Top Accounting Firms in Singapore

Financial management determines the success of businesses, big or small. In Singapore and the world over, it makes sense to outsource professional accounting services from reputable firms.

Companies can elect to hire an in-house accountant or go for outsourced services. Numerous benefits arise from outsourcing accounting services. Top accounting firms present your business with an array of services that may include bookkeeping, advisory, tax management and financial planning, among others.

If your business yearns to achieve success through prudent financial planning, it’s inevitable to appoint a reliable accounting firm.

What Is An Accounting Firm?

Any company that specialises in handling accounting services on behalf of a client qualifies to be an accounting firm.

The company has many responsibilities, including built not limited to payroll management, handling accounts payables and receivables and managing the tax process, among others. Some accounting firms will offer auditing, financial restructuring, risk assessment and business advisory services.

Accounting firms primarily exist to offer accounting services to different businesses. However, their service offering isn’t confined strictly to bookkeeping.

Top Accounting Firms in Singapore

Accounting Firm	WLP Group
About	WLP Group is a Singapore-based business solutions organization established in 2013. It has earned a reputation as a trusted partner for both local conglomerates and multinational corporations across the Asia Pacific region. Their range of services includes accounting, tax, incorporation, payroll, and HR. The company’s mission is to deliver corporate services with a focus on efficiency, consistency, and integrity, forming part of its integrated solution services for clients.
Services	Annual Return Filing GST Registration Sole Proprietor To Private Limited Strike Off Company Registered Address Office Meeting Room Rental Business Financing
Address	10 Woodlands Square, #04-53 Woods Square, Singapore 737714
Telephone	+65 6493 2970
Email	info@wlp.com.sg
Website	https://www.wlp.com.sg/
Operating Hours	Mon-Fri 9am-6pm
Clients	Tan Tock Seng Hospital Singapore General Hospital Qian Xi Group NUS ApprovalMax Balmain (Paris)

 

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Accounting Firm	Foo Kon Tan
About	Foo Kon Tan is a respected accounting firm in Singapore. It provides a full-service accountancy package ranging from tax to advisory services. It helps clients to manoeuvre tax compliance and the ever-changing accounting sector dynamics in Singapore and beyond.
Services	Audit & assurance Tax advisory & compliance Business risk services Corporate finance Financial services advisory
Address	24 Raffles Place #07-03 Clifford Centre, Singapore 048621
Telephone	+65 6336 3355
Email	fkt@fookontan.com
Website	https://www.fookontan.com/
Operating Hours	Mon-Fri 9am-6pm
Clients	ASIA PACIFIC, Wong Partnership ISCA Plastoform Holdings Sino Grandness KOPYA

 

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Accounting Firm	Oaktree Cloud Solutions Pte Ltd
About	Oaktree Cloud Solutions is an energetic and young team formed by a group of experienced CPA cloud accounting enthusiasts with extensive knowledge of innovative and pioneering cloud solutions.
Services	Accounting and Bookkeeping Payroll Outsourcing; Corporate Taxation Incorporation of Company Corporate Secretarial Services
Address	100 Tras Street #16-01 100AM, Singapore 079027
Telephone	+65 8891 7181
Email	consultants@oaktreecloudsolutions.com
Website	http://www.oaktreecloudsolutions.com/
Operating Hours	Mon-Fri 8:30am-6pm
Reviews	“Approached Oaktree for advisory to streamline our current workflow processes. Great creative ideas were given and our issues on hand or rather “pain-points” (how Oaktree refers them) was resolved by implementing a minor cloud-based ecosystem for our department. Greatly appreciate the fast response time, even on weekends which ensued smooth work progress. Thank you Oaktree for the superb service! Highly recommended!” –GV senior marketing “I’m thankful for all the services provided by the team. They has understood our requirements and urgencies and has been quick and proactive in catering to our needs especially to make our life easier and provide a “best in class” and “up to date” solutions for our accounting needs” – Matthieu Sergent

 

