In the busy and fast paced business world of today, a slim and sparse corporate structure is a given for future growth and expansion. Gone are the times when companies and businesses were top or even bottom heavy. In order to progress, most business owners have found that the best way to go about it would be to incorporate lean and austere measures. This is highly important especially for Small and Medium-Sized Enterprises (SMEs) as they would most probably not have the means or the ability to get themselves out of financial troubles that strike. This is the reason why it would be a good idea for SMEs to consider outsourcing operational sectors to service providers. One good example would be the act of outsourcing accounting, tax and financial tasks to consultants with expertise and updated knowledge in a similar field.
In Singapore, it is not rare that businesses are cutting down on operational sectors by opting for third party vendors which benefit them greatly. Although the accounting and finance department have historically been regarded as core functions of any corporation, the fact of the matter is that there are certain aspects of it which can very well be outsourced to a third party. Due to the streamlined nature of most businesses nowadays, there are various benefits which can be seen from this. The most obvious benefit would be the fact that the company would be able to focus strictly on business matters based on information and reports that are churned out by the service providers. Accounting consultants will be tasked with providing financial data and the business owner and stakeholders main responsibility would be to act on the information given to them. Managers can then look into other more urgent operational needs.
Another advantage of having accounting services would be the fact that stakeholders now no longer need to worry about another aspect of their operations as everything would be prepared and completed for them. For accountancy service providers, this normally involved tax planning and yearly submission
services as well. This means that business owners will not have to worry about the nitty gritty aspects related to tax assessments. It will be conveniently completed for them. The consultants would be able to provide the same service for all company offices. This is also especially helpful for foreign business owners as the corporate tax system in Singapore would definitely differ greatly from the one at home. This is also good as the service providers would be knowledgeable about
all aspects of corporate tax including what type of tax scheme, programme and grant would be suitable for the corporation. As the governance of the corporate tax scheme is applied by the government authority, it is even more important that all details and information are completed in a timely manner. This can only be done by professionals with experience.
In a nutshell, having someone else or another entity focus on the accounting and finances of any operation will then give the business the freedom to look into other aspects of the business. As one is aware, Singapore has a burgeoning interest in innovation and developing new technology especially energy creation and sustainable ideas. As such, companies which are able to capitalise on this interest would be able to benefit greatly from such research. The Singapore government provides funds for companies which also provides opportunities for student research through active collaboration with universities and research centers. 2013 continues the trend of the Singapore government providing more and more grants to those who are able to meet all requirements of businesses involved in such research and developing technology.
Of course, most third party providers do not only have the ability to help in accounting, tax and financial matters. They are also able to give information on other aspects of business and management operations including in assisting in setting up and registering a company as well as providing company secretarial services. All these support services will be a benefit to companies keen on finding out as much information as possible on how they are able to capitalise on utilising outsource providers to grow together with Singapore’s rising economy. Contact a service provider today to get started on charting a profitable future for your organisation.
Paul Hype Page & Co, a public accounting firm, full practicing member of ICPAS issuing IRAS approved audit report from $1,800. Our CPA firm offers Singapore tax advisory, auditing service and accounting service to solve IRAS & ACRA annual filing for Singapore Company and business auditing, taxation and accounting requirements.
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Categories: Corporate Support Services