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5 Considerations To Make When Outsourcing Your Accounting

Whether you own a small or large company, the success of your organisation is heavily reliant on your accounting and financial management.

Accounting and Financial Management

Whether you own a small or large company, the success of your organisation is heavily reliant on your accounting and financial management. These financial responsibilities are the foundation for building a business and giving it a competitive advantage over other companies in the market. However, accounting can be a time-consuming process that demands specialised knowledge. As a result, many businesses prefer to outsource their accounting services from reputable accounting firms instead of handling it themselves.

When you outsource your accounting functions to Nexia TS and delegate the financial responsibilities to our specialists, you will be able to focus more on your core business operations. For those looking for a qualified accounting firm in Singapore to manage your accounting needs, here are five important considerations to keep in mind:

1. Industry-standard security

It is no surprise that data security is one of the biggest concerns for companies outsourcing accounting services. When you’re in the midst of choosing the right accounting firm to work with, it is important to take into account their level of security and data protection. A good accounting company believes in adopting strict confidentiality and data security measures. Ensure that the outsourced accounting firm incorporates processes that can protect all of your company’s sensitive financial information. Here are some questions to ask the accounting company to ensure that your data is well-protected:

  • What physical security do you implement at your office location?
  • What encryption methods do you use on your site and login portals?
  • What happens to the files after you are done with them?
  • What network security is in place?
  • What are your policies in the event of a data breach?

Besides our accounting services, our team at Nexia TS offers Cybersecurity and Technology Advisory Services that are designed to assist organisations in managing cybercrime incidents, detecting IP infringement and minimising business risks. In the event that you feel your organisation’s IT infrastructure may have gaps, you should consider conducting a penetration test or vulnerability assessment in Singapore to define and assess the weaknesses in the infrastructure and to avoid IT security breaches. It is always a good practice to ensure that your company is fully compliant to regulatory requirements such as the Data Privacy Law (PDPA, GDPR, Cybersecurity Law) and Compliance to Standards (ISO27001, NIST, OSPAR, TRM).

Our team of trained experts at Nexia TS can assist with the following services:

  • Vulnerability Assessment 
  • Penetration Testing 
  • Infrastructure review
  • Application review
  • System review

2. Flexible working methods

A good accounting firm should have the ability to provide solutions that are suited to your company’s specific demands. When they practise flexible working methods, they are likely able to complete their tasks in a timely manner. It’s critical for an accounting firm to be willing to take on flexible work strategies that work for your business.

For specially customised results, consider engaging top accounting firms in Singapore such as Nexia TS to manage your accounting, audits and company finances. At Nexia TS, we are committed to putting our finest knowledge to work for you in order to deliver customised solutions based on your specific business requirements.

3. Prompt turnaround time

It is important to take into consideration the accounting firm’s their punctuality in delivering their work. To avoid incurring extra costs from late penalties, a good accounting company ensures that all important documents are being submitted on time. Here at Nexia TS, we believe that the timeline of the project is not something that should be compromised, regardless of whether the project has complex requirements or unforeseen challenges that may develop along the way. Our accounting firm constantly guarantees that all the important deliverables are handed in on time.

4. Technology savviness

When an accounting firm is technology savvy, you can depend on them to leverage high-powered accounting software to aid your business in developing data-driven business strategies. With a professional accounting company like ours, you can also take advantage of our financial expertise to better understand your cash flow and seek new methods to improve it. We can also utilise this information to detect faults in your company’s spending and streamline your transactions as much as possible.  This way, your company can simply make use of these tools to analyse and enhance profitability for the coming financial year, as well as discover any financial concerns that may arise in the future.

5. Good track record

Last but not least, it’s a good idea to inquire about their portfolio and past records before hiring an external accounting company. Accounting firms that take pride in their performance are often more than willing to share with you their credentials and qualifications. A good track record reflects the accounting firm’s high service standards and commitment to providing outstanding service.

Choosing The Right Accounting Firm In Singapore

Getting help from a professional accounting firm can easily reduce your business expenditures and improve the efficiency of your operations. Choosing the right accounting firm will not only ensure proper financial management but will also help in the overall growth of your business.

Find out more about how our accounting services can meet your business needs. Contact us today! 

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