The finance department is considered to be one of the most vital business functions, which determines the future growth, and sustainability of the business. In the large-scale organization, there is a dedicated accounts team to handle the day to day operations. However, in a small-sized company, it is not feasible to hire a dedicated finance team. In such cases, the job can be outsourced to a suitable vendor. Further, in some mid-sized companies, the management wants to focus on their core business function such as manufacturing and do not want to waste their resources on non-core functions such as finance. In such cases it advisable to outsource the entire non-core activities like finance and human resource function to third party vendors who have specialization to carry out such activities efficiently.
Moreover, the bookkeeping services Singapore should preferably use the latest accounting software so that you can get real-time data about the invoicing and account receivables. The parent company needs to get all the critical information in the form of MIS i.e., Management information service so that they plan their plan of action accordingly. The report should highlight the long-pending dues debtors so that the company can follow up with defaulting customers on priority and get all the pending dues cleared. It is extremely important to manage the working capital effectively and plan for future capital expansion accordingly. The accounts data is crucial to the parent to accurately calculate their liability towards the excise duty and other levies payable to the authorities as per the norms. The bookkeeping service also helps their client in filing up of monthly tax returns and also other regulatory functions to be undertaken from time to time.
Nowadays you will find many bookkeeping services in Singapore but not all of them are trustworthy. It is recommended that you should do proper research work before outsourcing the accounting services to a vendor. There are different types of plans offered by the bookkeeping services company such as monthly, quarterly and annualized billing plans from which you can select the one which suits you the best. You should always go with the annualized billing option as it will be relatively cheaper than the monthly or the quarterly billing plans. However, in a relatively small-sized company is it not feasible to hire the regular services of the bookkeeping service contractor. Such customers can easily opt for the hourly billing plan and rope in the accounting services as and when required.