One of the major challenges that small business owners usually face is keeping track of their company’s finances. Due to a start-up’s limited budget, the entrepreneurs might not have the resources to hire an accountant on a monthly salary. This usually means the owners themselves have to maintain the company’s financial records. However, if the entrepreneur does not possess an accounting background, they will often struggle to reconcile the various business transactions.
If this scenario sounds familiar to you, then you are not alone! There are plenty of entrepreneurs that face this exact situation. As a result, they turn to a specialised accounting firm for their accounting needs. So if you are also struggling with your business’s accounting needs, you should consider engaging the services of a reliable accounting firm. But how can you spot a trustworthy firm? Let us share four tips you should keep in mind when you are conducting your search.
1. Make sure they offer the services you need
Most accounting firms have specialisations within their industry. Some firms provide bookkeeping services and help you prepare your tax returns, while others prefer to help business owners navigate financial decisions year-round. Therefore, when you are selecting your ideal accounting firm, one of the first things you should do is determine whether they offer the services your company needs.
Moreover, it is essential that your ideal accounting firm possess relevant knowledge about your industry. After all, you would want an accountant who has expertise in tax laws as they apply to your business. At Ackenting Group, our experienced team of accountants has handled the accounting needs of prestigious clients from various industries. Allow us to offer you our suite of reliable accounting services that can be tailored to suit your company’s needs. With our trusted team working closely with your business to ensure accurate financial reports, you can rest easy knowing your tax obligations will be fulfilled correctly.
2. Check their qualifications
Reliable accounting firms will have the credentials to back up their experience and knowledge. These credentials are proof of their competence and qualifications to perform accounting services for other companies. Hence, when you are choosing an accounting firm to hire, it is crucial for you to check the business accreditation of the prospective firm beforehand.
Additionally, the accountants working for your chosen accounting firm need to be familiar with the Companies Act and regulations in Singapore, as you would want to ensure the management of your company’s finances complies with Singapore’s accounting standards.
3. Find reviews and referrals
If you are struggling to find your ideal accounting firm, you may want to consider asking around for recommendations. Your fellow entrepreneur friends or business partners are an excellent place to start. Alternatively, you can consider reading online reviews of the accounting firms you have shortlisted to guide your selection. Hearing or reading other people’s experiences with your shortlisted accounting firms will allow you to better understand which firm is suitable for your company.
4. Clarify the fees with them
The cost will likely be a significant consideration when you are selecting your accounting firm, as you would want to ensure the quoted fees are within your budget. As such, it is vital for you to understand that the price for an accounting service can vary widely depending on your industry and business requirements.
In addition, some firms may charge a fixed rate or offer package services, while others compute their fees at an hourly rate. No matter how the cost is calculated, you should ensure that they provide you with a clear payment plan with no hidden charges. Therefore, you need to clarify any doubts over the payment before engaging the firm’s services.
Conclusion
Improper financial management can have severe repercussions on your business. Hence, you need to ensure that you choose the right accounting firm with the necessary experience and qualifications to manage your company’s accounts. With the firm’s help, you can rest easy knowing your finances are properly monitored, allowing you to focus on growing your business.
If you require any assistance on accounting services, feel free to drop us an email at johnwoo@ag-singapore.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.
