However, one of the most frequently asked questions by accountants is, ‘How much do accounting outsourcing services cost?’
What Are The Advantages Of Bookkeeping/accounting Outsourcing?
1) One of the most important factors in the decision to adopt outsourcing is that outsourcing allows the firm to focus on its core competencies. promptness of service to clients and resolving staff shortages were identified as the next most important factors.
2) Outsourcing might assist the business to implement new ways to get things done at a higher quality level for a lower cost. Accessing such outsourced specialist skills supports growth by removing administrative tasks from staff, creating capacity that allows the re-assignment of skilled local resources into higher value add activities. In addition, specialist advice on attracting new business through digital communications and improved client engagement will also support growth.
3) Round the clock service – Outsourcing accounting is able to help our company operations to run 24/7 with a time-zone advantage. Therefore, all major tasks will be completed on time and according to schedule.
4) Another reason of outsourcing is in accessing skilled expertise the business cannot otherwise access. The business can access to specialized expertise – CPAs, Chartered and professional accountants at a much lower cost, without compromising on quality.
A competent accounting firm for small businesses can assist you in forming and growing a new business by offering services such as:
- Keeping and recording financial records
- Payables and receivables
- Reconciliation of bank accounts
- Profit and loss statements
- Statement of Account
- Balance Sheet
- Statement of Equity Changes
- Statement of Cash Flows
- Report/Compilation Report
- Journal of Accounts
- The General Ledger
- GST reporting
- Tax preparation and filing
- Analysis of Variance
Outsourced Accounting Rates and Costs in Singapore
Outsourcing accounting and bookkeeping allows you to engage accounting firm and staff to assist you in keeping your finances in order. They can act as your financial auditors as well as data entry specialists.
In Singapore, outsource accounting services for small businesses often include the following:
- $200 per month for general bookkeeping service
- Payroll service costs between $10 and $20 per employee.
- Tax preparation, which costs roughly $400 per year
The ones mentioned previously are per service. Some firms, however, will have requirements that go beyond the essentials. For example, if your firm is going through a transition, you may require assistance with your operations and transactions.
Other accounting firms in Singapore provide bundled services. The most affordable plans cost roughly $200 per month. However, if you want high-quality services and sound advise, a budget of $500 to $1,000 is recommended.
How Do I Get Started Outsourcing My Accounting as well as bookkeeping works?
EasyAccounts Singapore can assist you with all of your bookkeeping and accounting needs, providing a flexible and scalable solution that is ideal for you. Our approach is based on true collaboration, in which we work side by side with you to ensure the success of your business.
Our basic accounting package for Singapore Businesses covers the following items:
- Accounting services
- Invoices from vendors
- Reconciliations of bank accounts
- Customer bills for payroll
- Collections of customer payments
EasyAccounts Singapore is ready to assist you and your business grow with our proven experience in accounting and bookkeeping outsourcing and support staff. Contact us today to discuss your accounting and bookkeeping requirements and begin working with us.