Many growing companies, across different fields and industries, in Singapore are now seeking to embrace the concept of outsourcing services such as corporate accounting services to specialised firms. This is because they have realised that outsourcing provides better opportunities to save on cash, grow the business, and reduce risks significantly.
A task that is often considered by business owners for outsourcing is accounting work. When you outsource to an accounting bookkeeping services firm in Singapore, you stand to benefit from many different ways.
And one of the most significant benefits is on your bottom line: cash. In fact, you could save over $10,000 each month by simply outsourcing your accounting work. Here’s what you need to know.
Save up to $1,000 on the hiring process
Hiring an in-house accountant or an in-house team requires a tedious and expensive hiring process. This means the company has to put up a job advertisement, manage responses, and plan for the interviews. There are some great job-hunting platforms to help you reach the best talent, but social media advertising is still necessary to reach a wider talent pool in this day and age.
On average, advertising in a platform such as LinkedIn could set you off at about $350 per month. LinkedIn offers a great pricing model based on your budget and the number of views captured from potential candidates. On the other hand, managing responses and setting up interviews could go up to the $1,000 mark for a new business owner. In addition to money, you will also be spending precious time and effort in the hiring process.
On the contrary, accounting firms like Ackenting Group ensures you do not have to spend this much to hire for essential corporate accounting services. We understand the need for accounting for every business, and that is why we offer affordable accounting services fees in Singapore so that entrepreneurs and businesses are able to save on payroll cost and continue to focus on their business. In addition, our essential accounting services offer your business with financial records and updates to keep you well informed on the financial trajectory of your business.
Save up to $3,000 on staff costs
After hiring a candidate, they will join your team and be entitled to a pay package. For junior accountants, that would be around $2,500 in wages each month, according to popular job search site Indeed. When you factor in additional costs such as training, insurance and other benefits, that cost could go up to $3,000 each month. On the other hand, when you outsource to an accounting firm, you could bring costs down to as low as $500 each month with affordable accounting services fees.
Save up to $2,500 on admin costs & maintenance
Maintaining an in-house accountant can be expensive. In addition to their wages, benefits and training, the company needs to provide office space, equipment, and infrastructure for your new team member. This can amount up to about $2,000 each month in office rental fees, and an additional $500 in maintenance, telephone and internet bills. Aside from these costs, you would also have to pay for software upgrades and security.
When you outsource to an accounting bookkeeping services firm, these costs don’t have to be factored in your business expense as they have their own office to work in and deliver the completed tasks to you.
Save up to $3,750 on expertise
As your business continues to grow and expand, you will require experienced professionals that are able to help you with other financial reporting duties like audit and tax filling services. Specialised taxes and other accounting services that can prove to be too complex or challenging for junior bookkeepers. Hiring an accountant would amount to about $3,750 per month, who has about 1 to 3 years of experience. With more years of experience under their belt, you can expect a higher salary pay for them.
On the contrary, when you outsource to an accounting firm like Ackenting Group, we can ensure that you are able to save on thousands from hiring expert accountants. With our SME accounting services, you can benefit from the expertise and knowledge of our experienced accountants and at the same time, save more on the costs above, which can amount to over $10,000. You can also re-invest the time and effort properly into your business. With our full range of value-added services, we seek to help you make the right financial judgements so that you can save on substantial costs each month.
If you require any assistance on accounting services, feel free to drop us an email at johnwoo@ag-singapore.com or contact us at +65-66358767. At Ackenting Group, we offer a complimentary 30 minutes online consultation for us to better understand your business requirements.