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Accounting Firm	IMC Advisory Pte. Ltd. (IMC GROUP)
About	IMC Group is a cross-border advisory firm focusing on the AMEA (Asia, Middle East and Africa) region. Founded in the year 1979, IMC offers a wide gamut of services to its esteemed clientele. Some of the services that we offer include Business Setup Solutions, Corporate Advisory Services, Global Mobility, Tax Advisory Services, International Tax Structuring, Special Purpose Vehicles (SPV), and Accounting and Bookkeeping Services.
Services	Audit & Assurance Company Incorporation Accounting & Payroll Corporate Advisory Corporate Secretarial services
Address	One Raffles Place, Tower 2, #19-61, Singapore 048616
Telephone	+65 9126 9927
Email	bc@intuitconsultancy.com
Website	https://intuitconsultancy.com/sg/accounting-services-in-singapore/
Clients	Hemraj Group Luman RBAC Trikar Funds Jay Jagdamba Limited
Reviews	“Best Consultant to set up company in Singapore. Excellent team of People. Perfectly oriented and guided by team. Best in the country as well as business.” – Karan Patel “Great team,superb experience.” – Roshani Parmar “Nice corporate secretary service!” – Arushi Gupta

 

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Accounting Firm	Heng Lee Seng
About	Heng Lee Seng is a medium-sized accounting firm that has been practising in Singapore for the last four decades. It caters to the accounting needs of small, medium growth and high-level multinationals.
Services	Audit and Assurance Corporate Secretarial Taxation Internal Audit Recruitment, Payroll & HR Administration
Address	331 North Bridge Road, #12-03 Odeon Towers, Singapore 188720
Telephone	+65 6423 9969
Email	ca@hlsllp.com.sg
Website	http://www.hlsllp.com.sg
Operating Hours	Monday to Friday 8:30 am to 6:00 pm

 

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Accounting Firm	MAZARS
About	Mazars is a globally acclaimed accounting company specialising in auditing, accountancy and advisory services. It has a presence in over 80 countries. It assists small and established corporations with their accounting and statutory compliance needs.
Services	Audit & Assurance Tax Consulting Accounting Outsourcing Risk and Internal Control Payroll Outsourcing
Address	135 Cecil St, #10-01 MYP Plaza, Singapore 069536
Telephone	+65 6224 4022
Email	contact@mazars.com.sg
Website	https://www.mazars.sg/
Operating Hours	Mon to Fri 8:45-5:30 pm

 

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Accounting Firm	Baker Tilly
About	Baker Tilly ranks as one of the top 10 accounting firms In Singapore. It offers a comprehensive range of business advisory, assurance and risk services, among others. It serves different entities from individuals, organisations and MNCs.
Services	Audit and Assurance Governance and Risk Accounting and Payroll Corporate Advisory Corporate Secretarial services
Address	600 North Bridge Road#05-01 Parkview Square, Singapore 188778
Telephone	+65 6336 2828
Email	general@bakertilly.sg
Website	https://www.bakertilly.global/
Operating Hours	Mondays to Fridays from 8:30 am to 5:30 pm

 

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Accounting Firm	RSM
About	RSM claims a top 10 spot in the list of reputable accounting firms globally. It focuses on helping growing businesses to improve productivity and compliance goals. RSM is highly seasoned in the advisory, tax and business support fields.
Services	Audit Tax Corporate Advisory Risk Advisory Accounting & Business Advisory
Address	8 Wilkie Road, #03-08 Wilkie Edge, Singapore 228095
Telephone	+65 6533 7600
Email	Info@RSMSingapore.sg
Website	https://www.rsm.global/singapore/
Operating Hours	Mon-Fri 9am-6pm
Clients	Cortina Holdings Megachem Apoil Ecowise Fabchem china

 

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Accounting Firm	BDO
About	BDO operates as part of the BDO international firm’s network. It’s among the top global accounting and consultancy entities. It provides business advisory to companies in 155 countries. BDO strives to offer professional audit, consultancy and forensic accounting services, among others.
Services	Advisory Management Consultancy Corporate Finance Forensics & Litigation Internal Audit
Address	600 North Bridge Road #23-01 Parkview Square, Singapore 188778
Telephone	+65 6828 9118
Website	https://www.bdo.com.sg/
Operating Hours	Mon-Fri 9am-6pm

 

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Accounting Firm	NEXIA TS
About	Nexia TS is a respected mid-tier accounting company In Singapore. It has established partnerships with global accounting giants. It strives to offer personalised tax and advisory services at competitive prices.
Services	Tax Services Assurance Governance Transaction Services Financial Advisory
Address	100 Beach Road #30-00Shaw Tower, Singapore 189702
Telephone	+65 6534 5700
Email	nexiats@nexiats.com.sg
Website	https://www.nexiats.com.sg/
Operating Hours	Mon-Fri 8:30 AM-5:30 PM

