Top 5 Questions You Should Ask Accounting Firms
So you’re on the hunt for an accounting service provider in Singapore? Once you’ve narrowed the selection down to a few companies that interest you, it’ll be time to start making enquiries. To help you streamline the process, we’ve summed up five of the must-ask questions you should pose to prospective accounting firms before you make your final decision.
5 questions to help you decide on an accounting firm
1. What services do you provide?
While many accounting firms offer overlapping services, they’re not all the same. When you’re doing your research on the various accounting companies in Singapore, think carefully about what services you need so that you can check to see which places can cover everything you need. Don’t be shy about contacting them either. Many places might offer more than the basic things they advertise on their websites. For instance, on top of accounting services, some accounting firms may also offer a wide range of services ranging from tax packages and advisory services to corporate secretarial services and more.
Depending on what stage of growth your business is in right now, you may not be after these services right away. However, if you do find yourself needing further assistance in the future, it’ll be much easier to choose a company that offers these extras from the beginning rather than having to outsource to a different accounting firm later on. Determining what kind of services your chosen accounting firm can offer you both now and later down the line will help set expectations and enable you to decide if they’re the right company for you to work with.
2. Which industry do you work with the most?
You always consider the experience level of the people you’re hiring – the same logic applies to engaging an accounting firm. While it’s true that most large accounting companies in Singapore would deal with various businesses of all shapes and sizes, they will also likely have some specialisation areas and industries. When seeking an accounting firm, it can be helpful to know if they have prior experience and working knowledge of dealing with businesses similar to yours.
3. Will you be dealing with the tax authority on my behalf?
If you’re looking for an accounting firm that will be your representative with The Inland Revenue Authority of Singapore (IRAS), make sure to confirm that the company you’re engaging is properly qualified to do that for you and your business. For matters relating to Corporate Income Tax, Goods and Services Tax (GST) or taxes relating to your investment properties in Singapore, it can make a big difference in your tax when you have a knowledgeable partner helping you.
4. Which accountant will be liaising with me?
If the first step is knowing that the company you’re working with is qualified and experienced, then the second step is ensuring that your main point of contact is just as reputable and skilful as their employer. When you’re receiving accounting advisory services and more, the person you’ll be working most loosely with is incredibly important. You’ll want to make sure that they’re someone you can trust and communicate well with.
5. How often will we be communicating?
It’s essential to find out how frequently you’ll be in contact with your accounting firm through both consultations and follow-ups. During your initial enquiries, you should also take the chance to understand the efficiency of their processes as well. For instance, traditional accounting firms may have limited responsiveness when it comes to regularly updating progress as highlighted in our Cloud Accounting vs Traditional Accounting article. If you’re after increased convenience and higher visibility, cloud accounting firms like Chartsworth are far more convenient for easy access to your financial information.
Discover how Chartsworth can assist you with cloud accounting services and more by getting in touch with us today.