Singapore Outsourcing Within the Global Context

5 mins | July 21st, 2021 | 93+ Discussions

Proper outsourcing is crucial to the success of any business. Outsourcing specific functions and tasks will save much money for the business because it generally costs much less to outsource these functions than it does to hire a full-time worker to work on these functions in-house. Outsourcing also gives business owners much more certainty about the standard of the work which has been outsourced because they no longer have to worry about the quality of the outsourced work being compromised. Specialists who take on outsourced work are generally more competent than in-house workers. Outsourcing also expands a company’s connections. This is because those firms which a business chooses to contact for outsourcing purposes may have further connections of their own. This would then position the business which first requested the outsourcing within a broader network of businesses, thus helping it develop its own renown and reputation while at the same time having its necessary work outsourced.

Outsourcing has long been an area of great economic importance in Singapore. In Singapore, the proportion of companies which have chosen to outsource some of their services is higher than the global average. The latest statistics show that 58% of all of Singapore’s corporate organizations currently outsource at least some of their services. Due to the fact that the country can boast of many international connections, high levels of technological development, and a vibrant corporate scene, many companies, whether those based within Singapore or abroad, have chosen to outsource certain business functions to firms in Singapore which are capable of carrying out such functions. Owners of these companies have discovered that there are many positives to outsourcing in Singapore.

The Role that Paul Hype Page & Co Can Play

This is where we at Paul Hype Page & Co come in. We are one of Singapore’s leading providers of accounting and HR services. Our team has much expertise and knowledge in areas such as taxation, incorporation, work visas, and many other related topics. Our fees are reasonable and the quality of our work is excellent. Therefore, if you would like to be assured of a high-quality product after you have outsourced your business functions, just contact us at Paul Hype Page & Co. We will see to it that everything is done to the best of our abilities.

Payroll Outsourcing Services

Outsourcing your company’s payroll processing function frees up resources, including valuable human capital, and allows you to focus on and engage in projects that add value to your business. We offer extensive experience in the operation of the payroll function and a track record of delivering accurate cost effective web-based payroll services.

Whether for a specific executive group or the whole organisation, we offer a confidential and reliable service. Some of our services include:

Calculation of monthly payroll
Employer registration with the Singapore Central Provident Fund (“CPF”)
Calculation of statutory deductions including CPF, skills development levy, foreign worker levy and ethnic/religious fund deductions
Payroll processing and annual reporting
Issuance and maintenance of electronic pay-slips/ remuneration reports
Electronic-leave management

Accounting and Book-keeping Service

We offer a comprehensive accounting service to companies who wish to outsource their accounting function. Paul Hype Page & Co. has a dedicated and experienced team that is ready to take on the role of your accounts department. Our unrivalled range of specialist industry knowledge provides comfort that all day-to-day to complex transactions are accounted for correctly.

Our service offerings cover all aspects of the accounting function, including:

Management reporting

Trial balance
Nominal ledger listings
Reports issued monthly etc

Creditors control

Purchase invoice authorization
Aged creditors

Cash management

Bank reconciliations
Treasury control
Invoice/payment processing

Liaising with auditors

Answer year end audit queries
Update trial balances with audit year end audit adjustments

Debtors control

Sales invoicing
Aged debtors report

Preparation

Preparation of annual financial statements

Conversion of financial statements to XBRL format for filing with ACRA

Other reports

Cash flow reporting
Budgetary control
Fixed asset register

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Advantages of Outsourcing in Singapore

Outsourcing continues to maintain a significant and prominent presence in Singapore. Perhaps the most important advantage of outsourcing business functions there is the fact that Singapore outsourcing specialists who take on other companies’ work will almost certainly deliver a high-quality product that fulfills all of the necessary criteria. By emphasizing efficiency and using Singapore’s high level of technological development to their advantage, they will ensure that the business with whom they are working will receive an end product which is as close to flawless as possible.

Singapore’s workforce has also always placed much focus upon other businesses and their core needs. This is because Singapore has long been one of the world’s major business centers and corporate hubs. Therefore, its workers, including outsourcing specialists, are accustomed to serving businesses and business owners in such a way so as to meet all their corporate needs.

The Monetary Authority of Singapore (MAS) has also provided guidelines regarding outsourcing in the country. These guidelines include information on how the guidelines are to be applied, how those who need their services outsourced may interact with MAS, and how cloud computing and risk management practices impact outsourcing, among other facts. These guidelines are of great benefit to any business owner who is seeking to outsource business functions in Singapore. They contain all of the most important information on such matters. This is a benefit unique to Singapore, as no other country’s government or government bodies have distributed guidelines about outsourcing.

