Accounting as a Service (AaaS)

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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:

  1. Projected cost savings in employees cost,
  2. Time-saving which could better be spent on other core activities of the company,
  3. Valuable insights to market-specific expertise and accounting advice,
  4. Can help to establish more efficient procedures throughout the organization,
  5. Can help in technology implementation resulting in more automated and streamlined operations,
  6. Your business’s international needs are better understood,
  7. Can get customized accurate reports,
  8. Help to forecast better growth of your business,
  9. Ensure compliance with statutory regulations and requirements,
  10. Help to maximize savings and deductions,
  11. 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

  • Accounting assistance,
  • Book-keeping,
  • Financial assessment reports,
  • Business start-up consulting,
  • Employees benefit consulting,
  • General business consulting,
  • Forecasting and budgeting,
  • Income tax planning and consulting,
  • Consultation on implementation and design regarding group benefits,
  • Pension solutions,
  • Invoice processing,
  • Business management,
  • Services regarding payment of bills,
  • Financial reporting statements,
  • Financial statements preparation, review, compilation,
  • Payroll and sales tax,
  • Income tax preparation and compliance,
  • Consultation on owner’s contribution maximization strategies,
  • Forensic accounting services.

b) Taxation Services

For Individuals

  • Preparation of tax return,
  • Tax planning and compliance,
  • Gift and estate tax planning,
  • Planning of personal income tax,
  • VAT reporting.
For Businesses

  • Income tax return planning and preparation,
  • Payroll and sales tax preparation,
  • International tax planning,
  • Employee benefits tax planning.

c) Assurance Services

  • Audit,
  • Reviews,
  • Due diligence,
  • Agreed upon procedures,
  • Pre-audit services,
  • Compilations,
  • Projections and forecasts,
  • Consultation regarding application of IFRS/GAAP,
  • Accounting assistance.

d) Valuation Services

  • Valuation with regards to sell/buy agreements,
  • Sale/transfer of business,
  • Succession planning,
  • Gift and estate taxation matters.

e) Outsourcing Services of Accounting

  • General ledger accounting,
  • Accounts reconciliation,
  • Accounts receivable/payable,
  • Fixed asset management,
  • Monthly/quarterly/year end closing,
  • Cash flow management,
  • Implementation of accounting software packages.

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.

 

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