Without proper bookkeeping and accounting, a business cannot cope with the statutory compliance mandated by the authorities. The activity is also essential for gaining precise information on the business’ financial position. Such information is extremely vital for every business for its survival in a competitive market like Singapore. That is why startups, SMEs and big businesses, irrespective of their size, must hire accounting services Singapore.
Appoint Singapore Accounting Services
Updating of its accounting book is a must for business. The task can only be done effectively by putting an accounting system in place. They have the option of investing in an in-house accountant which involves upfront expenditure and the pains of searching and hiring a competent accountant. Alternatively, they can choose to outsource accounting services.
However, a few small business owners try to do their business’ accounting on their own. It is a challenging task. And as long as the volume of business transactions is low it can be done successfully by an owner well conversant with the accounting principles. It helps them in saving a few bucks that would otherwise go to the accounting services Singapore. But the saving comes at a cost.
Pay Attention to Your Core Tasks
The task needs a fair amount of time which the business owners could use to market the business’ services and products and generate more revenue. Every small business owner should try to avoid such a situation and focus on their core goals. It is especially true when the volume of their business’ transaction grows. Hiring of accounting services Singapore brings a number of benefits to them. Following is a list of few common services offered by the accounting companies in Singapore:
Singapore Accounting Software Assistance
Singapore Professional Accounting Service
Recording Full Set of Account Transactions
Preparation of Cash Flow Statements
Singapore Group Consolidation
Singapore Bank and Other Accounts Reconciliation
Accounts Payable (AP)
Financial Statements Preparation
Director’s Report/ Compilation Report Preparation
Compilation of Accounts
XBRL Statement Preparation
Due-date Bound Annual Filing
The directors of companies are responsible for the company’s annual filing. It needs to be accurate and on-time. The accounting services Singapore make sure that. They have expertise in legislation and changes in them. Servicing their clients’ needs earns them their bread and butter which makes them keep their machinery well oiled.
Once they get their hands on the client’s financial data, they require minimal time in preparing the cash flow statement, profit and loss statement, etc. following recommended Singapore Financial Reporting Standards (SFRS). They are fully capable of providing full-scale accounting & bookkeeping services, preparation of Directors’ Report/ Compilation Report, AGM filing, annual return filing, etc.
Reduce Cost of Compliance
The outsource accounting services enable the small companies in reducing their cost of compliance. These services employ Certified Public Accountants who have industry-wide experience. They also have access to latest accounting software which enables them to accommodate the most recent changes in the rules and regulations.
By paying the affordable accounting costs charged by these firms, the businesses get to enjoy expert assistance for the update of books of accounts and preparation of its financial statements. It minimizes the chances of filing inaccurate statements. On the other hand, installing an in-house accounting department is not an affordable solution to many of the small companies.
Trust Accounting Services with Financial Data
In the age when MNCs are outsourcing their non-core tasks the third parties, some Singapore business owners hesitate to hire outsource accounting services. They are worried about the confidentiality of their business’ financial data. However, these services groom their employees to strictly maintain the sanctity of clients’ sensitive data.
The accounting services Singapore, in addition, assists businesses in GST registration and GST filing Singapore, payroll services, XBRL filing, company secretary and registered office address services.