How to Switch to Third-party Accounting Services Singapore?

accounting-services-singapore1

 

Finally, you are ready to hire the third-party accounting services Singapore for your growing business. Getting ready to switch to an outsourced firm is not as hard as you consider. Make the process of transition a smooth sailing experience by following a few important tips. Before diving deeper into the tips, let us discuss how important the outsourcing accounting is for Singaporean companies/business.

Why is Outsourcing Accounting Essential for Singapore Business?

When doing business in Singapore, you must make sure to fulfill the compliance requirements. The government of the Republic encourages the companies to remain compliant so as to maintain a prosperous and healthy business environment within its jurisdiction. No one can assist you better than a professional when it comes to complying with statutory obligations. There are plenty of professional accounting & bookkeeping services Singapore available. Getting started with the right services provider can be a challenging feat unless you know the procedure.

Make the Switch from In-house Accounting to Outsourcing

At present, you are more likely to have either in-house staff and Doing-It-Yourself to complete the accounting tasks. Also, chances are there that you have not kept the accounting books in order considering it to be small in volume. But as the business scales, the need for timely accounting records arises to maintain a healthy cash flow.

Over the years, outsourcing has proven to be more beneficial for businesses when compared to in-house staffs and DIY method. If you want to have a more stable business, make sure to hire a third-party accounting firm in Singapore.

At the foremost, make sure to have a right process in place to make the transition as smooth as possible. You do not need to take stress about the changes. After all, the third-party accounting services Singapore is there to make your business life easier. When you entrust an accounting firm with the task of handling your financial records, plan for 15 days – 1 month before things get rolling in. They may require even more time if your books are lagging behind.

You also ensure to ask the firm about their process for setting up a new client. A good and reliable firm will firmly answer your question and will explain it. Contrarily, the wrong one will dodge the question.

Here are the few tips to be taken into account before hiring the accounting services Singapore:

Hire the firm during the off-peak time in the year:

If you have a fair understanding of accounting and taxation, you might be aware of the fact that how busy the accounting firms are during the tax or audit time of the year. It is better to avoid the peak time and make the switch during down time.

This is an important tip which deserves to be mentioned. Make sure your business get time to get accustomed to the change and you and professionals of the firm discuss the requirements in detail. They must not be in a hurry when you initiate the outsourcing process. The experts of the firm must dedicate time and listen to you. After all, you are in the process of building a strong financial system which will scale as your company grows. That is worth the focus and attention.

Develop an accounting plan:

Create a roadmap for the accounting activities with the help of the expert team of the accounting firm. Set the goals and make the calendar of the activities to be completed in the accounting year. Let the person with accounting knowledge of your company work directly with the accounting team so that they could get everything they want about your company’s accounting records as soon as possible. Make sure to be in liaison with the accounting team throughout the year. It helps you keep track of the on-going activities.

Get the core accounting activities within few days:

Although it takes some time (approx. 15 days to 1 month) to get into the full swing, let the experts work on core accounting issues within few initial days. This way the outsourcing team will be able to get accustomed with the essentials quickly.

Now that you have an overall idea of the process of switching to outsourcing accounting services, the next important thing for you is to go and actually hire a good accounting firm in Singapore. Not all accounting firms are the perfect choice for all business. The right choice must be made considering a few crucial factors such as the size of the business, requirements, budget, industry expertise and so on.

Also, make a list of what other qualities you are going to look in a third-party accounting service before choosing it. Once you are done with the search, the process of transition will be a breeze for your business.

How Accounting Firms in Singapore Help the Businesses Become Productive?

Singapore-Accounting-Standards

It comes as no surprise that accounting is a vital aspect of business. An accountant collects, records, gathers and analyzes financial information in a single place. This financial information is crucial to the business as it often provides the true and actual status of the financial condition of business. Hence, accounting must be handled by an expert who has the profound knowledge of bookkeeping and accounting. Instead of hiring an in-house staff, one can opt for the outsourcing option. The accounting firms in Singapore are helping businesses grow their bottom lines.

