Companies usually have their in-house accounting team that provides tax accounting, internal auditing, bookkeeping, sustainability reporting services, and accounting tasks.
But did you know that some companies still hire a third-party accounting company in Singapore despite having their team? Why would they? Would it be redundant to hire people that will do the same job?
Here are the reasons why companies hire the top accounting firm in Singapore outside their organisation:
1. For cross-checking and greater accuracy
There are times when your in-house accounting team can make mistakes. There are situations where they connive for an inside job in the organisation.
A third-party accounting company cross-check the work of your in-house team to make sure nothing has been missed or misstated through forensic support services and other techniques. Reviews and cross checking ensure accuracy.
2. Provide additional support
If your tax audit is approaching and your accounting team is unlikely to beat deadlines, a third-party accounting company in Singapore can help get the work done much quicker.
They can also provide you with additional services, such as guidance and counselling to ensure compliance.
If your company experiences sudden growth and your accounting work doubles, you have the option to hire more accountants for your team or partner with the top accounting firm in Singapore. Accounting firms have scalable services. They can adjust the service they provide, depending on your needs.
Expanding your accounting team by partnering with a third-party accounting firm is more affordable than hiring new accountants in the company.
In accounting firms, you only pay for the service you get. When hiring accountants, you pay a monthly salary and benefits, compensations, and hardware, such as office space and computers.
5. Access to expertise
Instead of spending time on rigorous job interviews, your top accounting firm in Singapore will provide you with a pool of experts, whether in tax, bookkeeping, or sustainability reporting services.
Sit back and assess your organisation. Do you need extra help from a third-party accounting company in Singapore?
CLA Global TS is one of the top accounting firms in Singapore that provides forensic support services. Visit CLA Global TS today.