 

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Accounting Firm	Moore
About	Moore Stephens is a specialist provider of professional, audit, assurance and advisory services. The firm operates under the Relationships, Quality and Teamwork mantra. It has offices in over 100 countries and a highly skilled accounting workforce.
Services	Audit and Assurance Advisory & Transaction Services Risk Management Business Advisory Financial Reporting Advisory
Address	10 Anson Road, #29-15 International Plaza, Singapore 079903
Telephone	+65 6221 3771
Email	mickaw@moorestephens.com.sg
Website	https://www.mooresingapore.com/
Operating Hours	Mon-Fri 8:30AM-6:00PM

 

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Accounting Firm	KPMG Singapore
About	KPMG Singapore operates as a member firm of the globally acclaimed KPMG group. It helps businesses to mitigate risks and to build accounting capacity in different organisations. KPMG associate firms are spread in 153 countries.
Services	Audit Tax Advisory Enterprise Strategy Management Consulting
Address	6 Raffles Quay #22-00Hong Leong Building
Telephone	+65 6213 3388
Website	https://home.kpmg/sg/
Operating Hours	Mon-Fri 8:30am-5:30 pm
Clients	Deutsche Bank Wells Fargo PepsiCo Ing Group Halliburton

 

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Accounting Firm	PKF Singapore
About	PKF provides tailored accounting services backed by a long-standing experience in the Singapore accounting industry. PKF is backed up by globally accepted industry standards that assist businesses in audit, financial advisory and compliance.
Services	Audin and assurance Taxation Advisory Business Solutions Technology Solutions
Address	6 Shenton Way #38-01 OUE Downtown 1, Singapore 068809
Telephone	+65 6500 9360
Email	contactsg@pkf.com
Website	www.pkfsingapore.com
Operating Hours	Mon-Fri 9am-6pm

 

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Accounting Firm	EY Singapore
About	EY Singapore belongs to the “Big Four” league with a resounding presence in Southeast Asia. It audits publicly traded companies and offers a mix of tax, financial advisory and assurance services.
Services	Assurance Advisory Tax Transaction Advisory Services
Address	North Tower Level 18, 1 Raffles Quay, Singapore 048583
Telephone	+65 6535 7777
Website	https://www.ey.com/en_sg/
Operating Hours	Mon-Fri 830am-6pm
Clients	AT&T  Coca Cola General Motors Hilton Lockheed Martin

 

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Accounting Firm	Crowe Horwath First Trust
About	Crowe Horwath First Trust is Ranked as the 10th Largest accounting firm in Singapore. It specialises public accounting and consulting. It caters to the needs of local and international businesses spread across 130 countries.
Services	Audit Tax Advisory Risk Corporate Finance
Address	AXA Tower #05-01, 8 Shenton Way, Singapore 068811
Telephone	+65 6221 0338
Email	enquiry@crowe.sg
Website	https://crowe.sg/

 

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Accounting Firm	Lo Hock Ling
About	Lo Hock Ling is a seasoned chartered accountants firm with over 30 years of operation it’s one of the top 20 firms in Singapore as a medium-sized firm, it offers accounting and consultancy services to small and established businesses.
Services	Audit & Assurance Business advisory Tax Services International Tax Planning Accounting & Payroll Services
Address	101A Upper Cross Street, #11-22 People’s Park Centre, Singapore 058358
Telephone	+65 6535 6111
Email	enquiry@lohocklingco.com.sg
Website	http://lohocklingco.com.sg/
Operating Hours	Mon-Fri 8:30am-6:pm

 

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Accounting Firm	HLB Altrede
About	HLB Atrede has been providing professional accountancy services since 2001. It’s ranked as one of the top 15 firms in Singapore. HLB serves over 700 clients, and it strives to deliver top-notch advisory, compliance and assurance services.
Services	Statutory Audit and Assurance Due Diligence Business Valuation Business Advisory Auditors’ Certification
Address	20 Peck Seah Street #05-00, Singapore 079312
Telephone	+65 6323 1928
Email	info@hlbatrede.com
Website	http://hlbatrede.com/

 

