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Let’s face it: The search for the right accounting firm can be a little confusing.
While there are many options out there, it is important to know their value upfront in order to make an informed choice.
With the right accountant, you can save boatloads of time and run your business more efficiently.
As an accounting fintech company, we go to great extents to build our own features and tools to not only add powerful automation, but improve every part of your bookkeeping cycle.
If you are looking up our competitors to see how we compare, here are what you really need to know about outsourced accounting:
1. How much bookkeeping work does your accounting firm expect you to do?
First thing to note is whether the accounting firm relies heavily on accounting softwares like Xero or Quickbooks.
Truth is, most do—after all, it is the most convenient route. But what does it mean for you?
Keeping in mind that such systems were built to be affordable and easy-to-use, they can either save you energy or end up causing you more hassle.
For example, you might be expected to upload your invoices into the accounting software and categorise them yourself.
At Counto, we have built our own platform with tons of personalised financial insights and tools at your fingertips.
Our AI engine automatically categorises your invoices so you don’t have to. We work for you, not the other way round.
2. Read the fine print
Although at first glance, a particular accounting plan may seem to fit your needs and price range, you should be aware that most come with limited transactions and features.
As such, the whole thing winds up being more expensive with all the upcharges and extra fees. Understand what the accounting provider will and will not do. Will they charge for things like multi-currency? How about termination fees or transaction volume?
Counto has made its reputation as the first accounting service to offer fixed price all-services. So, you are assured that there are no hidden charges.
For instance, we are the only firm in Singapore to offer unlimited transactions with multi-currency reporting across all our accounting plans.
3. What kind of support should you expect?
In other words: Will your accountant be readily available to help when you need it most?
The reality is most accounting providers work from 9 AM to 6 PM. And if you cannot find time during the day to connect with them, you have to do so another time.
We know first-hand that you work long hours building your brand. Therefore, we give you real human support till 11 PM on weekday nights, and till 6 PM during weekends.
Plus, you can reach us in many ways: Real-time chat, email, phone, in-person meeting, or a dedicated Slack channel (exclusive to Virtual CFO customers).
4. Do they offer an easy accounts payable (AP) solution?
AP management is vital for the smooth functioning of any business. It includes timely bill payments, nurturing positive relationships with suppliers, and optimising ways to improve your bottom line.
If you hire a traditional accountant, you need to:
Send over invoice to them ➡️ Bookkeeper creates an accounting entry in the accounting software ➡️ They set up payment in the bank ➡️ You log into bank to approve payment ➡️ Bookkeeper reconciles final amount at the end of the month between the accounting and bank data.
Oftentimes, this process is time-consuming and error-prone due to the number of people involved.
For an easy way to supercharge your AP workflow with automation, our payment solution, CountoPay, is an excellent option.
Integrate payments to your employees, suppliers and vendors in one centralised location.
Just upload your invoice for our AI engine to automatically extract key data. You can modify and approve the payment instantly. Plus every payment is automatically reconciled with the accounting entry.
CountoPay is a free service offering for our accounting customers to help smoothen financial processes.
Our goal here is not to make money—in fact, we do not take commissions from any transactions. The payoff is that it makes your life and our job easier. Win-win.
5. Does your bookkeeping plan include tax support?
Counto accounting plans give you an all-in-one tax and bookkeeping solution. No extra fees, no stress—just expert tax filing and advisory you can count on.
And even if other accountants say they will handle your taxes, we offer something better with our own AI-powered, IRAS-approved tax system.
Which makes us a more cost effective option than an accountant paying for external tax expertise.
6. Is your accounting firm forward thinking?
Why is this important? Because getting an accountant is much more than just getting your books done.
Without a modern one, you are going to be limited in automation capabilities. Thus spend more money and resources in the long run.
With a technology-based accountant like Counto, you can put routine bookkeeping tasks such as POS receipt forwarding on autopilot.
There is also the ability of our in-house engineering team to build bespoke APIs and features.
7. Do they impose termination fees and make it hard for you to leave?
Understanding the legal implications of your agreement with the accounting firm will ensure you do not encounter any nasty surprises.
Most contracts are agreed on for a fixed period of time. And you cannot simply cancel them once you get started. You may even have to fork out hefty penalties for early termination.
Like any business, we want to grow, but never at your expense. In addition to zero termination fees, you are free to transfer all your documents anywhere else.
8. Are they serious about helping you grow?
We were the first in Singapore to introduce revenue-linked accounting prices. For example, pay $80/mo if your annual revenue is under $50k; $100/mo if it is under $100k, and so on.
The main takeaway here is that we grow when you grow.
We believe in building a lasting relationship with you. That is why our prices are fair but our service is top notch.
We are also constantly adding new features to enhance your user experience. Among them is a free IRAS-approved GST submission tool to IRAS for those who want to do GST filing on their own.
If you are still paying exorbitant fees or hourly rates to your current accountant, think twice.
And if all of these are not enough to convince you to try our accounting service, you can start your first month of bookkeeping with us completely for free. Zero risk, no hidden charges.
