Outsourced Accounting Service in Singapore

 

 

Introduction: - It is common knowledge that companies have different types of requirements. Different kinds of jobs are important and need to be accomplished. Quite often a company registration may not have the adequate infrastructure to accomplish the same. Neither may it employ the personnel required for the jobs. In such cases, most companies often outsource their jobs. Institutions excelling in delivering such corporate services are contacted. Jobs such as accounting, human resources, taxation management, etc are outsourced to these companies. This is the crux behind corporate outsourcing. To understand this system better, one should look into the different jobs that are outsourced by companies.

1. Accounting and Bookkeeping:

Every business and company needs to have accurate accounting and bookkeeping services. Quite often due to lack of infrastructure a company may outsourced accounting service Singapore this job. Outsourcing the job to corporate services ensures that the company maintains accurate non-audited accounts. Also, its bookkeeping functions are optimum since they are outsourced too. This helps the company in freeing up its management. Work of other sectors becomes important and streamlined. With the accounting and bookkeeping work being outsourced there is also immense accountability involved. The outsourced accounting service Singapore is answerable to the company for any error. At the same time, the company is free from such corporate pressures.

2. Income Tax Planning:

Income tax planning and management can also be outsourced if needed. Proper management of taxation is a must and needs careful monitoring. The outsourced accounting service Singapore Company would in this case provide adequate taxation break-ups. Also, it would calculate not only professional tax but also personal tax. Hence the company that has outsourced this corporate service is free from having to handle complex taxation issues. Also, proper taxation advice is provided by such corporate services. These benefit the company in the long run.

3. Compiling Unaudited Financial Report:

Every company's finances need a regular audit. However, for the audit to take place necessary files need to be compiled. This is a tedious task that the company often wants to avoid. This task may take months and thus would involve the wastage of precious time. Quite often companies outsource this work to corporate services. Corporate services ensure the compilation of the company's yearly financial statements. Before auditing takes place these are put together for the benefit of the auditor. The outsourcing of this task saves a lot of labor.

4. Company Incorporation:

When setting up a new company there is many things to be accomplished. Careful planning goes into the setting up of a business. Quite often new or fledgling companies tend to outsource these tasks. Setting up of the company, looking into its deeds, checking its corporate profile, registration of the company, naming the directors, all these are important. These tasks are nowadays often outsourced to corporate services. The outsourced service ensures that all these are accomplished at the right time.

5. Corporate Secretarial Services:

Another important task for any company is having the ideal corporate secretary. Corporate Secretarial Services Singapore are indeed important for the well-being of any company. However, a company may often not have the post nor the service. In such a case these services can be outsourced too. Corporate services provide for the right company secretary as well as the other services tied up with him. All work is done under perfect legal procedures. Statutory requirements are complied with.

Conclusion:

In conclusion, it may be stated that for any company to flourish some work needs to be outsourced. Gone are the days when the company used to do all its work. Corporate services outsourcing has now become an important factor in most countries. Not only in the developed western countries but also developing nations this is a common trend.