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Accounting Firm	BSL
About	BSL helps businesses, public listed companies and established enterprises to fulfil their statutory and compliance needs. It offers a one-stop-shop package comprising of business advisory, tax, and consultancy and audit services, among others.
Services	Accounting Audit Tax Consultancy
Address	220 Orchard Rd, #05-01/02 Midpoint Orchard, Singapore 238852
Telephone	+65 6235 3388
Email	enquiries@bsl.sg
Website	https://www.bsl.sg/
Operating Hours	Mon-Fri 8:30am-5:45pm

 

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Accounting Firm	Robert Yam & Co
About	Robert Yam & Co is one of the longest-serving accounting firms in Singapore. Over time, it has evolved to become an accounting powerhouse with more than 50 professionals. It provides audit and a range of other compliance services.
Services	Audit & Assurance Accountancy & Bookkeeping HR & Payroll services Tax services Corporate Secretarial services
Address	190 Middle Road, #16-01/02/03 Fortune Centre, Singapore 188979
Telephone	+65 63381133
Email	enquiry@robertyamco.com.sg
Website	http://robertyamco.com.sg/

 

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Accounting Firm	Hawksford Singapore
About	Hawksford Singapore is a competent accounting and consultancy firm in Singapore. It caters to the needs of growth initiatives, enterprises and high-net-worth clientele spread across the globe.
Services	Tax compliance Accounting and payroll Tax reporting Financial reporting Fund accounting
Address	16, #32-03 Raffles Quay, Hong Leong Building, Singapore 048581
Telephone	+65 6222 7445
Email	singapore@hawksford.com
Website	https://www.hawksford.com/
Operating Hours	Mon-Fri 9am-6pm

 

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Accounting Firm	Reanda Adept PAC
About	Reanda Adept PAC is an incorporated public accounting firm affiliated to the Accounting and Corporate Regulatory Authority. It provides comprehensive accounting services to upcoming businesses and corporates.
Services	Corporate secretarial services Accounting and bookkeeping services Tax services Corporate management and consultancy Consultancy
Address	138 Cecil St, Singapore 069538
Telephone	+65 6323 1613
Email	enquiries@reanda-adept.com.sg
Website	http://reanda-adept.com.sg/

 

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Accounting Firm	3E Accounting
About	3E is a Corporate Service Provider that helps businesses with business registration and incorporation services. It assists companies to comply with statutory regulations in their formative stages. Additionally, it offers tax, immigration and compliance service to SMEs.
Services	Accounting Taxation Work Pass Application, Registered Address, Payroll Service
Address	51 Goldhill Plaza, #07-10/11, Singapore 308900
Telephone	+65 6690 9262
Email	info@3ecpa.com.sg
Website	https://www.3ecpa.com.sg/
Operating Hours	Mon-Fri 9 am to 6 pm

 

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Accounting Firm	Kreston David Yeung PAC
About	Kreston David Yeung PAC is a mid-sized accounting firm that offers personalised and efficient tax, compliance and audit services. The firm is backed by a strong team of CPA experts who rely on modern accounting trends and best practices to deliver service and tailored solutions
Services	Audit and Assurance Internal Audit Tax Accounting Corporate Secretarial
Address	128A Tanjong Pagar Road,  Singapore 088535
Telephone	+65 6223 7979
Email	enquiries@davidyeung.com.sg
Website	www.davidyeung.com.sg

 

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Accounting Firm	DNA Corporate Services
About	DNA is a corporate service provider, expertise in accounting, GST, tax, corporate secretary and payroll. With a team of highly qualified and experienced CPA, this firm provides professional, personalized services and customizing corporate solutions for business start-ups and SMEs to grow your business.
Services	• Accounting and bookkeeping • Corporate Tax • Goods and Service Tax • Corporate Secretary • Payroll Services
Address	73 Ubi Road 1, #06-54 Oxley Bizhub,, Singapore 408733
Telephone	(65) 6242 3161 (65) 8338 8041 (65) 8200 7373
Email	info@accountingdna.com.sg
Website	https://www.accountingdna.com.sg/

 

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Accounting Firm	Leftright Corporate Pte. Ltd.
Services	Business Registration & Incorporation Company Secretary Services Accounting & Bookkeeping Tax Computation & Filing Unaudited Financial Statement Compilation
Address	190 Clemenceau Avenue, #06-06, Singapore 239924
Telephone	+65 3159 4755
Email	contact@leftrightcorp.com
Website	https://www.leftrightcorp.com

 

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Accounting From Services at a Glance

• Bookkeeping services
• Accounting and auditing
• Consultancy
• Tax planning
• Management consulting
• CFO advisory services
• Internal audit services
• Payroll management

Benefits of Accounting Services to Businesses in Singapore

Outsourcing accounting or bookkeeping services in Singapore helps you to save time and money. Outsourcing a seasoned accounting firm to do the heavy lifting injects efficiency and cost-saving benefits. Here are more reasons to outsource these services.

