Each year, business legislations and tax laws change and evolve. This can often be confusing for laypeople who want to make financial choices like when to claim tax deductions or sell off investment property. To combat these complications, accounting firms must keep up to date with the latest tax laws so they can offer sound and relevant financial guidance. They can also help small businesses and individuals with budgeting and creating financial goals.
You might need someone to help provide credible tax advice, or you may require the services of an accounting firm that can help take care of your company’s monthly payroll. Either way, it’s vital that you have all the information necessary before you make that decision. Here are all the considerations you should be making when choosing an accounting firm.
1. Their certification
A certified, licensed accounting firm will assure you that it is a credible and legitimate establishment and can offer the services required while keeping up with industry standards.
In Singapore, according to the Accountants Act, all companies offering accounting services must be registered with ACRA. These firms are overseen by ISCA (Institute of Singapore Chartered Accountants) to ensure the expectations for professionalism are met.
The best accounting firms will be registered under ACRA so their work can be moderated and the quality guaranteed.
2. Your personal preferences
Even if you employ the priciest accounting firm in town, you will only receive the service you require if you are comfortable discussing your finances. That’s why you should opt for a different company if the accountant uses language you can’t comprehend or if you feel intimidated. After all, your feelings and sentiments matter most when it comes down to it.
3. Their availability
Sometimes clients are completely fine with meeting with their accounting company once a year. Other clients frequently have business questions that need prompt responses. Find out if you can call your accountant whenever you need or if you have to set up a time to visit the office and speak with them in person. Only proceed with the firm if you can come up with a consensus about the expectations for your business relationship.
4. Fees you need to pay
The cost of accounting services varies from firm to firm. For each financial activity that they complete, such as completing a personal income tax form, creating a profit and loss statement, or generating a statement of net worth, some accountants charge a set fee; other firms charge by the amount of time spent working with you. Since every company’s financial condition is different, Express Corporate Services will always be available to meet with you to fully understand your company’s needs, go over timelines, and create a cost structure that works for you.
5. The advice offered
While other accounting firms create essential financial reports but provide little input, other accounting firms are quick to offer recommendations on when to buy equipment and how to retain financial records. Based on your financial experience and expertise, you may require more or less help. If you require a lot of assistance, pick a company that provides comprehensive financial consulting and that is willing to go the extra mile to provide that.
When picking an accounting firm for your business, you’ll want the best. After all, your finances are a major aspect of running a smooth organisation. That’s why making an educated decision based on a number of factors is paramount in this process. Express Corporate Services is a corporate service provider
that offers impeccable services of a vast range – from immigration consultancy
to accounting services. Contact us today to learn more.