Known as the Lion City, the Republic of Singapore is a flourishing economic zone which is highly reliant in trade-oriented market economy. Singapore has been the most attractive country for foreign investors and outflow financier in the world. They are very particular in electronics, chemicals and services like wealth management where they provide the main source of revenue in a company.
As they seek to be the leading financial and business hub in Asia, audit firms in Singapore are very particular on their accountants. The Accounting and Corporate Regulatory Authority (ACRA) now tightens the requirements for accountant registration for different audit firms. According to ACRA, this will ensure only good quality control frameworks , enhance and improve audit firms in Singapore and make practical experience as a main requirement in being a public accountant.
Singapore holds the biggest clienteles in the world and houses the world’s highest percentage of millionaires. But despite of its relative economic success, Singapore has one of the highest income inequality levels among developed countries. Big companies in Singapore choose to outsource their accounting processes by liaising with different audit firms to keep close track on their businesses. The sense of transparency is what the companies rely for as Singapore is known as the most uncorrupt country in the world. Their government promotes high-level of savings and investment through their policies such as Central Provident Fund where it is used mainly for healthcare and retired citizens.
Audit firms in Singapore are a one stop shop for all accounting needs. They are composed of certified accountants that have numerous years of experience and are using the latest accounting software. They provide different services like; recording full set of account transaction, preparation of financial statements, journal listing, bookkeeping, corporate secretarial and taxation services.
Although few things must be considered before you outsource your accounting duties. It’ll really save your company time and money because rather than go through the process of hiring an employee to do the job, you can choose to give it to established professionals to do it for you. But the lack of control and security risks might be the biggest drawback in availing these services. Not only that it might not go as you preferred, sending all your financial information to an outside provider might harm the most valuable parts of your company. In conclusion, it all depends on how much you are willing to risk for the sake of a free flowing company.