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How to save your money by choosing the right audit firm for your business


Taxation is an important yet complicated part of your business. It doesn’t matter which type of business you do, but you have to file taxes at the end of the year. The job can get complicated with various accounting and bookkeeping, audit, corporate secretarial, nominee director service, GST filing, and other taxation related work. You can save a large sum of tax money by choosing the right audit firm for your business; if you run a small and medium-sized enterprise (SME), group of companies, or subsidiaries of local and overseas companies. Remember that error in tax filing may get you a hefty penalty not to say one may risk jail term or your business permits being revoked. For this reason, make a careful choice at the time of selecting an appropriate audit firm. You should follow these aspects at the time of selecting an audit firm for your business.

Hire a proactive audit firm with experience.

Today with this rapidly changing business environment tax law changes frequently. Hire an audit firm that can proactively maintain a relationship in this changing environment. They must have appropriate experience in tax filing and bookkeeping jobs. They must know the various legal aspects of this job. Check out how well they excelled in various task-related functions and their references for the truth and validity of their statements. You may also contact their current/ previous clients to check out how good their income tax services are. Hire only when you get satisfied with your findings.

How good their corporate secretary services are

To ensure your compliance obligations are up-to-date check out how much professional corporate secretarial support services they offer. By knowing that your company’s administration matters are in safe hands, you will get peace of mind to concentrate on the business. Make sure in their services they include incorporation of local companies, nominee director service, record keeping of statutory registers and records, preparation of resolutions and AGMs, filing of annual returns / XBRL with ACRA, assistance in the opening of bank account, and provide general advice on corporate secretarial matters.

How good they are in tax planning and filling

Find out whether the tax consultants are equipped with the experience and knowledge to manage your company’s tax filing obligations. Learn how good they are in advantage of the tax schemes and allowances that are available to you and your business, and how much they can help manage your tax and reporting obligations. Make sure in their service they include tax planning, individual income tax services, corporate tax, withholding tax, resolving tax issues from IRAS, and GST – registration, de-registration, and filing of quarterly tax returns.

Outsource your business processing services

A good audit firm should take taxation related load off from your business. They should release your staff from performing this highly administrative and time-consuming function. They should take care of your entire payroll outsourcing needs. So you can deploy your staff to perform higher value-added work. Make sure in their services they include completion of CPF contribution form, preparation of payroll report, payslips and IR8A forms, maintain payroll file for each employee, and computation of salary, overtime, CPF & other deductions. They should always provide non-obligatory consultation on tax planning, company formation services, nominee director service, etc.

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Location: Singapore

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