For any accountant worth their salt, their expertise doesn’t end with filing your taxes annually. A quality accountant can help you navigate complicated tax laws and situations and skilfully facilitates your company’s financial growth.
Accounting is more than just bookkeeping and keeping track of all your financial statements. An accountant must be well-versed in all things related to taxes. They should then be able to use this skillset to minimise taxable income and maximise tax deductions as the year progresses.
They’ll be able to guide you aptly when you ask difficult questions like whether you should pick accrual accounting or cash basis. They would even be able to explore incorporation with you thoroughly if that’s an option you would wish to pursue. With this insider knowledge, you save valuable time and resources that can be channelled more significantly.
As a business owner, you want to make prudent financial decisions. A quality accountant helps maintain your books to ensure that you’re in the clear and provides helpful advice regarding all fiscal moves you make.
As you can see, the importance of a good accountant cannot be overstated. With that in mind, here are some factors to consider when choosing the perfect accountant for your business:
1. The nature of the job
One of the most vital factors to consider is whether you require a full-time or part-time accountant. Is your company still a fledgling company firmly in the growth stage? Then there’s no real hurry to bring on a full-time account. A part-time accountant can fulfil the same services at a considerably lower pay point.
However, suppose you have grown past a certain point and are consistently turning a considerable profit. In that case, you should probably consider hiring an experienced accountant to take on more complex tasks that befit a company at that level.
2. What others are saying
If you are an SME in Singapore, asking around for accountant recommendations can be extremely helpful. This is the perfect opportunity to utilise the connections you’ve amassed over the years.
Question people about their experiences in this area, and you’ll receive information you won’t get elsewhere from credible sources. If you find their recommendations lacking, you can only search the Internet for accountants near you and look at the reviews they’ve received for posterity. There are also plenty of social media sites like LinkedIn that can help guide your decision-making process.
3. Your own business needs
While it’s true that there are plenty of qualified accountants in Singapore, not many will be able to meet your specific criteria. Every business has its own unique needs that require services tailored to them. You need to be clear on what you need before seeking an accountant for your company. For instance, are you merely looking for someone to do your tax returns, or do you need an accountant who can aid you as you make your fiscal decisions? You need to be sure of those needs first to find an accountant
who can meet them without difficulty.
4. Their industry knowledge
This is a crucial yet oft-overlooked factor when finding an accountant. Industry knowledge, along with their other traditional qualifications are paramount to any decision regarding the hiring process. Accountants with both can give you comprehensive, informed advice about your financial progress and help you with forecasting and budget planning. These accountants are invaluable and offer irreplicable insights that will allow your business to thrive.
Hiring a quality accountant can be helpful to your business in myriad ways. Most vitally, you will be able to trust that your company accounts and financial future are secure. Running a business is no easy feat. With the right aid, you’ll be able to ease some of your tensions and relegate these efforts to more profitable pursuits.
At Express Corporate Services, we’re dedicated to providing you with the most impeccable corporate services. As one of the top corporate service providers in Singapore
, you can be sure that your business will be in safe hands. Contact us to learn more today!