Working with an accounting firm in Singapore can be a daunting experience, especially if you don’t feel like numbers and figures are your strong suit. In this article, Nexia TS advises you on how you can get the most out of your working relationship with your accounting and consulting firm.
First and foremost, don’t choose an accounting firm just because they offer the lowest fees. Instead, search for one with the skills and resources that your business requires, and pick the firm that best matches them. If possible, look for an expert in the audit assurance accounting that applies to your business. If you’re on a budget, search for firms that offer a better financial fit while still being relevant to your needs. Ultimately, it’s essential that you choose a firm you like and trust, as you’ll have to work closely with them on potentially sensitive financial matters.
Lay out how much work you expect your accountants to take on. If possible, you should have day-to-day knowledge of your own records yourself. Doing so gives you the added advantage of better understanding your business’s performance and health, which can prove useful if you start looking for investors or buyers.
If accounts aren’t your strong suit, it is highly suggested that you work with an accounting and consulting firm like Nexia TS. By doing so, your accountants would automatically be completing most of the complex calculations for you. This way, your records would be easier to manage and track.
Don’t be afraid to ask your accountants for advice when you need it. If you’re struggling in both auditing and accounting, ask your accountant for help. Also, don’t hesitate to ask for clarification or extra details if you don’t fully understand what’s being discussed. Finally, check whether you need to inform your accountant about changes to your personal or business circumstances. This could be, for example, that your business plan changes to reflect an update in income or business objectives. Lastly, don’t forget that an accountant can work on more than just tax returns. They’ll be able to advise on how your company spends money, the income versus expenditure of different functions and departments and much more.
Whether your catch-ups are monthly, quarterly, or less regularly; you’ll need to keep your records organised. The key to doing this successfully is understanding the kind of information your accounting firm will require. This will cut down the amount of time they’ll need to spend analysing your accounts and making necessary changes, which will in turn reduce the number of hours you’ll be billed for. As mentioned above, asking for clarification when you don’t understand can massively improve your relationship with your accountants. This extends to keeping your financial records too.
It’s important to ‘speak the same language’ as your accounting firm and your audit company in Singapore, to ensure that your goals are aligned. If they focus only on numbers and averages, ask them to explain it to you in terms of business performance and growth, helping you to walk away with actionable points and a clearer view of what to do next. By following these five easy steps, you’ll be sure to create a solid working relationship.
If you are interested in working with an accounting firm in Singapore, schedule an appointment with us, and let us help you with your needs today.
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