Demand for outsourced services in Singapore has also been increasing at a rapid rate. This is especially true of businesses in the sectors of customer services as well as food and beverage. Businesses in these sectors often experience high rates of employee turnover. Therefore, it would be unfeasible for them to hire people to work full-time to manage services which would otherwise be outsourced, as these employees would be likely to be replaced before too long.

How Singapore Outsourcing Measures Globally

Despite all the positives that have just been mentioned, there is certainly much room for improvement within Singapore’s outsourcing scene. When assessing the lists of countries which are deemed best for outsourcing purposes, Singapore is almost never selected as one of the top 10 countries. In Southeast Asia alone, it typically ranks behind Malaysia, the Philippines, and Indonesia. Among other countries of the Asia-Pacific region, China and India usually rank higher. Going further abroad, other outsourcing powerhouses include Ukraine, Brazil, and Poland. Therefore, it is imperative that providers of outsourcing services in Singapore offer their services at an optimal level. If they fail to do so, they risk causing Singapore’s global outsourcing status to fall even further behind the countries which are already ahead of Singapore in this regard. Similarly, companies based in Singapore should prioritize local outsourcing specialists for the completion of such services. There are two reasons for doing so. The first is that engaging with local providers of these services will provide the advantage of working with people who are familiar with the local particularities and business climate. Thus, they would be in a better position to understand the impact that the services they provide would have. The second is that it would help to strengthen outsourcing in Singapore as a whole and help the country’s outsourcing providers to narrow the gap to the countries which it currently trails.

Fortunately for you, if you are specifically seeking a supplier of outsourced services based in Singapore, we at Paul Hype Page & Co are more than willing to fulfill your needs. Our team of highly experienced and skilled specialists will see to it that every single task you need is completed to the best of our abilities. Thus, there will not be a need for you to outsource your business’s important services to those abroad.

Global Challenges Faced by Singapore Outsourcing Providers

The point which has just been mentioned is also related to another issue related to international outsourcing experienced by Singapore. This issue is that many companies in Singapore choose to outsource services to providers in other countries. This problem is exacerbated by the fact that for many Singaporeans who are seeking a job, positions that are related to outsourcing have lost their appeal for various reasons. Thus, the amount of potential local talent in this field has declined. There has not been a growth in available local talent which has been commensurate with the growth in the country’s economy and its corporate scene. This therefore makes it difficult for many of Singapore’s companies to seek outsourcing services within the country. For this reason, they often outsource their business functions to specialists who are in other countries. Often, these foreign specialists will be able to complete the tasks at an equal level of quality as those of their Singaporean counterparts, but usually at a lower cost as well. This is a problem which must be addressed by those within the inner circles of Singapore outsourcing if the country’s outsourcing services are to make further progress and establish themselves as truly being among the world’s best.

The global rise in technological and educational standards has done much to level the playing field for providers of outsourcing services around the world. This is because more people than ever before are able to learn how to complete any outsourced tasks and the best ways in which they can be done. They can also learn about how certain functions are to be carried out in certain countries, including Singapore. This means that tasks which do not require much knowledge of local customs or information can easily be performed by outsourcing service providers from outside Singapore, thus eroding some of the competitive advantage of their Singaporean counterparts. Therefore, those who carry out outsourced services in Singapore ought to counter this turn of events. They may do so in either of two ways: by offering services that most or all of their foreign counterparts do not, or by providing services at such a high level that they will naturally become the first choice of all companies, regardless of the location of the companies in question.

We at Paul Hype Page & Co fully understand all of these challenges and will do our very best to overcome them. All you need to do is contact us so that you can outsource your business’s accounting, HR, or any other relevant services to our team. Our team will then complete those tasks for you in the best and most efficient manner that we possibly can.

Conclusion

There cannot and should not be any doubt that outsourcing service providers in Singapore are mostly competent, efficient, and cognizant of the needs of the companies with which they work. However, the reality is that the global market as it pertains to outsourcing has been changing rapidly, and although outsourcing in Singapore is of a high standard, it still has some way to go before it can be considered to be among the best in the world. Therefore, Singapore’s companies and outsourcing specialists must rise to the challenges that face them and elevate the country’s outsourcing standards to a level which would make them the envy of the rest of the world.

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