Why Outsourcing to Accounting Services Singapore?

Accounting is a language of business, and it lays a strong foundation to build a promising future. The businesses benefit when accounting department of the company has been handled by a professional adept in the process and legal compliances. Ideally, the experts of the professional accounting services Singapore stay updated and compliant with the regulations. Once you understand the concept of outsourcing better, you are more likely to see why outsourcing accounting to a good Singapore accounting firm makes sense.

It is worth noting that there are numerous benefits of outsourcing accounting services. The cost of outsourcing is almost half of the expense a company usually made on in-house staffs. When you outsource, you simply need to pay the accounting package fees. Sometimes, it can be on hourly, monthly, quarterly or annually basis. Whereas, you need to invest a huge amount of money throughout the year to pay a typical in-house employee. The cost will include monthly salary, bonuses, insurance benefits, infrastructure and so on.

For the competitive fees, you would get a higher level of expertise since the accounting firms in Singapore bring industry-wide experience. The highly qualitative accounting service is done in much less time without any disruption in work due to sick leave/ vacations of employees.

One of the key perks of outsourcing accounting service for small businesses is objectivity. The experts of an outsourced firm can guide and assist the clients even on most sensitive issues of the business. However, an in-house staff may not be well versed in such topics. The firm being an accounting partner of the business, is well aware of client’s confidential information and foster a relation to remaining as a trusted business advisor to the client.

Some Myths about Accounting Debunked:

Given the multiple benefits of outsourcing of accounting services has to offer, many businesses regardless of size and type, are turning to accounting firms in Singapore. Outsourcing not only just act as a one-stop service provider but also help businesses to boost its overall capabilities. However, a section of small businesses may not be clear about the concept of outsourcing services. It seems that it is due to some myths they may head about outsourcing.

One will lose control over its company’s finances if the accounting process is outsourced. Contrarily, a company can have more control over its financial condition with the help of a third-party firm. The experts of the firm will rigorously work on to standardize the financial process of your organization. You will get real-time data, allowing you to focus on weaker areas. You will be able to take more informed and best business decisions ever.

Outsourcing is not for small and medium enterprises. It is meant only for large corporations. This the need of the hour to wipe out such misconception from the root level. Outsourcing brings wellbeing to all business and industry type regardless of the size. Surprisingly, it saves the cost of labor of almost 50%. Plus, outsourcing streamlines the process and ensures efficiency.

Sharing confidential information with the third-party firm is not safe. They tend to think that these firm will disclose the information to the rivals or competitors. On a flip side, a good and reliable firm left no stone unturned to keep your data safe and secure by using online encryption security system. They foster a relation with clients with purely based on trust and integrity. By no means, they will disclose any of your information to the outsiders. Reiterating, you indeed get a trusted advisor who will guide you on very sensitive issues of the business.

Outsourcing is expensive, and it is not worth the money you invest in. But, the reality is contrary to this belief. It helps you save money to be invested in installing accounting software, in-house staffs, and infrastructure. Most of the accounting packages of these firms come at competitive prices. So, you do not even need to shell out an exorbitant amount of money to avail outsourced accounting services.

Moreover, these firms help you keep a constant track on your cash flow. They will prepare financial statements, XBRL Filing Report, Director’s Report and compilation of unaudited statements. You no longer needed to grapple with filing XBRL report, Annual Returns and convening Annual General Meeting as the experts will do on your behalf. They will free you up to fully concentrate on the core competencies of the business while keeping track of financial condition. This smart move is a surefire way to become prolific enough to achieve your business feat. In a nutshell, accounting firms in Singapore are paving ways for businesses to become productive and successful.

Bookkeeping Services SG for the Small Businesses in Singapore

Bookkeeping Services Singapore

Bookkeeping Services For Small Business

 

The bookkeeping is the practice of systematically recording financial transactions of business. It enables the owners in knowing the true financial state of their businesses. Many of them hire bookkeeping services Singapore for the task.

