5 Characteristics Of An Excellent Accounting Firm
It’s one thing to say that you want to start working with the firms that can offer the best accounting services in Singapore to help keep your business as financially healthy as possible, it’s another to actually find one that you want to partner with.
Below are a few key characteristics of any excellent accounting firm you should work with:
Specialisation in your Industry
Accounting firms are not a one-size-fits-all kind of thing. Different industries are governed by different sets of rules and regulations. It’ll be useless working with a top accounting firm that specialises in an industry not related to your business. Instead, you will want to work with a firm that knows the ins and outs of your industry.
The Necessary Certifications
Credentials such as a CPA is already a given, but did you know that there are different industry certifications as well? This includes, but is not limited to:
- Accredited Business Valuation (ABV),
- Certified in Financial Forensics (CFF),
- Certified Financial Analyst (CFA)
- Chartered Global Management Accountant (CGMA), and more.
It’s best that you first pinpoint what kind of service you expect to get from an accounting firm you want to work with so you can check beforehand if they have the necessary licensed professionals that can help you with your problem.
The Right Size
Accounting firms differ in size, and it’s best to select one that can fulfil your needs while staying within the budget of your company. If your company is small with only a few employees, then there’s no need to work with a multinational firm. Instead, you’ll probably be better off working with someone local, or even one that’s roughly the same in size as your business is.
By selecting the proper size of the account, you increase the likelihood that they can better understand and attend to the needs of your business.
What Your Company Needs
When selecting an accounting firm, you need to take a look at what they can offer first and what kind of service your company needs. If you only need basic bookkeeping and tax work done, then you will want to work with accounting services in Singapore that do not specialise in complex problems like financial consulting, management support, and so on. There’s a huge chance that their services are more expensive, so you’ll only end up unnecessarily spending more money.
Last, but definitely not the least, you’ll want to determine just how often you’re going to need to call up the accounting firm. If you only need help with tax-filing purposes, then it might be a good idea to work with a firm that’s not situated near you but can still do just as good of a job as ones that are. However, if you believe that you will have frequent questions that need prompt answers, it’s best to work with good firms that are just a phone call away or very easy to schedule an office meeting with.
It’s a hassle selecting the right accounting firm, but it is worth it. A good accounting firm can help your business save a lot of money, often more than what you end up paying them, which can increase the chances of your business succeeding down the line.