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Top 10 strategies to improve client accounting services in Singapore

1. Menu & Service Levels

All accounting firms should develop a services list (accounting and tax compliance) for small businesses. Services should not only be limited to L-1 services such as annual income tax returns, bill payment, financial reporting, sales tax, and payroll but also should be focused on some high-level services referred to as L-2 and L-3 services such as cash flow projections, web strategy, technology, team building, talent development, accountability, and strategic planning.

Learn more about Accounting Services for SMEs here

2. Leaders/Champions

Having a champion links with the success of the team. Champions are identified much easier through knowing the unique abilities of people. Generally, they possess a purpose that is of more importance than themselves, proven passion, and record of accomplishment standards, are politically connected, team builders and know where to find resources.

3. Service Delivery Team

For the expansion of client accounting services, the “delivery team approach” should be used instead of the “rugged individual approach.” With this, better services are provided to the clients, the application of extraordinary abilities is allowed, and succession planning is assisted as well.

4. Advocacy or Independence

Independence primarily its rules focus on the core services related to tax as well as accounting; however, this can also be considered as a limiting factor in terms of the depth and breadth of services a certain corporate can offer its clients. These services are regarded as transformational (breakthroughs and new services) and adjacent (new to the expanding existing business or the firm). Knowing where you should play and how you should win in the market are very important. You might also want to select advocacy if your corporate needs it as well as increase the availability of more services.

5. Business Model & Platform

Platforms fostering collaboration among other advisors, the client accounting services team members, and the clients are essential in keeping the firm. This requirement is met by deploying cloud-based platforms which eliminate tasks such as the transfer of files, data entry, and reconciliations. It is the client that determines the value and not the hours employed in a certain project.

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6. Unique Processes

It is a requirement for every company to observe unique processes. It is important for these processes to be documented so it is possible to train others and maintain consistency. The process can be personalized and differentiated by naming it. You can start with a list of the processes used by your firm in client accounting services. These processes needed should be defined so that meeting client requirement is feasible. Consider your firm to act as a private start-up company so that the risks associated with staffing, leadership, pricing, service, technology, capabilities, regulations, complexity, and opportunities are reduced.

7. Pricing

Pricing is especially important. It requires sales skills, forthright communication with clients and thought. Those who possess the skills in value creation should be given the responsibility to determine the price of the product and contact clients before services with a defined scope and engagement terms are delivered. By allocating time in defining the scope and asking clients regarding their strengths, opportunities and dangers, opportunities will increase, and margins will improve. When multiple services are offered as a package, anticipate good news since the clients are satisfied and the margins increase.

8. Management and Entrepreneurship

If you search for the success of your firm, management and entrepreneurship should be included in your business plans. Management can be bland, dull, and serious while entrepreneurship can be exciting, innovative, and cool, thus both make a perfect combination. Firms that have both management and entrepreneurship reduce waste and risk, increase learning and innovation, and provide their clients with a new category of accounting services.

9. Resources

Most firms face some risks day in and day out but by possessing some resources such risks are reduced to a minimum and the rewards are increased. The resources include an extraordinary ability team, present client base, platform, and champion. A collective vision and leadership are needed for the firms to click. You should add a platform that is collaborative. The employment of extraordinary ability firms is considered relevant as well. Your client base should be able to utilize Level 3 and Level 2 services.

Find out why you should hire an accounting services provider in Singapore?

10. Reliable Business Advisor

The CPA or certified public accountant is regarded as the most reliable business advisor. However, most CPAs do not perform their every function seriously enough and are lacking in providing their clients with the many services needed by their clients. It is primarily because the CPAs usually focus merely on L-1 services while the clients emphasise on L-3 and L-2 services.

Paul Hype Page & Co. is an ACRA-certified business adviser. Our team of seasoned professionals can help you set up a company in Singapore very quickly and easily following all legal entities, and offer you sound advice on how to make it successful too.

In addition to business registration, we’ll also guide you how to:

1. Write a business plan – Learn how to write a compelling business plan by accessing our sample business plans, or other helpful market research information

2. Perform market research – Understand your business market, learn how it can enhance your business growth, and how to properly conduct a market research for your business

3. Legal issues for small business – If you are thinking about registration of a company in Singapore, then you really need a lawyer. In addition, you will learn why legal counseling is particularly important part of any business.

4. Manage your finances – We’ll offer you FREE resources and information to help you fully understand all financial concepts and teach you how to perform basic accounting tasks like budgeting, bookkeeping, financial analysis, among others.

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We also provide the following services:

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10 Strategies to Improve Client Accounting Services FAQs

Where can I hire a reliable professional accountant?2021-01-19T10:05:00+08:00

You can hire a reliable professional accountant for your company from Paul Hype Page. We are the leading and trusted accounting service provider in Singapore.

How do I evaluate if I should hire a professional accountant for my business?2021-01-19T10:04:50+08:00

You should consider hiring a professional accountant for your business if you are not familiar with Singapore’s corporate tax regulations, requirements, and tax laws. It is also a sign to hire a professional accountant for your business if you are not sure when to register GST (Goods and Services Tax).

How should one choose the right accountant?2021-01-19T10:04:35+08:00

When choosing an accountant, you should ensure the candidate is a certified or chartered accountant. Of course, hiring an accountant with relevant experience in the business field will be a plus.

Why must financial reporting be done by an independent third-party accounting firm?2021-01-19T10:03:52+08:00

Financial reporting must be done by an independent third-party accounting firm to ensure credibility. If a financial reporting is conducted by someone linked to the company, the results generated may be biased or deliberately falsified.

This may happen because the in-house worker may want to make the company appear to be in a better financial situation than the one it may be in. For this reason, it is advisable to use the services of an external accounting firm.

2021-02-10T09:53:00+08:00July 27, 2013|0 Comments
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