Access to professional expertise

Accountants working in a top-notched accounting firms are highly trained and with deep industry expertise. They handle your accounting needs with the backing of modern technology, compliance and sector-wide experience.

Saves money and reduces overheads

Subcontracting accounting services will help you save money. If you rely on an in-house accountant, they will always be on your payroll. It’s an extra burden on your bottom-line.

Prioritises core competencies of the business

With an outsourced accounting firm, it’s possible to identify areas that require focus to drive growth. Accountants will point out specific areas that need prioritisation to improve the financial health of your company.

Prompt accounting services

Professional accounting firms are focused on meeting deadlines. They can turn around your accounting processes overnight. It means that you no longer have to worry about missed tax deadlines and compliance.

Prevents fraud

Business fraud is not uncommon in the Singaporean market place. With a professional accounting firm on board, it’s easy to detect and prevent cases of employee instigated fraud.

Steps to Choosing Accounting Firm in Singapore

Selecting the right accounting firm in Singapore is like searching for an appropriate business partner. You must narrow down your search to a firm that is prudent, credible and with the capacity to manage your business finances. Here’s how to choose an ideal accounting company.

Specialisation

An accounting firm that is worth your time and consideration needs to display specialist tendencies and expertise. It should display prowess in areas such as financial reporting, tax filing, auditing and drafting of financial statements. They should be able to forecast growth projections for monthly, quarterly and annual success.

Taxation Knowledge

Rendering inaccurate tax documents to the Inland Revenue Authority of Singapore (IRAS) can leave a business struggling with hefty penalties and/or prosecution. An accounting for that understands taxation in-depth will help you with tax planning and filing. Reputable accounting outfits with extensive tax knowledge will help you to comply with filing and IRAS tax laws.

Qualifications

Before hiring, it pays to check an accounting firm’s accreditation status. They should be compliant with government requirements to offer these services. Always choose a firm whose members are accredited and certified. It guarantees accuracy, competency and observance of Companies Acts and Singapore accounting standards.

Expertise and experience

Credible accounting firms rely on experienced teams. It offers your business professional partnerships, reasonable fees and expectations. The price isn’t the topmost consideration to emphasise on. However, it should be commensurate to the services they offer.

The Role of Accounting Firms in the Singaporean Market

Many businesses in the Singaporean market place rely on the accounting function to track the transaction, ensure compliance and to make budgetary decisions. Accounting firms play a significant role in the same context.

Auditing and statutory reporting

Accounting firms offer public accounting services that audit and report on a company’s financial statements. Banks can request third party-certified public accountants to verify whether the said company is in good financial health. Statutory wise, accounting firms are required to register with ACRA; which provides regulations according to the Singaporean Companies Act.

Accounting firms act as business partners

Accounting firms play the role of business partners to many organisations in Singapore. Accounting experts such as tax consultants can assist businesses that want to comply with International Financial Reporting Standards (IFRS) regulations. Also, companies can turn to accounting firms to help them to find tax deductibles and claim their rightful allowances.

Accounting firms and business intelligence services

Today, tech-savvy accounting firms in Singapore can offer business advisory services. Businesses looking for capital turn to accounting firms to gain insights on how to procure such financing. For tax planning purposes, Singaporean companies can leverage modern accounting knowledge for tax structuring purposes or business-specific data analytics.

Trends in the Singaporean Accounting Sector

In its attempt to become an economic hub, Singapore also focuses on ranking high as a regional accountancy hub. However, to achieve this, accounting firms need to innovate and warm up to emerging trends in the industry. Here are some trends influencing the accounting sector in Singapore.

Automated accounting processes

In Singapore and other parts of the globe, there is a full acknowledgement that accounting is evolving and embracing technology. Automating essential accounting process is the new trend. It helps to avoid errors while driving efficiency. As such, more and more accounting outfits are investing in automated solutions and technicians to circumvent fraud and compromised systems security.