The small business owners focused on providing their services and products to the best of their ability, generally, prefer to outsource it to accounting services that offer expert bookkeeping services SG. However, some of them take upon themselves to do the bookkeeping for the business on their own. However, the task requires knowledge of the accounting principles, Singapore Financial Reporting Standards (SFRS) and Singapore taxation.

Why the Startup & Small Business Hire Bookkeeping Services SG?

The hiring of bookkeeping services SG is really beneficial to the startups and small businesses especially when there are a few employees to take care of the customers’ needs. These firms set the newbie entrepreneurs free to chase the customers without having to go through the invoices and receipts at the end of the each day.

As per the ACRA’s (Accounting and Corporate Regulatory Authority) ruling, every business in Singapore has to regularly update its books of account. The bookkeepers employed by these firms are tasked with the recording of each and every financial transaction of their client’s business offering detailed break-up of all expenses. The qualified bookkeepers working in these firms are conversant with the latest changes in the rules and regulations. They are also well aware of the basics of auditing process and know how to treat profit in the books of accounts.

The aim is to tally the actual expenses of the business with that of its recorded expenses. It is very important in establishing the transparency of the in-house processes and the reliability of the reports produced by the management and tabled at the annual general meeting of the company.

Bookkeeping Accounting Services on the Offer in Singapore

The prominent bookkeeping services SG deliver following services.

  • Preparation of profit & loss statements

  • Quarterly bookkeeping services

  • Preparation of balance sheets

  • Fixed Assets Ledger

  • General Account Filing

  • Bank reconciliations

  • XBRL statements preparation

  • Cash Flow Statements

  • Financial Analysis for weekly, quarterly, monthly, annual periods

  • Singapore Financial Reporting Standards (SFRS) Services

  • Preparation of Directors’ Report

Advantages of Outsourcing Your Bookkeeping to Accounting Services SG

Following are a few benefits of employing an experienced bookkeeping firm in Singapore.

Accurate Statutory Compliance

The accounting services assist the business owners in resolving all the financial discrepancies and in keeping the accounting books up-to-date by accurately recording the business’ financial information into the appropriate ledgers.

They take charge of the task and helps the clients in discharging their legal obligations. They also lend their expertise for the XBRL conversion of the financial data and timely XBRL filing.

Establishing the Credibility of the Management

Following the recommendation of ACRA and maintaining the books of accounts in an updated state lends the credibility to the data. Employing one of the bookkeeping services SG for the task is as much beneficial to the management as it is for the benefit of its investors.

The data accumulated through the bookkeeping is, later on, used for the accounting purposes. It is used to prepare various financial statements and reports. Together they enable the management in knowing the financial health of the company.

Data-Driven Decision Making

The financial data gathered and recorded by the bookkeepers in a systematic manner enables the management in decision making. It helps them in taking corrective actions as well as planning for the future of the business.

The hiring of bookkeeping services SG, cost-wise, is a better option than investing in an in-house accountant and investing in the setup. The fees charged by these firms are according to the volume of financial transactions of the business and are affordable. They even upscale or downscale their bookkeeping services to accommodate the surge or decline in the clients’ business transactions.

Outsource Your Workload to the Accounting Services Singapore

Accounting firms in Singapore

Accounting Firms for SMEs

Keeping track of business transactions is a must thing for a business owner irrespective of the size of his or her business. Outsourcing the task to the accounting services Singapore is a wise decision, if the owner is short of time or has issues mastering the accounting concepts. The move benefits Startups, and Small and Medium Enterprises (SMEs). The accounting firms in Singapore helps them with the profit visibility and finance control.

Need to Hire One of the Experienced Accounting Firms in Singapore

If you own a startup or small business in Singapore, you will be better off by answering a few crucial questions that are presented below.

  • How good is your knowledge about the mandatory accounting services required of you?

