7 Signs when you need to switch to a new accounting firm

accounting firm in Singapore

Importance of an accounting firm for your small business


There are many reasons why an accounting firm is so important for your business in Singapore. For one, they can help you keep track of your finances and budget accordingly. They can also help you with financial planning and forecasting, as well as tax preparation and filing.

accounting firm in Singapore

Furthermore, an accounting firm in Singapore can provide you with valuable insights into your business operations, helping you to identify areas of improvement and make more informed decisions. Ultimately, an accounting firm can be a valuable partner in helping your business to achieve its financial goals.

Below are some of the major reasons for you to switch over to a new accounting firm for your business.

#1 Unavailability

Is your accountant unavailable for you most of the time? If yes, you need to find someone who is more available to help you with your finances. Perhaps another accounting firm or an accountant who has more time for their clients. This is important in order to stay on top of your finances and get the help you need.

It’s very important for you to hire an accountant that is available to handle your queries or concerns in a timely manner. This is because if you have questions or concerns about your finances, you don’t want to have to wait days or even weeks for a response. An accountant who is responsive and available will help ensure that you are always up-to-date on your financial situation.

#2 Lack of expertise

If you’re unhappy with your current accountant’s lack of expertise in your industry, it might be time to switch to someone new. 

Finding an accountant who is knowledgeable about your specific field can make a big difference in the quality of advice and service you receive. If you’re not satisfied with your current situation, don’t hesitate to explore other options.

There are many reasons to hire an accountant that is an expert in your business niche. They can help you keep track of your finances, stay organized, and make sure that your taxes are filed correctly. They can also offer advice on how to grow your business and save money. An expert accountant can save you time and money in the long run, and help you avoid costly mistakes.

#3 Expensive

If your current accountant or accounting firm is proving to be too expensive, it may be time to start looking for an affordable alternative. There are plenty of accounting agencies out there that can provide the same level of service without breaking the bank. Doing a little research and shopping around can help you find the right fit for your needs.

#4 Lack of technology

If your current accountant is not up to date with the latest accounting technologies, it might be time to switch to another accountant or accounting firm. With new technologies emerging all the time, it is important to have an accountant who is able to keep up and use these technologies to their advantage.

At the very least, your accountant should be familiar with the latest software and be able to use it effectively. If they are not, then you could be missing out on opportunities to save money and improve your business operations.

#5 Unavailability of other services

If your existing accountant does not provide other services such as income tax & GST filing services, auditing, company secretarial services, loan processing, etc., you may want to consider switching to another accounting firm in Singapore that provides all the services you need under one roof. 

This would be more convenient and efficient for you and save you the hassle of dealing with multiple service providers. Do some research and compare different firms to find one that best suits your needs.

#6 Inability to explain

It’s important for your accountant to assist you with all the queries that you have. If they are not able to explain to you and resolve your queries, you must switch over to another accountant. 

The accountant should be able to provide guidance and support in all financial decision-making for your business. They should also have a good working knowledge of tax law and be able to help you minimize your tax liability.

It’s important to hire a reliable accounting firm

There are many reasons why it’s so important to hire a reliable accounting firm in Singapore. For one, having accurate financial statements is critical for making sound business decisions. A reliable accounting firm will make sure that your statements are accurate and up to date.

Another reason why it’s important to hire a reliable accounting firm is that they can help you save money on taxes. A good accountant will be able to find all the deductions and credits you’re entitled to, which can save you a lot of money.

Finally, a reliable accounting firm can provide valuable advice and guidance. If you’re not sure about something, or if you need help making a major decision, your accountant can offer invaluable insights.

So if you’re looking for someone to help with your finances, make sure you hire a reliable accounting firm in Singapore.

Recommended post: 8 Things to consider while choosing an accounting firm in Singapore


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ACRA Cancels Registration of Filing Agent and Qualified Individual for AML/CFT Breaches

The Accounting and Corporate Regulatory Authority (ACRA) had cancelled the registrations of filing agent (RFA) and qualified individual (RQI) on 18 January 2024. The registrations were cancelled in view of breaches of anti-money laundering and countering the financing of terrorism (AML/CFT) controls under the ACRA (Filing Agents and Qualified Individuals) Regulations 2015 (the “ACRA Regulations”).

Some of the basic AMT/CFT controls that a RFA and RQI are required to exercise are as follows:

(a) perform additional customer due diligence measures when a customer is not physically present during onboarding;

(b) inquiring if there exists any beneficial owner in relation to some of its customers; and

(c) perform risk assessments i

RQIs and RFAs provide corporate secretarial services for business entities, such as helping customers to incorporate companies, file annual returns and fulfil other filing requirements under the Companies Act 1967 or other Acts under ACRA’s purview. RQIs and RFAs are required to perform customer due diligence measures in accordance with the ACRA Regulations, and conduct their business in such a manner as to guard against the facilitation of money laundering and the financing of terrorism. RQIs and RFAs must also satisfy statutory requirements such as being fit and proper persons, to be registered or continue to be registered.

RQIs and RFAs who breach their statutory obligations may be subject to enforcement actions, such as financial penalties of up to $10,000 or $25,000 per breach respectively or have their registrations with ACRA suspended or cancelled.

Therefore, RQIs and RFAs play an important role in helping to detect and combat illicit activities.

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