Outsourced Accounting Services
Atriox Management provides a comprehensive range of accounting outsourcing services in Singapore.
Our certified and experienced financial accountants will help your company to fulfill the compliance requirements stipulated by IRAS and ACRA.
What are accounting services?
Accounting services refer to a comprehensive range of professional services in managing a business or organization's financial affairs. These services include bookkeeping services, unaudited financial statement preparation, audit and assurance, tax planning and management, etc.
These are crucial for a business’s operation and hence, recruiting an accountant or outsourcing the accounting services is important for a business to run smoothly and efficiently.
Types of Accounting Services Offered by Atriox
Bookkeeping Services
Bookkeeping is a process of recording and organizing all financial details and transactions such as expenses, income, and assets to provide an accurate record of business financial transactions. All Singapore companies are required to prepare and keep a book of accounts mandated under the Singapore Companies Act and Income Tax Act.
Difference between accounting and bookkeeping services
We should not confuse accounting and bookkeeping as they look similar by nature but are fundamentally different. Bookkeeping is more administrative and focuses on recording and organizing the business's daily financial details and transactions whereas accounting are more into interpreting, analyzing, and reporting the financial data to the business owners.
In Atriox, we provide bookkeeping services in Singapore as part of our outsourced accounting services available. Our experienced accountants will maintain your Book of Accounts in a timely manner to provide a true and fair representation of your company’s financial records. Click to find out more about our accounting bookkeeping services.
Unaudited Financial Statement Preparation
A financial statement is a document that provides a company’s financial information to stakeholders. The information includes the cash flows, financial performance, and position of a company. Financial statements include balance sheet, income statement, cash flow statement, and more.
What is an unaudited financial statement?
An unaudited financial statement is a financial statement that is yet to be checked or verified by an auditor. Singapore Exempt Private Companies need to prepare unaudited financial statements to file annual returns with ACRA.
Atriox Management will help to prepare the unaudited financial statement in accordance with regulatory requirements as part of the outsourced accounting services we offered. Learn more about our unaudited financial statement preparation services here.
Audit and Assurance
Audit and assurance services are a type of independent accounting services provided by Chartered or Certified Public Accountants. It focuses on evaluating the accounting entries to ensure the financial report’s accuracy and authenticity while following accounting standards and principles. This ensures an improving quality and transparency of a company’s financial information and reduces the chance of problems occurring from incorrect information.
Audit and assurance services are crucial in ensuring the accuracy and reliability of a company's financial reporting and operations. Hence, it is important to work with a professional auditor to ensure smooth and efficient audit and assurance processes. Discover more on audit and assurance services provided by Atriox.
Why are accounting services important for a business?
1. Understand the financial health of the business
Accounting services are crucial in the success of a business as maintaining accounting records helps owners to monitor the business’s financial health and identify the areas for improvement. These are made available with a good record of financial statements from accountants.
2. Better control over business’ cash flow with Aging reports
Secondly, the company can have better control over the business’s cash flow with an account receivable (AR) aging report. This report shows details on invoices that are overdue, along with the clients' or customers' details. This helps business owners to have an overview of the business’s cash flow and identify actions to improve the cash flow.
3. Table ready made financial statements & reports to AGM
Having well-prepared financial statements recorded means that the reports and data are readily presentable to any stakeholders or during an AGM. These financial statements will be clear and up-to-date to avoid any hassle during a meeting and being readily available means business owners do not need to worry if they are needed in a last-minute situation.
4. Timely and accurate Annual Filing
Annual filing is a complex and time-consuming process, especially for a bigger-scale business. Having an accountant from accounting services to deal with annual filing such as corporate tax filing, not only save a tremendous of time but also ensure accuracy and timeliness, avoiding unwanted error or delay.
5. Digitised financial data makes auditing easy
With professional accounting services, financial data can be documented in a clean and tidy way and go a step further by digitizing all the important documents and data. This allows the auditing process to be carried out in a more efficient way as auditors can easily access all the information needed.
Outsourced accounting services in Singapore
As a business grows and operations get more complicated with more income and expenses, relying on a single accountant or a small financial team will eventually get overwhelmed. This is where adopting outsourced accounting services come in handy for your company and help to fulfill business demands in a competitive way.
Benefits of outsourcing accounting services in Singapore
1. Save up valuable time
One of the main benefits of outsourcing accounting services in Singapore is that it frees up valuable time for the business owners as they do not need to worry about these financial matters or the need to oversee the accountants’ work. The time can be better spent on focusing on the company's core business.