Cloud-Based accounting

The cloud has changed the way accounting firms access their systems. Cloud-based accounting systems are now enabling firms and businesses to access data quickly. Cloud-based solutions make it easy to track company sales, inventory, and it’s easy to create a workflow that saves times for core business tasks.

Rise of super apps

Multi-functional apps are becoming more ubiquitous and transforming accounting software. Businesses are turning to the use of these apps, given their newly found efficacy. Super apps are re-inventing features such as inventory management, payroll and HR. they’re making it easy to integrate with banking feeds and payment processing

The AI impact

The impact of Artificial Intelligence within the Singaporean accounting industry cannot be understated. Businesses can analyse substantial data swathes at exceptional speed. They’re generating more data, and their productivity is heading towards an upward spiral. AI is optimising administrative and accounting processes which offer accountants workflow efficiency.

Understanding the modern trends driving the accounting profession in Singapore is crucial. It’s helping accounting firms to be more strategic and aware of emerging client needs.

Top Accounting Tools to Have

Accounting relies on tools to achieve its functions. A reliable accounting firm needs to have numerous tools to keep the practice running professionally and efficiently. Here are must-have accounting tools

Business Management Software

Today, accounting firms require software to manage their processes. Using Business Management Software in the accounting industry helps to reduce errors, save time and drive productivity.

Accounting Software

Accounting software helps accountants to handle simple and complex accounting tasks. In instances where accountants lack exceptional skills to execute, the software enables them to create reports, track transaction and sales quickly.

Alerts and Reminders

Accountants have deadlines to beat like any other professional. They need alert and reminder features to help them prioritise and meet targets.

Office Accessories

Other than computers and software, accountants need a variety of office accessories to operate efficiently. Necessary equipment like printers, stationery, filing systems and desk organizers are requisite.

Online Data Storage

Online data storage systems enable accounting firms to cut down on paper usage. Online file storage helps to eliminate reliance on a copious amount of paperwork.

Characteristics of an Outstanding Accounting Firm

To consolidate the financial health of your business, it’s essential to partner with the best accounting firms in Singapore. There are specific characteristics that tell you whether you’re talking to the right firm. They are:

Specialisation in your industry

Accounting firms in Singapore aren’t made the same. Your industry is governed by a unique set of rules, standards and regulations. As such, you need to liaise with an accounting firm that is conversant with your vertical. A firm that understands the do and don’ts of your niche is the best bet.

Requisite Certifications

Accounting firms are required to have industry-specific credentials such as CPA. However, it’s not the only accreditation required. Accountants in the best firms will have:

• Accredited Business Valuation
• Certified in Financial Forensics
• Certified Financial Analyst
• Chartered Global Management Accountant

The size

Accounting firms come in different sizes and operational capacity. You need to pick one that can meet your needs while staying within the budget. The big firms can deplete your budget even before you hold a consultation meeting. Always stick to a firm whose size relates to that of your business.

Core business needs

When hiring an accounting firm, consider what your business needs first. If you require basic bookkeeping, choose a firm that’s within your needs. Going for a top tier firm that deals with sophisticated management and consultancy to fix your bookkeeping will end up being unnecessarily expensive.

Availability

At what interval do you need the accounting firm to handle your books? This question will help you to determine the availability of a prospective accounting company. Make sure that it’s easy to communicate with and outsource on that’s preferably near you.

Characteristics of A Great Corporate Accounting Firm Strategy

If you’re charged with running an accounting firm in Singapore, strategic planning is more than a necessity. Lack of planning means your practice operates by luck. It can lead to total business failure. For the practice to succeed, the following needs to be part of the accounting firm’s operational strategy.

Leadership

If you’re running an accounting practice, there’s a lot to manage. However, you need to priorities on your role as a leader. It should help you lead by example and performance. Leadership skills help you to shape the etiquette and attitude of your employees.

Skills development

Your accounting firm is bound to stagnate if you and your staff don’t know how to move up. You need to create an environment that encourages skill development through training.

Working environment

The working environment in your accounting firm determines the level of success. Always ensure that there’s cohesion between the team and the management.

Client service and satisfaction

An accounting firm remains successful if it manages to satisfy its clientele. By satisfying every client who hires you, the firm enjoys recommendations and increased revenue.

