Accounting as a Service (AaaS)
What is Accounting as a Service?
In simple words, accounting as a service means:
‘Providing accounting services to a client through the use of innovative next-generation methods.’
In the modern era, business and technology revolutions have shaped accounting services from the traditional office-to-office relationship to a more sophisticated modular service design. The most important aspect of accounting as a service is the use of cloud services to provide account services.
The main purpose is to provide quantitative and qualitative information of financial nature intended to be beneficial in making economic decisions.
Why Would you Need Accounting Services for Your Company?
Either you are a small start-up business entity or a large multinational enterprise, your goal is ultimately to:
- Annual filling requirements for Singapore companies are fulfilled
- Centralize and streamline your finance function,
- Expand into new markets and territories,
- Cope with the changing economic conditions,
- Effectively pursue a merger, acquisition or disposal,
- In short, organize your financial and accounting matters into a well-structured framework.
ALL OF THIS WILL DEFINITELY REQUIRE EXPERT ACCOUNTING SUPPORT.
Using accounting as a service can help promote timeliness and accuracy regarding your non-core activities and valuable advice regarding your core activities.
Importance of Accounting Services
Accounting and finance are some of the most important functions of any business entity. For robust and profitable financial management the accounting aspect of a business needs to be highly accurate. Some business owners tend to handle their accounting in-house but this could lead to taking up valuable time on non-core tasks along with the elevated risks of non-compliance. These issues could cost their organization in the longer run.
With poor financial and accounting management being one of the principal causes of a business failure, the importance of using accounting as a service has increased tremendously.
Who Provides Accounting Services?
Accounting services are provided by accountancy firms. These firms possess experienced accountants, chartered accountants, CPAs, book-keepers, etc. who are skilled at handling a business entity’s financial, accounting, taxation, and assurance matters. The firms not only manage the accounting and financial needs of a business but also provide consultation and profitable business advice.
Advantages of Accounting Services
Accounting services can help provide objectivity, expertise and support your business needs in order to succeed in this ever-changing economic landscape.
Some of the advantages of using accounting services are as under:
- Projected cost savings in employees cost,
- Time-saving which could better be spent on other core activities of the company,
- Valuable insights to market-specific expertise and accounting advice,
- Can help to establish more efficient procedures throughout the organization,
- Can help in technology implementation resulting in more automated and streamlined operations,
- Your business’s international needs are better understood,
- Can get customized accurate reports,
- Help to forecast better growth of your business,
- Ensure compliance with statutory regulations and requirements,
- Help to maximize savings and deductions,
- An organized and automated accounting flow is established.
Available Accounting Services
Accounting as a service is a term that includes a broad spectrum of outsourcing and value-added accounting services. AaaS will provide various taxation, financial, valuation and assurance services for a business. Some of the services provided may include:
a) Accounting and Financial Services
b) Taxation Services
c) Assurance Services
d) Valuation Services
e) Outsourcing Services of Accounting
In a Nut Shell
In the present era, accounting as a service has become more of a need than a choice. It can help an organization balance its time between core and non-core activities. Using accounting services not only streamlines the overall financial management but also provides valuable growth-specific insights. Using accounting services for your organization will definitely provide benefits and help you to move towards better decision-making.