1. Chartered Accountants (CA) or Certified Public Accountants (CPA).
These are highly qualified and certified professionals, so they charge the highest fees.
However, bigger businesses with complex operations, a large number of transactions, or thousands of employees need this high level of expertise.
For example, retail or fast-food chains definitely must approach CAs or CPAs to check the quality of work done by in-house accountants.
2. Accounting firm.
Usually led by a CA or CPA, an accounting firm has employees of various levels of expertise.
You should approach an accounting firm once your business has multiple accounting needs, but the workload is too light to hire a separate employee.
Accounting firms can produce reports on a weekly or even daily basis.
When the frequency is important, you should approach accounting firm.
The more work you bring to the accountant the higher priority you get with processing your orders.
3. Corporate administrator.
Most businesses are fine with quarterly or even annual reporting.
In Singapore, companies submit quarterly reports for Goods and Services Tax (GST).
As businesses whose revenue is less than one million Singapore Dollars per annum are GST-exempt, they only need to report their income tax which is due once a year.
For theses businesses the best choice is a corporate administrator, like Savvy Platform.
As we work on a case basis, we proceed with the preparation of financial statements once we receive bank statements from you.
You don’t need to wait once the privileged customers are served.
On top of that, you get all other necessary services from the same provider.
Outsourcing accounting services from a corporate administration firm is practical for:
- small businesses,
- startups, and
- companies managed by the Sole Director/Owner.
And with Savvy Platform you can do everything online from the comfort of your workplace.
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