Execution

Although the best plans guide your accounting firm operations on paper, it can be challenging to gain traction if you don’t have a comprehensive execution strategy. Make sure that your goals are measurable and how to realise them.

Different Types of Accounting at a Glance

The accounting sector in Singapore and the world over has a variety of accounting varieties and systems. Accountants aren’t just charged with filing taxes. They are charged with management, auditing or consultancy tasks for different types of businesses and industries. Here are five types of accounting fields.

Financial accounting

Financial accounting entails tracking recording and reporting of financial transactions through financial statements. The discipline follows the tenets of the Accounting Standards Council Singapore (ASC) accounting deals with past transactions, unlike management which is more of forecasting. This type of accounting falls under the cash and accrual accounting categories that use double-entry accounting record financial transactions accurately.

Management accounting

Management accounting seeks to furnish the management department with financial information that helps in making critical decisions in the future. The information is exclusively handled. There are three types of management accounting, including:

• Strategic management
• Performance management
• Risk management

Forensic accounting

This discipline involves the rebuilding of accounting information when financial reports aren’t available. It’s used to reconstruct the financial information of a company that has been destroyed or affected by fraud. The field is audit oriented, and it attracts experts who deal with legal, insurance or an audit specific niche.

Public accounting

Public accounting is the provision of accounting services to public-oriented clients. They can be individuals, retailers, and manufacturers, governmental or non-profit entities. The field focuses on auditing, tax advisory and preparation, consultancy financial statement preparation and analysis.

Cost accounting

Cost accounting seeks to prosecute the actual costs involved in running a business. As an internal tool, it assesses the expenses of the manufacturing industry though it’s applicable in the service industry too. It analyses fixed and fluctuating costs that a business incurs, e.g. maintenance, labour and production-related expenses.

 

A Small Business Guide to Better Accounting

Small businesses tend to delegate the need for accounting to the backseat. It can lead to stagnation, and your small venture will miss useful insights that come from accounting best practices. Here are some practices that drive better accounting for small businesses.

Detach business and personal finances

Mixing expenses and income is one of the typical business mistakes that small businesses make. It can lead to future headaches for your start-up. It’s advisable to get a separate business account for the business. It helps you to keep tabs on business finances and helps to build credit rating for your venture.

Automate whatever you can

Manual bookkeeping is fraught with error, and it takes time. Today, getting cloud-based software and doing online banking is efficient. Syncing the accounting software with your business account gives you accurate and regular updates. The cloud ensures your data is safe offsite.

Ask a pro

If need be, consider external insights from experienced accountants if you need to use off-the-shelf accounting solutions. An accountant will offer advice whether customised software will benefit you. The expert can help you choose the right software, set it up and train you on its usage.

Perform regular financial check-ups

It’s important to observe routine bookkeeping to avoid consequences. Ignoring these practices could heap overdue invoices, tax penalties and unending figures.

Do a quarterly review

A small business needs do perform a quarterly assessment of the accounting records. It makes it easy to identify trends such as declining sales or an increase in bad debts. You can consult an accounting firm within your budget to help you mitigate pertinent issues.

Proven Marketing Tips for Accounting Firms

Today, businesses regardless of their niche, require marketing to be found by potential clients. The accounting industry in Singapore is competitive. Persuasive marketing is what makes your firm stand out when clients want to make decisions.

Create a marketing and branding plan

Your accounting firm needs to develop a marketing plan that addresses the needs of the target audience. The strategy should define the target audience demographics. You need to craft is according to the specifics of the demographics and monitor accordingly.

Build a mailing list

Email is still a powerful marketing element. You need to seek contact emails by offering freebies creatively. Create a newsletter and urge potential clients to subscribe

Improve visibility on social media

Accounting firms are conservative when it comes to social media activity. It’s easy to boost online visibility. An online marketing campaign starts with developing your firm’s website. Consider compelling elements, including content and videos. Posting industry-specific content sets you as a thought leader and an authority in your niche.

Polish your content marketing game

Publishing client-centric content positions your accounting firm as an experienced entity in the subject matter. Your strategy needs to leverage the use of blog posts and free insights on your social media pages.

Leverage new technology

Using automation tools and apps gives you a head start on how to generate leads. Lead management and data analytic tools can help you to manage your marketing campaigns better. Data analytics helps to predict your target audience trends and behaviour.