WHAT ARE THE CHARGES FOR MONTHLY ACCOUNTING SERVICES IN SINGAPORE?
Published on 8th November, 2022
Accounting services are a must-hire service for a business regardless of its size. Big corporations usually have accountants who perform all the accounting-related tasks for them. However, small businesses often choose to do accounting tasks themselves to save on the accounting budget.
However, it is not the best practice and is often discouraged for the well-being of your business. Taking over an accountant’s role will deviate your focusfrom your primary role, and the tasks would not be executed accurately. An accountant’s job is very complicated. You have to take care of all the finances and transactions going in and out of business, develop reports, and taking important financial decisions based on those reports.
So, it is suggested and advised in your best interest to hire a professional accountant to do the expert's job for you and take care of the finances of your business. However, if hiring a full-time accountant is not within your budget, you can always opt for outsourcing the job. There are a lot of corporate services providers in Singapore, like Shorts Business Services, who offer accounting and other corporate services to small and big enterprises. They will provide you with reliable accounting services at many affordable prices.
If you are still worried about the accounting budget of your firm, here is a brief of the monthly accounting services will cost you in Singapore.
Monthly Cost of Accounting Services
At Shorts Business Services, the price of our monthly accounting and bookkeeping services starts from $400. However, it is the price of basic accounting and bookkeeping services. The price may increase or decrease depending on the size of your corporation and the services you need.
Let’s have a look at certain factors that determine the monthly cost of your accounting services package.
Factors Affecting the Cost of Accounting Services
1. Size of your organization
The size of your business plays a vital role in determining the cost of monthly accounting services. The bigger your organization is,the cost would be higher per month. The reason lies in the number of employees you have.
One of the major or important tasks that are included in accounting services is preparing the payroll of the employees. Generally, accounting firms charge for payroll services onan employee basis so the more employees you have in your corporation, the more will be per month of accounting charges.
Per employee, payroll charges range from $10 to $20 depending on the accounting firm’s experience and expertise.
2. Bookkeeping Cost
Another key task that is often included in accounting services is bookkeeping. If you are unaware of what bookkeeping is,it is keeping a record of all day-to-day transactions of your business. It includes taking care of all the expenses you have made in a month, all the transactions you have received in your business, and keeping a record of all account payables and receivables.
Keeping accurate and up-to-date records of all these transactions is critical for your business. Accounting service providers often use specialized software to keep track of your finances.
Simple bookkeeping services cost somewhere around $100 per month. However, the price may increase depending on the complexity of your bookkeeping service.
3. Type of services you need
Accounting services are not just limited to payroll and bookkeeping services, there is a lot more that can be included in accounting services Singapore price. Some common and more complex services included in accounting services are internal audits, tax filing, financial analysis, generating financial reports, helping the organization head take critical financial decisions based on generated financial reports, and much more.
So, your monthly accounting services price in Singapore will also depend on the services you need for your organization. The more services you need the more will the accounting firm charge you.
How We Can Help You?
Shorts Business Services is a reputed and trustworthy accounting and corporate service provider in Singapore. We have an in-house team of highly qualified accountants and chartered accountants. Not only qualified, but they also possess vast experience working in different industries and providing their proficient accounting services.
The experience and qualification of our accountants and chartered accountants help them in understanding and solving tough and complex financial situations and help companies take difficult financial decisions which later on helps them to thrive and expand their business in new dimensions.
Moreover, hiring us will also give you access to the latest accounting software which is an essential need for accurate and complete accounting services.
Our corporate services include:
- Company incorporation services
- Corporate secretarial services
- Accounting and bookkeeping services
- Taxation services
- SME accounting services
- HR & Payroll services
- Goods and Service tax (GST)
- Outsourced accounting services
- Accounting services
Feel free to contact us for any more information regarding accounting and corporate services.