experienced team of professionals can support you from the GST pre-registration to conducting the mandatory ASK review for the specific GST Scheme application or renewal.

If you’re interested in our services, please don’t hesitate to get in touch with us. We can also give you a customized quotation.

For more details and information, call us at (+65) 6677 4258 or send us a message by completing the inquiry form.

Seven Tips on Efficient Bookkeeping for SMEs in Singapore

Seven Tips on Efficient Bookkeeping for SMEs in Singapore

by | 16 Sep 2020 | Accounting, Business Tips

As you establish your business, you need to consider a lot of aspects – from doing extensive research on your target market, creating a positive work environment, managing your staff in keeping financial records. All these factors are essential in having a successful business venture.   

More importantly, you must understand that sound financial management is the key to sustaining any business. For it to be financially sound, you should implement a proper bookkeeping process. But how? Well, most organisations struggle to keep their own financial records. And when negligent financial reporting happens, they suffer. 

The absence of an excellent financial bookkeeping process may lead to low cash flow margins, significant financial problems, audit risks, and missed growth opportunities. As a business owner, what should you do if you are faced with these situations? Start by getting to the root of the problem. If you’re not number savvy, it’s best to avail of bookkeeping services in Singapore rather than running the risk of non-compliance.   

However, if you want to do your own book, consider these tips for efficient bookkeeping for SMEs. We’ve made a list to help you out!


1. Know compliance guidelines and statutory laws.

As a business owner, you need to know the ins-and-outs of your business. You need to understand the compliance regulations set by Singapore Financial Reporting Standards (SFRS.)

It’s also good to have extensive knowledge of the Inland Revenue Authority of Singapore (IRAS) regulations. It can significantly help businesses in claiming tax credits. For example, both local and foreign companies can be eligible for tax incentives.

2. Develop a detailed and streamlined bookkeeping system.

Other than understanding the principles behind bookkeeping for small businesses, the company should streamline its processes. You can even purchase accounting software for convenience and seamless bookkeeping.

Every software program has its own unique features. But more than anything, it can help you achieve your goals and comply with your bookkeeping requirements. So, whether you want to invest in a sophisticated accounting software program or manually manage your books, you must develop a detailed system that addresses your needs.

3. Be consistent in doing your books.

Are you tired of working on piles of source documents? The best thing to do to avoid this situation from happening is by consistently updating your books. Record your business’ daily transactions. When you do it on a monthly basis, it will become a more tedious task than you thought.  

Imagine bookkeeping a year’s worth of financial records. Doing this task will take your time and other valuable resources. So, practice dedicating at least ten minutes of your time for bookkeeping.

4. Record ALL your transactions.

One of the most common problems finance managers experience is that businesses don’t have all the necessary records to address financial discrepancies. And when this happens, they are faced with compliance violations and penalties.   

Be sure to keep the records properly to avoid any financial complications. You can create your own system for the receipts, invoices, purchase, and business expense records, income records, statements, and accounting records to identify each from the other.  

In some instances, it may seem impossible for a bookkeeper to record every single transaction. However, it’s the bookkeeper’s responsibility to comply with the SFRS.

5. Go cashless.

Going cashless is one of the most efficient ways to keep track of your transactions. If you are wondering why, well, most cash payments give you receipts. And it can be overwhelming to keep track of all them.   

For you to avoid losing a copy of your financial transactions, you can either pay via credit or debit card. This method ensures that you have created records of your purchases because they will be reflected in your bank statements.

These alternative forms of payment will significantly help you to check and trace your business’ expenses.

6. Separate personal and business finances.

Having trouble with your books? It’s likely that you didn’t keep personal finances separate to your business. To avoid recording private expenses in your books, you can do the following:     

  • Pay yourself a salary.
  • Start a bank account solely dedicated to your business.  
  • List all the things you’ve paid for your business and transfer the money to your personal account.   

By doing these things, you can accurately track your finances, both for your personal and business account.   

7. Hire professional bookkeeping services in Singapore.

Starting a business can be an overwhelming and tedious journey. While you’re at it, you need to focus on what really matters for your business. That’s why it is best to outsource your bookkeeping needs.   

If you don’t have the time and skills to manage your business’ books, you can consider outsourced bookkeeping services in Singapore. Most service providers consist of a team of experts that can take the load off your hands. Whenever you have no idea where to start, seek the help of professionals like Mighty Glory Corporate Solutions.   

Mighty Glory Corporate Solutions is a virtual accounting practise that offers bookkeeping and accounting services for small businesses in Singapore.   

Our team is proficient in different accounting software and platforms to help you with your requirements. Want to know more about our services? Let’s arrange a meeting to discuss more. Call us at (+65) 6677 4258 today!

How To Choose The Right Accountant For Your Business?

How To Choose The Right Accountant For Your Business?

by | 8 Jan 2020 | Accounting, Business Tips

Introduction

The accountant is a vital team member of your business. Accountants are the people to call for your financial reporting, analysis and taxation as part of your company’s compliance requirements in Singapore. The ideal accountant should have the expertise and knowledge of diversified business industries, law and regulations which are important, invaluable and inevitable in business.

