• July 15, 2020

As your business grows and develops, the need for professional bookkeeping also becomes more important. In your first year or two, your books may be easy to record. However as your profits grow and costs become more complex, you will begin to need a bookkeeper for your finances. Whether you just need them to cover your records, or you are aiming to fine-tune your financial strategies, professional accounting services in Singapore can make your life significantly easier by balancing your expenses, earning, and your invoices. By letting a specialist take over this work for you, you are able to reduce the risk of any mistakes as well as spend your valuable time growing the business. You can begin working on other areas such as sales and marketing and begin to grow in your market. But where can you find a good bookkeeper and what do you need to look for in the process? Here are some of the things you should consider when looking for bookkeeping services in Singapore.

Internally Hiring

When you begin to improve your profits and overall turnover, you can always hire an employee internally. This allows you to have full control over not only your finances and the people managing them. While this is great for smaller to medium sizes businesses, it can actually become more of a burden than anything else. Unless the business already specialises in managing bookkeeping procedures, they may be missing out on the newest accounting software and tools for financial analysis which can make internal bookkeeping a disaster. On top of this, your employee may actually feel overwhelmed at the task at hand. A simple mistake in financial entries can result in huge consequences both within the business and from a legal perspective. Unless they are fully qualified for the job, it is likely they will not be the best option. Instead, it is better to look at other alternatives in the market.

Hire a Freelancer or Part-Time Bookkeeper

Hiring a freelancer or part-time bookkeeper may actually be a great option if you’re an upcoming business who doesn’t have the financial capacity to hire from an agency or hire a full-time professional. You must begin by looking at the education and experience the freelancer has. Make sure they have a professional education within the field as well as relevant experience to match this education. If they have the qualification with no experience, this may be a red flag. As well as education and experience, you should also investigate certification, licensing, and insurance to complete the job. If you choose to hire a freelancer who then makes a mistake while working for you and doesn’t have any liability protection, you could be left in a very bad position. To further this, if your freelancer works away from your site in their own office, you will need to provide adequate oversight in order to prevent any serious mistakes or account mismanagement.

Although high-quality freelancers do exist, you will certainly have to conduct your due diligence in order to find the right one for your company. You have to make sure that your bookkeeper not only balances your books but also provides you with financial insight into any current problems as well as any issues you may run into in the future. To get the most out of them, they will also have to use resources that are already compatible with the software and payment methods you have in place.

Hiring CPAs

Hiring a CPA should be the last option on your list. In general, it is a serious waste of resources if they are only going to complete your bookkeeping. They won’t enjoy the work and will charge high rates. However, you should definitely consider hiring a CPA if you require financial expertise when it comes to things such as filing taxes and managing your investment funds. CPA’s will often work with bookkeeping services and will also be able to recommend professionals who they have worked with in the past- who will usually offer a significantly lower price than the CPA themselves.

Hire Using Professional Bookkeeping Services

There are many bookkeeping service companies in Singapore who will manage daily accounts or a wide range of businesses. These companies have in place a strong infrastructure using CPA’s in management roles for any bookkeepers who run into a problem. They often work with a number of different clients and as a result, will have access to various platforms and tools to collaborate with your business. On top of this, due to the many employees they have under their command, they will be able to find someone who has the experience you need for your business. If this wasn’t great by itself, they will often bring with them additional benefits using connections with industry experts and accounting technology companies.

When it comes to hiring a bookkeeping service to cover all of your accounting needs you can identify key risks and opportunities within our business. At the same time, you can strengthen the integrity of your financial data which is perfect for a business of any size. Even smaller businesses can benefit from their financial expertise. However, it is important that you find a solution that works for you. Take time in your research to ensure any bookkeeper you hire meets your needs and demands.