An accountant is crucial to the success of your business. They help you with your financial decisions, and they can also help track your company’s expenses. But have you been thinking about different affordable accounting services in Singapore? Well, look no further! This article is to talk about the role of an accountant and the steps your company should take when hiring an accountant!
Do your research on local accountants
Conducting your own research before engaging an accountant is essential in ensuring that you are aware of what kind of accountant is best suited for your business’s needs. If you feel like you would need to have meetings with your accountant frequently, it may be best to hire a full-time accountant for your business. You can also opt for an accounting firm in Singapore that is able to cater to your business needs.
Understand what your business is looking for in an accountant
Before hiring an accountant, it is vital to take note of the experiences and certifications that they have acquired and whether they match your business’s needs. It is essential to always look for an accountant that is able to fit your business needs and help your business strive financially. You can also take note and see how they will be able to help you with your financial statements and whether their services match your budget.
Some skills that you can look out for in an accountant are:
- Time management
- Organisational skills
- Integrity and resilience
- Communication skills
- Computer and accounting software skills
Be aware of the services you’re paying for and when
Discuss your business needs with your accountant, as well as talk about the price of the services that they provide. You should ensure that you are able to discuss if there are any hidden costs, how frequent they will be providing their services as well as their billing process and cycle.
Ask the right questions
During the hiring process, it is essential to ask your potential accountant the right questions. This will help you to gauge if they are the perfect fit for your company and will be able to help your business succeed and meet your financial goals or expectations.
Here are some guiding questions that can help you gauge your potential client:
- Do you have any experience working with the IRAS?
- How long have you been working as an accountant?
- Do you have any prior experience of working for a business like mine?
- What tax or accounting software do you use?
- How frequent will you provide tax advice?
Get the most out of your accountant
Making sure that you make the most out of your accountant is necessary to ensure that you get your money’s worth for their services. You should always be clear about your business’s needs and financial needs. You should also keep your business financial records up to date for any audits that may be necessary to implement your accountant’s advice into your business plan. One of the most important steps is always to ensure that you often communicate with your accountant as they know what’s best for your business financially, and they can be one of your most significant resources as a business.
How do I know if my accountant suits my business needs?
Firstly, you ask your accountant if they have any experience in handling a business such as yours. Ask them about their prior experiences, transaction volumes, the industry that you are in and so on. If your business is one that handles foreign clients, check if your accountant and ensure that they have the expertise in that area as well as foreign tax codes and laws. You should refer to any recommendations that previous clients or employers have provided to see if they are suited to your business. You also should look out for the way they react and communicate when talking about handling clients, locally or foreign.
What is the first thing I need to do when I have an accountant?
When you finally have hired an accountant, one of the first few things that you need to do is provide the records your business needs to keep. You should also ask for advice on preparing your business for tax filing or any other financial audits. Ask about ways you can better your cash flow for your business, as well as the estimated taxes that your business needs to pay and the due dates for them.
Here at Ackenting Group, we help businesses unload some of their worries and stresses by providing a suite of trusted accounting services in Singapore. An array of experienced accountants who can provide your business with timely and accurate updates of your business’s financial performance so that you do not have to worry about them.
Your relationship with your accountant is more important than their qualifications
As your accountant knows the inside out of your business, it is vital that you maintain a healthy relationship with them and invest your time into making sure that your accountant is happy working with your business.
Finding the right accountant for your business is no easy feat. With patience and the proper guidelines, you will be able to find the perfect accounting service to make your business thrive financially.
If you require any assistance on accounting services, feel free to drop us an email at email@example.com or contact us at +65-66358767. At Ackenting Group, we offer a complimentary 30 minutes online consultation for us to better understand your business requirements.