Price Guide for Hiring Accounting Services Firms in Singapore 2021

Accounting Services Firms in Singapore

When it comes to accounting firms in Singapore, small companies have a lot of choices to choose from. Let’s face it, not every small company will need management accounting services Singapore price range, but they will almost definitely want assistance with tax filing.

There are many granularities that must be investigated in order to get a thorough knowledge of what accounting services Singapore price your company may need. How you plan to provide those services, and what factors affect the cost of accounting firms in Singapore.

Your budget and consideration factor

Small company owners have a variety of attitudes and views on how to manage their accounting requirements, as well as their current workloads. Assume you pay S$500 per hour for your own time.

You may have already surpassed the cost of an accountant in Singapore, which at S$4,000 per month is much less than the expense of your own personal time.

Many factors, such as the present size of your company and the kind of development you anticipate, will decide which accounting services Singapore price expert your company needs. As is frequently the case, company owners are overworked and wear a variety of hats.

Finally, small company owners want to make sure that the fluid nature of accounting and tax issues is handled by someone who has a demonstrated track record of providing a wide range of accounting firms in Singapore for a wide range of situations in Singapore over many years.

Costs of professional services for reference

So, although your time and opportunity cost is one place to start assessing your budget if you decide to outsource, we’ll give you an insider’s look at a professional accounting firm’s expenses and, as a result, the value they offer to their customers. In general, there are many points to consider:

  • Whether the professional firm’s personnel receive enough compliance and training, ensuring that your job is completed correctly.
  • The level of expertise of their accountants will have an impact on the advice you get.
  • How good is their infrastructure? This will have an impact on how effectively they integrate with your company.

#1 Costs of ongoing compliance and training

Accounting firms in Singapore that provide good service typically have employees that have been certified by local regulatory organizations such as the Institute of Singapore Chartered Accountants (ISCA). An annual membership fee of S$900 is due to ISCA in order to retain full membership.

More significantly, the association offers regular continuing professional education (CPE) to keep members up to speed on the newest accounting and tax laws in their respective jurisdictions.

The expense of meeting such yearly criteria is typically about S$500 per member. While this usually raises a professional firm’s cost base, the value of expert knowledge helps the firm’s reputation and, eventually, its customers.

A medium-sized accounting company would usually have twenty local accounting and tax experts to offer a complete range of services with a high level of reliability.

Clients may benefit from end-to-end accounting, tax reporting, regulatory reporting, and consulting services on such a scale.

Maintaining such a service level would need an average compliance cost of not less than $28,000 per year. A good professional company will spend between S$1,400 and $1,600 per employee per year on license and professional training.

#2 Professional knowledge costs money, as does an accountant’s pay

In Singapore, a mid-level accountant with 5-8 years of experience earns about S$3,000-3,500 per month on average. Senior accountants with at least 10 years of experience would earn more than S$5,000 per month.

Compilation and preparation work is often done by a junior or middle-level accountant in accounting firms in Singapore.  To verify compliance and accuracy a senior team member evaluates it.

So it’s reasonable to estimate that the average monthly cost of doing the job correctly is about S$4,000, including CPF and allowances for the professional accounting company.

Of course, accountants in professional companies share their labor to save money. It’s a leap to think that a single accountant handles around 40 customers each month, bringing the cost down to S$125.

You don’t want your accountant to be overworked by servicing 100 customers. He may spent also just 20 minutes per month on your accounts; those who do so are obviously putting their clients’ interests first.

#3 Infrastructure, administrative, and rental expenses are all factors to consider

This last point to examine is if the company you’re working with actively deploys excellent IT infrastructure, such as cloud file management and accounting services Singapore price software, to guarantee safe handling and storage of sensitive client data. This will cost between $50 and $100 per customer each month.

On the rental aspect, there is a clear difference between a professional team in the CBD vs. the outskirts, although Singapore office rentals usually range from S$3 to S$20 per square foot.

It would be fair to anticipate a monthly minimum rental cost per employee of $150.  It is also the same amount you might save by outsourcing.

What type of accounting services in Singapore do you require?

#1 For the sake of legislative compliance and tax efficiency

Clearly, the cost of accounting firms in Singapore isn’t the only factor that influences your decision. The Inland Revenue Authority of Singapore (IRAS) may compel you to submit an annual Estimated Chargeable Income (ECI) or Corporate Income Tax return, which would need sufficient competence in the preparation of your Management Accounts.

If your company is in a particular sector (for example, trading), it may be advantageous to register for GST.  You may claim input GST on your supply and file quarterly GST reports. Every couple of years, tax advantages change. It’s a good idea to hire an accountant to make sure your company takes advantage of them.

#2 For the purpose of company growth

You may be considering taking out a loan soon. The bank may need you to provide comprehensive financial accounts as part of the lending covenants. As your company grows and becomes more complicated, you may need greater clarity.

#3 For the purpose of strategic planning

Companies often required management accountants are more than financial accountants. Small company owners must be aware of a product’s or service’s margins and growth possibilities.

Your company may be favorably reading use variations at times. Only a management accountant can tell you how much of it is due to pricing power vs unfavorable changes in mix and yield.

Hire Accounting Services Firms in Singapore Today

If you’re considering outsourcing, do due diligence to choose the finest firm to meet your present and future business requirements. By implementing a solid outsourcing strategy, your business will get access to some of the finest accounting expertise available.

It will save both you and your organization time and money. WLP Group is a major supplier of accounting and company formation services in Singapore. They will offer you high-quality services for your business. For more information, please visit their website.

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