2. Save up money
Besides, outsourced accounting services also help businesses save money. The head counts for in-house accountants or the financial team can be significantly cut down. It is generally more cost-effective to outsource accounting services in Singapore than to hire a team of accountants. Furthermore, it also frees up the costs required for additional infrastructure including the hardware, accounting software, and office space.
3. Access to certified and experienced professionals
One of the crucial benefits of having outsourced accounting services in Singapore is that it comes with a strong line-up of certified and experienced professionals in this matter. Not only that this personnel is able to provide professional consolation tailored to your business, but their experience also ensures that errors or inaccuracies in financial reporting are avoided.
4. Regulatory Compliance
Singapore is one of the countries known for its strict statutory compliance requirements. Having a team of professional personnel handling the financial affair of a company ensure that the business follows regulatory compliance.
5. Better allocation of management resources
Outsourcing the financial tasks to a professional team externally also opens up in-house resources, allowing business owners to better manage and allocate the resources in the different aspects of the business such as the sales team or marketing team. This allows efficient use of resources for business growth.
Leave your accounting tasks to Atriox's certified and experienced professionals!
How to choose the right accounting firm to outsource accounting services in Singapore?
Outsourced accounting firms in Singapore are very competitive as most accounting firms have a team of professionals with extensive experience and financial knowledge. It is common to find certified professionals with qualifications of ACCA, CA, and CPA.
Understanding this, it is important to compare and research different accounting firms before choosing one to outsource to. Here are some factors to consider when outsourcing your business accounting services in Singapore:
1. Reputation
This is one of the simplest and most straightforward methods when choosing an accounting firm. Reputable accounting firms are well-respected and are talked about by everyone in the same industry. Simply research the firm reviews and testimonials online and you should be able to gauge the creditworthiness of an accounting firm.
2. Expertise and experience
The main objective to outsource accounting services is to utilize the expertise and experience of the professionals at a much lower cost compared to an in-house team. Hence, ensuring that the accounting firm has a team of professionals with extensive experience and expertise is crucial to meet your accounting needs.
3. Security and privacy
When outsourcing your business accounting tasks, you are also providing them with your company's confidential information, including your financial data and sensitive business information. Hence, you must make sure the outsourced accounting firms are equipped with appropriate security measures and comply with strict data laws in Singapore.
4. Cost of outsourced accounting services
When you outsource accounting services, you want to make sure that the costs are competitive and cost-effective compared to setting up an in-house team. The cost of outsourcing accounting services in Singapore varies depending on the type of accounting services required and the scale of the company. One important factor to also consider is the transparency of the accounting firms' fees.
5. Responsiveness and flexibility
When dealing with financial affairs, there are always unforeseen circumstances where a business is required to present its financial reports to the stakeholders. Hence, it is crucial to outsource to an accounting firm that is not only responsive to requests but also flexible in providing the level of support for your changing business and accounting needs.
Outsource accounting services in Singapore with Atriox
Atriox is an end-to-end corporate service provider for all your business’s compliance needs. A one-stop solution providing holistic corporate services, ranging from accounting and bookkeeping services, and unaudited financial statement preparation to audit and assurance services. We save you the hassle of liaising with different parties, hence reducing your existing compliance costs.
Get a free quotation for outsource accounting with Atriox based on your business needs now!
FAQs
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How long to keep Singapore company’s accounting records?
All accounting records of Singapore company are required to keep for at least 5 years upon the completion of the transactions.
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What is the financial year-end in Singapore?
Each company in Singapore has to determine its own financial year-end. It means the completion of an accounting period and it does not have to fall exactly on 31st December.
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What are basic accounting services?
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Bookkeeping.
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Monthly Accounting.
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Cash Flow Forecasting.
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Financial Growth Monitoring
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Operational Support.
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Payroll Service
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Statutory Compliance
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Why is corporate accounting necessary?
Accounting in a corporate setting is important as it helps to present and communicate the business financial overview to the stakeholders.
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Is it safe to outsource accounting services in Singapore?
Yes. Outsourcing accounting services are common practice among corporations in Singapore. Furthermore, accounting firms in Singapore are subject to strict data privacy laws and regulations, which required them to have appropriate security measures in place to protect clients' confidential information, such as data encryption and secure storage solutions.
