Singapore Company Incorporation with Paul Hype Page
Company Registration at Paul Hype Page Singapore

Most entrepreneurs do their bookkeeping and accounting out of necessity. Yes, it is a cost-effective solution. Starting a business can be costly and entrepreneurs with a limited budget must save their cash whenever possible.

Most people opt for the do-it-yourself (DIY) method as it seems the least expensive way to handle all business records and accounting. However, for those who have little or no accounting experience, the DIY method might not always be the most effective way.

There comes a time when entrepreneurs, usually those who are just starting wonder whether it may be wise to hire a professional accountant. Should you hire a professional accountant?

If yes, what are the pros and cons of hiring a professional accountant? How much money you will have to spend on hiring a professional accountant to maintain accounting records? Keep reading!

1. Benefit vs. Cost – Small business owners usually get by doing their accounting on their own. Doing one’s accounting could be rewarding at first if they understand the basics of accounting principles, have the drive to learn more and have ample time to do so.

Yes, the existing number of inexpensive accounting programs that can assist you in keeping records and invoices in an organized manner so that you can find them easily whenever you require them.

But as small business grows, keeping track of all those accounting records, customer invoices, and other bookkeeping becomes unmanageable and complex, even more in a firm having a complex legal structure.

When is the right time?

If business entrepreneurs find themselves spending way too much time maintaining accounting and less time focusing on their work to keep their business running, then it is the right time to look for a professional accountant.

The Pros of Hiring a Professional Accountant for Your Business

1. Reclaim your time – The benefit of hiring a professional accountant for your business is that they will help you (a busy entrepreneur) to reclaim your time so that you can spend it instead on performing tasks more centered towards your business goals.

2. Know-how – As far as a professional accountant is concerned, they are shrewd, know what they are doing, have an eye for detail and years of experience, and most importantly, are specialized to spot potential threats in advance.

3. Get a piece of mind – Hiring a professional accountant for your business will give you peace of mind, knowing that you never have to worry about making another mathematical error, unintentionally attracting the inspection of the IRS after misinterpreting tax laws or filling forms incorrect, or draining extra money by missing tax credits and deductions.

Accounting mistakes can not only cost you money, but you may also face few legal charges in the future.

4. Make sound decisions – Many business entrepreneurs often must rely on the expertise of their accountants for making sound decisions. Accountants have extensive track records and through experience comes wisdom. So, having a professional accounting by your side can be an asset for your company, particularly when you are considering new business ventures, or making the next major decisions. When you work with a single accountant for a long time, they will have an opportunity to get familiar with your business’s profits, losses, assets, and liabilities. This acquaintance, combine with their financial expertise places them in a unique position to give you relevant and sound fiscal advice.

What about the cost?

Well, if you ask us, cost is still one of the major barriers that stand between small business owners and a professional accountant. Their years of knowledge as well as time could be valuable, and that is why, they expect to be rightly paid for their services.

Although many startups do not really need to receive the professional accounting services immediately, however, as business grows entrepreneurs will eventually have to consider hiring them as they can save you tons of money, time, and effort eventually.

Paul and Hype Page Co. is offering accounting services in Singapore for many startups as well as well-established firms who are looking for talented as well as experienced professional accountants.

Should You Hire a Professional Accountant FAQs

Do startups need to hire a professional accountant?2020-12-14T09:11:56+08:00

It depends on the owner’s background and expertise. If a business owner has no clue where to start and the basic accounting knowledge, it is best to hire one to make sure the company is complying with the annual compliance.

How should I choose the right accountant if I decided to hire one?2020-12-14T09:11:31+08:00

When you decided to hire a professional accountant, make sure the accountant is certified or chartered. Of course, hiring an accountant with relevant experience in your business field will be a plus.

Where can I hire a reliable professional accountant?2020-12-14T09:10:51+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?2020-12-14T09:10:03+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.  

2020-12-15T12:12:53+08:00July 31, 2013|0 Comments

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