Outsourced Accounting Services in Singapore

Q: What is accounting outsourcing in Singapore?

Accounting outsourcing refers to the practice of hiring an external company or service provider in Singapore to handle various accounting tasks for your business. This can include bookkeeping, financial statement preparation, tax filing, payroll processing, and more.

Q: Why should I consider outsourcing my accounting tasks?

Outsourcing accounting tasks offers several services, including cost savings, access to specialised expertise, improved accuracy and efficiency, scalability, and the ability to focus on core business activities. It can also help ensure compliance with Singapore’s tax regulations and financial reporting standards.

Q: How can outsourcing accounting services save me money?

By outsourcing your bookkeeping to Singapore Corporate Services, you can avoid the costs associated with hiring and training in-house accounting staff, providing office space and equipment, and investing in accounting software. Outsourcing also allows you to pay for services on an as-needed basis rather than maintaining a full-time accounting team.

Gain the freedom to access and review your financial records whenever and wherever you need. Focus on running your business in Singapore, secure in the knowledge that your accounts and records are meticulously maintained, accurate, and up-to-date through reliable, outsourced accounting services.

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Accounting & Outsourcing

Why Choose Us As Your Accounting Company In Singapore?

Local Expertise

Our professionals will provide comprehensive accounting services and highly relevant, market-specific advice, management, and support delivered to the highest standards.

Professional Filings

Engaging professionals to handle filings will certainly save you time and alleviate any worries you may have.

Instant Access

Access your financial reports anytime and anywhere, ensuring seamless control and oversight of your business's financial health.

Essential Accounting Services

Accounting & Outsourcing Services

Many organisations in Singapore find that maintaining a professional in-house accounting team can be a time-consuming and effort-intensive task. Our outsourced accounting services address this challenge by providing you with access to our team of accomplished accounting specialists. They are dedicated to streamlining your financial management through top-tier accounting services, including meticulous bookkeeping service, payroll processing, and tax filing, to ensure your records are always accurate and up-to-date.

Common Accounting Challenges Faced by These Industries

Without effective accounting and bookkeeping management or services, businesses in Singapore face significant hurdles, such as:

Poor Cash Flow Management

Inconsistent monitoring of receivables and payables creates liquidity issues. Businesses may struggle to pay vendors, meet payroll, or invest in opportunities, hindering operational efficiency.

Inaccurate Financial Reporting

Errors in recording transactions or valuing assets can misrepresent a company's financial picture. This can mislead investors, creditors, and management, leading to poor business decisions and potential legal issues.

Payroll Processing

Calculating wages, withholding taxes, and ensuring timely, accurate payments is complex. Errors can lead to penalties, employee dissatisfaction, and legal complications, requiring meticulous attention to detail.

Tax Compliance

Meeting diverse tax obligations, from sales tax to payroll and income tax, is a constant struggle. Staying current with changing regulations and accurately calculating liabilities across various jurisdictions demands specialised expertise to avoid fines.

Industries We Can Help with Accounting & Bookkeeping Services

Understanding the complexities of financial management across various industries, SCS offers outsourced accounting and bookkeeping services to diverse industries, including:

Retail and Wholesale

We provide accurate bookkeeping to track sales, purchases, and inventory movements, ensuring financial records reflect your operations.

E-Commerce

We streamline the tracking of multi-platform sales, reconcile digital payments, and simplify VAT/GST filings, ensuring your finances are clear and compliant while you expand your online presence.

Real Estate

Our accounting services track rental income, property expenses, and capital expenditures, ensuring your financial records are up-to-date. We also assist with accurate property tax calculations and provide clear reports for investment decision-making.

Healthcare

We provide detailed bookkeeping services for healthcare providers, including managing patient payments, insurance reconciliation, and allocating medical expenses, ensuring accuracy in financial tracking, reporting, and regulatory compliance.

