Outsourced Accounting Services in Singapore
Outsourced accounting services in Singapore refer to hiring an external accounting firm to handle a company’s financial tasks and responsibilities. This allows businesses to focus on their core operations while ensuring professionals take care of their accounting needs.
What are the benefits of Outsourcing Accounting Work?
Outsourcing accounting work offers numerous benefits to businesses, such as the following:
Outsourcing accounting work can provide significant cost savings for businesses. By outsourcing, your company can avoid the expenses associated with hiring and maintaining an in-house accounting team. This allows you to allocate financial resources more effectively and control the accounting budget.
Access to Expertise
We have a team of skilled professionals who specialize in accounting and financial management. We keep to date with industry best practices, regulations, and compliance requirements. Our expertise can help ensure accurate financial reporting, reduce the risk of errors, and improve overall financial management.
Focus on Core Business
Outsourcing frees up time and resources to focus on your core competencies. Accounting tasks can be time-consuming and complex, but by entrusting them to a specialized team, you can concentrate on activities that directly contribute to growth and success.
Outsourcing accounting work can lead to improved efficiency in financial operations. We have advanced accounting software and technologies that streamline processes, automate tasks, and provide real-time financial insights. This can result in faster turnaround times, improved accuracy, and better decision-making based on up-to-date financial data.
Accounting tasks involve compliance with various regulations and tax laws. By outsourcing accounting work to experts, you can reduce the risk of errors or non-compliance. We stay updated with regulatory changes and ensure that financial records and reports are accurate, reducing the likelihood of penalties or legal issues.
Why Choose Ledgen as Your Outsource Accounting Services Provider?
At Ledgen Group we can assist you with the following:
✓ Setting up and maintaining a proper set of accounts that is tailored to meet your internal management requirements
✓ Ensure that accounts maintained comply with relevant standards and audit requirements
✓ Close accounts on monthly, quarterly, half-yearly and yearly basis
✓ Handle your accounts payable or accounts receivable
✓ Prepare financial statements, reporting packages and schedules to meet audit deadlines
✓ Clearing any accounting backlog and “messy” accounts
✓ Reconstruct accounts from incomplete records
✓ Tracing of all differences & reconciliation of all items
✓ Review and rectification of accounting and errors in Goods & Services Tax with preparation of the necessary supporting documents
✓ Reconciliation of all bank and major suppliers’ accounts
✓ Review of system flow and recommendation on improvement
✓ Prepare Extensible Business Reporting Language (XBRL) reports for filing with Accounting and Corporate Regulatory Authority (ACRA) in Singapore
As a leading Accounting services provider, a key factor that differentiates us is our ability to value-add and customise solutions for our clients. Our team is highly experienced in servicing the needs of companies of all sizes spanning across various industry segments and jurisdictions.
At Ledgen Group, speed is of the essence. We understand that the demands of the modern economy sometime require non-routine accounting work and tight deadlines. Our team is flexible and can work on short notice to ensure you receive a quick turnaround.
How has Ledgen Group helped our Clients?
Case Study 1: Providing quality service and saving time, cost and hassle
Our client is a well-known international leather luxury goods brand. We were engaged to prepare the Singapore company’s monthly accounts and monthly reporting package to be submitted to their global headquarters. Their decision to outsource to Ledgen Group was driven by reduced fixed overheads and time saving on internal manpower resource planning.
Case Study 2: Going beyond to provide value-add and professional advice to our clients
We were engaged by a technology service provider to prepare its annual accounts and compilation report. Although we were not engaged for outsourced Tax services, via the process of preparing their annual accounts we noted that the client should have either been registered for Goods & Services Tax (GST) or to apply for exemption with IRAS. We then conducted a cost-benefit analysis of our client being registered for GST and highlighted our findings to the client.
Case Study 3: Speeding up the growth of a client with complex requirements
Our client is a corporate finance advisory service, infrastructure development and investment company. They were project-based and required separate individual companies to be set-up and managed for each project. They chose to engage Ledgen Group to prepare the monthly accounts of all their companies so they could scale up their business without having to consider the need to hire additional internal accounting support, thereby freeing up precious time for them to focus on strategic business analysis and decision making.