Singapore, 18 February 2019 — Corporate services and business financial solutions provider Corporate Services Singapore has encouraged companies to consider outsourcing to an accounting service provider as a means to improve their financial health this year.
According to Hans Teo, general manager at Corporate Services Singapore, more and more companies are engaging with outsourced accounting services to help achieve sound financial management.
“It is the ultimate goal of any company to run a stable business operation, which is only possible when sound financial management is implemented. No matter where you are in the cycle of your business, whether you are expanding or experiencing losses, ensuring that your company is financially sound to face these challenges and opportunities is extremely vital in the growth of your business,” said Hans.
Any business activity affects the financial performance of a company. It is important for business owners to look into the impact of their decisions on the financial condition of the company. Management decisions on cash flows or profits must be carefully evaluated to ensure that the company remains financially viable to operate as a business.
Effective financial management is also needed to finance business growth, manage losses and negative cash flows, ensure efficient flow of funds for business operations, timely meet tax obligations, and produce accurate reports that are essential for fostering trust and goodwill with shareholders.
As accuracy and transparency are the pillars for sound financial management, it is crucial for companies to have an accounting team that embodies these qualities, on top of providing topnotch accountancy services.
“It is for this reason that more and more companies are outsourcing to accounting companies to ensure that accuracy and transparency are always met when it comes to financial reporting and meeting government compliance. The expertise and experience of outsourced accounting services are valuable in ensuring companies are able to practice sound financial management at all times,” stated Hans.
The Concept of Outsourced Accounting
Outsourced accounting companies are third-party firms that offer accounting and bookkeeping services. Companies may outsource their accounting or bookkeeping functions to these firms without having to hire in-house accounting team.
“Having an outside firm watch over your finances is no longer considered taboo. Companies considering outsourced accounting are on the rise, thanks to the multitude of benefits that having one provides,” explained Hans.
According to Hans, companies engage with outsourced accounting services in Singapore to take advantage of the following benefits:
Outsourced accounting firms provide a team of specialists who are experienced and knowledgeable in handling and completing accounting tasks, particularly meeting regulatory and compliance standards. Besides their expertise, they also provide valuable advice to help companies manage their finances more effectively.
The cost of outsourcing accounting services is relatively more affordable than hiring an in-house accounting team. Most companies consider outsourced accounting primarily for this reason to be able to reduce operation costs.
“When you engage with an outsourced accounting firm, you only pay for the services you need. You don’t have to worry about employee compensation or packages like insurance or paid leaves,” explained Hans.
– Easy access to the latest accounting technologies
Outsourced accounting companies make sure they are always up-to-date on the latest accounting software and technologies that meet industry standards. This ensures clients with access to advanced solutions that guarantee accurate and transparent financial reporting.
– Allows companies to focus on running the business
When companies outsource the accounting function of the business, they can give more time on growing the business. They can focus better on their clients and coming up with strategies to increase the company’s earnings.
“The focus of outsourced accounting is to streamline core business operations,” said Hans. “When core business operations are simplified, you will have more time and energy to develop your key business strengths.”
About Corporate Services Singapore
Corporate Services Singapore first ventured in the accountancy and finance industry in 2010 and has since evolved into a company incorporation, accounting, payroll, audit, tax, corporate secretarial, and advisory services provider catering to both local enterprises and multinational corporations (MNCs) in Singapore. With a trusted network of partner and affiliate companies, it has grown into a one-stop financial solution that provides competence and experience to assist clients in all stages of a business lifecycle.
Hans Teo Han Siang
Corporate Services Singapore
65 Chulia Street OCBC Centre
#46-01 Singapore 049513
(+65) 6602 8286