Accounting Outsourcing Packages

Starter

Business with one page of bank statement per month
Free accounting software
Preparation of monthly bank reconciliation
Preparation of monthly management account
Offsite service support

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Standard

Business with 2-4 pages of bank statements per month
Free accounting software
Preparation of monthly bank reconciliation
Preparation of monthly management account
Offsite service support
Quarterly meeting with a business advisor

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Premium

Business with more than 5 pages of bank statements per month
Free accounting software
Preparation of monthly bank reconciliation
Preparation of monthly management account
Offsite service support
Monthly meeting with a business advisor
Accounting queries support

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Payroll Outsourcing Packages

Standard

Process monthly payroll
Calculate employee salaries and statutory tax deductions
Calculate salaries for new or resigned employees
Submit Auto-Inclusion Scheme (AIS) for Employment Income to IRAS
Prepare itemised payslips
Prepare and submit CPF
Prepare bank payment files

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Premium

Process monthly payroll
Calculate employee salaries and statutory tax deductions
Calculate salaries for new or resigned employees
Submit Auto-Inclusion Scheme (AIS) for Employment Income to IRAS
Prepare itemised payslips
Prepare and submit CPF
Prepare bank payment files
Prepare employee reimbursement claims

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Compilation Report

Preparation of Unaudited Financial Statements

Collection and desktop review of management accounts
Collection and desktop review of audit schedules
Collection and desktop review of fixed assets schedules
Preparation of unaudited financial statements in accordance with Singapore Financial Reporting Standards

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FAQ

Frequently Asked Questions About Outsourcing And Bookkeeping Services

What is accounting outsourcing in Singapore?

Accounting outsourcing refers to hiring an external company or corporate service provider in Singapore to handle various accounting tasks for your business. This can include bookkeeping, financial statement preparation, tax filing, payroll processing, and more.

Why should I consider outsourcing my accounting tasks?

Outsourcing accounting tasks offers several benefits, including cost savings, access to specialised expertise, improved accuracy and efficiency, scalability, and the opportunity to dedicate time and resources to growing your business. It can also help ensure compliance with Singapore’s tax regulations and financial reporting standards.

What accounting services can be outsourced?

A wide range of accounting services can be outsourced to Singapore corporate services providers, such as bookkeeping, accounts payable and receivable, financial statement preparation, income tax and corporate tax preparation and filing, payroll processing, budgeting and forecasting, cash flow management, and financial analysis.

How can outsourcing accounting services save me money?

By outsourcing your bookkeeping and other accounting-related tasks to Singapore Corporate Services, you can avoid the costs associated with hiring and training in-house accounting staff, providing office space and equipment, and investing in accounting software. Outsourcing also allows you to pay for services only when needed, rather than maintaining a full-time accounting team.

Is outsourcing accounting services secure and confidential?

Reputable accounting outsourcing providers prioritise data security and confidentiality. They implement robust security measures in their services, such as encryption, firewalls, and restricted access to client information. Choose a trusted and experienced accounting outsourcing provider in Singapore with a track record of maintaining data privacy.

How do I choose the right accounting outsourcing provider?

When selecting an accounting outsourcing provider for your business in Singapore, consider factors such as their experience, expertise in your industry, reputation, client testimonials, security measures, pricing structure, scalability, and the range of services they offer. Requesting references and conducting interviews can also help you make an informed decision.

Will I still have control over my financial data and decision-making?

Yes, you retain control over your financial data and decision-making even when outsourcing accounting services. The outsourced service provider assists you by providing accurate and timely financial information, but you ultimately make the decisions based on that information.

How can I transition my accounting tasks to an outsourcing provider smoothly?

To ensure a smooth transition, establish clear communication with the outsourcing provider, provide comprehensive documentation of your existing accounting processes, and collaborate closely during the transition period. Properly managing the changeover process will help minimise disruptions and maintain the integrity of your financial records.

Explore Our Other Comprehensive Services

Business Registration

Our Singapore and Malaysia company registration services include handling all regulatory requirements and documentation, ensuring a smooth and compliant registration process for your new venture.

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Company Secretarial Services

Our corporate secretary services comprehensively support your Singapore company's compliance needs, including statutory record maintenance, annual return filing, and AGM preparation.

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Tax Compliance

Our professional tax advisors in Singapore ensure your business fully complies with all relevant tax regulations. We handle all your tax filings, preparation, and advisory needs.

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