Partnering with the right accountant is in the best interest of your business. An experienced, skilled, and capable person to handle your company’s financial reporting, business analysis, and taxation will bring in immeasurable advantage to your organization. While engaging someone who doesn’t have a full grasp of the position and its importance can be disastrous to your company. Thus, the importance of engaging the right person to handle the job is high.

Here are five major considerations when choosing the right accountant for your business:

The Accountant’s Location

Are you looking to hire an internal accountant or looking to outsource your accounting needs? If you need an internal accountant, your candidate pool is limited to those near you. With cloud accounting, connectivity, and availability of safe and reliable accounting software, outsourcing your accounting needs is a viable option. If a virtual office is compatible with your needs, your accountant can be anywhere in the world, then the location wouldn’t matter. For best work arrangements, we recommend engaging an accountant who is cognizant of your local business taxation, regulations, and accounting laws. This is why accounting firms in Singapore are the best option for Singapore businesses.

The Accountant’s Expertise, Credentials and Specialization

Knowing the accountant’s level of expertise, skills, credentials, and prior experiences are vital to find a good fit. Do you need an experienced accountant who can bring in expertise, lead a team, and make decisions? Or are you looking for someone you can train to handle the bookkeeping? Are you looking to hire a team of accountants or just one person? Do you need an expert in taxation or one who is adept in cost accounting?

Workload Allocation

Which areas of the accounting process are you going to delegate and which are you going to keep in-house? As external accountants can be expensive and charge by hours, it is customary for small businesses to outsource the more complex tasks of reviewing the results produced by the bookkeeper, generating financial reports or working on bank reconciliation and taxation while keeping the laborious bookkeeping in. You can resolve this issue and work seamlessly with your accountant by using a user-friendly cloud accounting software, which is compliant with IRAS’s technical requirements, like Xero, QuickBooks, and Financio.

Accounting Software

Most, if not all, accounting firms in Singapore use one or more accounting software to facilitate work, sharing and collaboration with their clients. They would have several names for you to choose an accounting software that will fit your business needs, budget and usage. Some software can be integrated with most of your business processes and financial aspects like banks, invoicing, inventory and collections. The most popular online accounting platforms include Xero, QuickBooks and Financio. Each has its benefits and drawbacks. To choose the best software, it is best to discuss with your accountant.

Check out this article Five Advantages of Million Accounting System

Costs

The cost of hiring an accountant should not exceed the savings you get from the services rendered. If the cost of outsourcing your accounting department to an accounting firm is less than what you are spending to maintain the said department, or if it frees you time to work on other tasks, then outsourcing is a good option for your business. The cheapest accountants are not always the best deal. Expertise, experience and industry knowledge come with a premium. Shop around outsourcing firms in Singapore for comparable rates, consider the inputs that come with the price, and compare the fees and the service scope.

Steps in Hiring an Accountant for your Business

The process of finding, choosing, and hiring an accountant for your business should not be rushed. Careful considerations of the five basic aspects of engaging an accountant mentioned above have to be observed. Sharing your company’s most sensitive data with the wrong person might have serious repercussions. Extra precaution must always be exercised in hiring the right person for any accounting position, regardless junior or senior. Here are the steps in finding and choosing the right accountant for your business and its considerations;

1. Evaluate your company’s needs

Assess the accounting and bookkeeping tasks you need to delegate > volume, complexity and types of data. Can you afford to outsource, or would you rather keep it internal? For small business needs, we recommend engaging an external accountant to provide all your accounting needs. An external accountant can perform all your accounting needs without the need to hire, train and provide workspace.

2. Profile the right accountant

Based on your company’s needs, create a profile of your accountant. This should include his / her experience, prior industry exposure, certifications, location, preferred software used, skills, and expertise.

3. Shortlist the best candidates

Start looking for your accountant. You can do this by posting a job ad, asking for referrals, or going online to search for accounting firms in Singapore. Compile a list of no more than ten possible candidates. Reach out and schedule a face-to-face interview or meeting.

4. Conduct interviews

The goal of the interview or initial meeting with the accountant candidate is to verify the initial information you have gathered about the accountant and his / her firm. Ask the more important details such as the software they are using, price ranges, service coverage and their work processes. Let them share with you as much as they would like.

5. Do background checks

After meeting them for the first time, you will have fewer candidates on your shortlist. Filter further by conducting background checks. Call company partners and affiliations to check out if their claims match. Check for their online profiles and social media presence. Cross out any candidate with any misrepresentations and false claims.

6. Conduct final interviews

You should have no more than three candidates now. Before you make the final selection, ask for a final interview. This time discuss with the candidates as many details of the job as you can and ask how they are going to go about it.

Conclusion

After the final interview, you should have a very good idea of who to pick. If all final interviewees are qualified and ideal for the position, go for the one whom you think can contribute the most to the company in terms of expertise, savings and teamwork.

We offer quality accounting services in Singapore. Connect with us to discuss more of your staffing needs and company compliance requirements in Singapore. We look forward to helping you identify your business needs and providing you with efficient and holistic solutions.

Let’s discuss your business needs today.