Singapore Accounting Partners Selection
Top 10 Tips for Choosing the Most Suitable Accounting Partner
With the wide variety of accounting and bookkeeping services offered in the market, choosing the right accounting partner could be a daunting task. There are a few helpful tips to keep in mind before deciding on the most suitable partner.
1. Scope of Work
Consider whether your accounting partner is able to meet your scope of work, all within one roof. If you are going to outsource bookkeeping and payroll services, imagine the time you save if you were to liaise with just one accounting partner.
If you want quality advice, select an experienced accounting partner. This is especially important if you are looking for a partner that is also able to provide tax advisory services or consultancy services.
Tap into your network of friends or business associates to get an idea what different accounting services partners have to offer. Not only can you ask them to refer someone, you can also avoid engaging someone that provides inferior services. Learn from the experience of your friends or business associates.
Verify the credentials of the accounting services partners and check their references. They must be certified and able to meet your accounting or bookkeeping requirements. Since certified professionals are bound by the professional code of conduct, they tend to provide more reliable services.
5. Clientele Mix
Their portfolio of clients may include your competitors. Since they are privy to your financial data, you must feel secure that they will maintain client confidentiality.
6. Areas of Expertise
This gives you the chance to find out more about what they have to offer and see whether or not they are the right choice for you. If your business is in a very niche industry, you will need a partner who knows the accounting standards and requirement of that industry.
Hire them on a trial basis, to see first-hand how things work between the two of you, before deciding whether or not to take them on as a long-term partner.
Discuss and seek clarification about rates and charges. You must be aware of what you can expect to pay this person and the scope of services offered. Some firms may charge very cheap basic fees for limited work scope and heap on extra charges for any additional tasks.
Negotiate to get the best price, and always write out detailed information regarding the planned partnership in a contract that you both sign, before getting started. Remember, the best fit for your business may not mean the cheapest! Cost should not be an overriding factor as a selection criterion.
Conduct an interview to meet with the accounting partner and determine whether or not you could see yourself working with this person on a regular basis. As they will be your trusted partner and adviser, you must be able to have a comfortable working relationship to grow together.
Although the list is not comprehensive, the 10 tips will guide you in the right direction in choosing an accounting partner that best suit your business needs.