Do the businesses really need to hire accounting services Singapore to look after their statutory…
Needless to say, the quality and efficiency of services provided by any of top accounting firms in Singapore are matchless. The Big 4 such as KPMG, PWC, Deloitte, and EY (Earns & Young) are undoubtedly the top 4 accounting services providers in the world. These firms are the pioneers in the fields of accounting and auditing services. Not all business could afford to hire the services of big four as the cost of services are beyond their reach. The services of these top accounting firms are not suitable for small and medium business both regarding budget and requirements. The reputation of top accounting firm in Singapore is worthwhile when you can afford to avail their services.
The selection of right accounting firm can be crucial for business as it will impact on its financial record, performance and many other aspects. Hence, you must be careful while making the final choice. It is wrong to assume that you would not get high-quality services from small-size accounting firm when compare to reputed big firms. The ideal choice for an SME is small accounting company. Big 4 companies are meant for MNCs and business giants. Every aspect of a big firm is vast and broad, be it clientele list, the range of services, price or projects.
Basic features of Big 4 services:
• Client base is too huge and diverse across the industry.
• The cost of the service is hefty.
• A plethora of services under one roof.
• Exploit the most innovative and cutting-edge technology to deliver the services.
Despite these, Big 4 firms are not suitable for the small businesses as they hardly could give attention to the detail, which is highly essential for in the teething days of the startups. Above all, the service will cost arms and legs for small businesses. A startup must be nurtured by offering consistent support and guidance by the experts of the accounting firm they hired. It is obvious that small businesses run on tight budget and they could not invest a generous amount in a non-core activity like accounting.
How are Small Accounting Firms Ideal for SMEs & Startups?
A small accounting firm can act as the best mentor and guiding partner for SMEs and Startups. But, the big question is which one to hire? There are thousands of accounting firms in Singapore which specialize in offering small business accounting services. Finding the right accounting partner and determining that it is the best choice should never be a game of chance. After all, businesses could not take any chances or risks. Make sure to do plenty of research and then decide the best one.
Now let us figure out how a small accounting firm fits well into a small business. Almost in every aspect, the small accounting firm is a perfect match for startups or SMEs.
• The prices of the packages are affordable and come up with seasonal offers and discounts.
• They are knowledgeable and highly experienced when it comes to serving the requirements of small businesses.
• One dedicated Accountant will be assigned to handle end-to-end accounting requirements while paying attention to the detail.
• The experts are open to offering free advice and guidance on various aspects of business.
• Although their services are not as broad as Big 4, still they are capable of serving the clients with all the essential elements of Singapore accounting services.
No matter which accounting firm do you hire, you must ensure that you are comfortable to tie up with the professionals for long term. Be sure to check their credibility and reputation in the market (check with the certifications of their professionals). The aspects like areas of interest, expertise level, industry experience and proficiency must be considered when searching the right service provider. You must initiate a discussion with the professionals before finalizing their service to avoid the last-minute hiccups and misunderstandings. Also, do not always go with the name and fame as that might not be suitable for your business at its growing stage.
From above analysis, it is clear that Big 4 or top accounting firms in Singapore are not ideal choices for SMEs, startups or small businesses. In fact, they basically cater to the big corporates, business giants and MNCs.