  • Are you using a state-of-the-art accounting software?

  • How much time are you devoting to the business’ bookkeeping and financial accounting after the end of the business day?

  • Is it fun, especially when you are dead-tired, to personally file invoices, receipts, financial documents, and update the books of accounts of the business?

  • Is hiring an accounting service Singapore a cost effective option to setting up of an in-house accounting?

  • How long since you have updated yourself with the latest changes in the rules and regulations?

  • Do you know when you have to file your financial statements to the ACRA (Accounting and Corporate Regulatory Authority)?

Accounting Services Singapore to Improve Your Compliance

The wise business owners, depending on their answers, will have no difficulty in making up their mind about the need to appoint one of the accounting services Singapore to take care of their books of accounts. It is indeed an economical option.

However, many startups and small business owners shy away from making a move. For some, it is the sanctity of their financial data. They do not want a third-party to handle it. On the other, a few business owners find fees charged by the accounting services Singapore an extravagant expense. They try to do it on their own, unnecessarily jeopardizing their compliance.

Accounting & Bookkeeping Services for Small Business in Singapore

In reality, the accounting firms for SMEs, after going through the financial transactions of a business can determine its cash flow and advise the owner about unnecessary expenses. They advise on the better business practices, tax saving, and how to maintain the financial health of the business by generating more profit. These firms offer following services to the Singapore businesses.

  • Compilation Financial Statement

  • XBRL filing

  • GST return filing

  • Bookkeeping Service

  • Corporate Accounting

  • Professional Accounting services

  • Setup of Accounting System

  • Sole Proprietorship and Partnership Accounting

  • Accounting for international businesses

Tasks Done by Accounting Companies in Singapore

The certified accountants employed by the accounting services Singapore

take care of a variety of accounting functions for their clients. They stick to the professed by the authorities while taking off the burden of a non-core task off the backs of their clients.

  • Accounting services Singapore go through the each financial transaction of their clients business and record it faultlessly.

  • They prepare the financial statements, such as, profit & loss statement, balance sheet, cash flow, etc., and maintains general ledger for their clients’ company.

  • They prepare Compilation Report/ Director’s Report and unaudited financial statements for their clients.

  • They judge whether their clients need to opt for voluntary or compulsory GST registration and advice accordingly. Afterwards, assist them in quarterly GST return filing.

  • Accounting firms in Singapore guide and provide expertise on tax compliance as they have the expertise tax laws in Singapore and helps their clients in optimizing the amount paid in taxes.

If you are looking for a reputable one of the accounting services Singapore, you need to look high and low, take advice from your business associates and zero-in on a reputed firm that can suitably serve your business. You need to set up a meeting with its representative and explain the nature of services and deadlines your business needs them to follow. Most of the accounting firms in Singapore charge their clients by volume of business transactions. They increase their services to accommodate the increase or decrease in the volume of transactions due to change of seasons. Take assurances about such happening and make sure that they offer you a cost-effective accounting fees package.

Why Small Businesses should Outsource Payroll Services in Singapore?

Payroll Services Singapore

Payroll Services in Singapore

 

Are you spending a huge stack of money, time and resources in managing the non-core aspects such as payroll services & accounting instead of being focused on the productivity of your business? You are not alone in doing such expensive mistake in business. The majority of small business owners tend to wear many hats on their own for the sake of saving a few dollars. But, as the business grows and the competition becomes tough, they fail to manage the task efficiently. The third-party firms save the business from facing some undesired turmoils in business.

Outsourcing of non-core functions including payroll has always been advocated by the business consultants given its manifold advantages. It helps the businesses not only in managing the accurate data but also assist in complying with the local statutory laws. Outsourcing of payroll services in Singapore has been embraced by more and more companies as it is the easiest way to cope up with the ever-changing rigorous laws of IRAS (Inland Revenue Authority of Singapore). Secondly, they could get more time to concentrate on core competencies of the business.

Nevertheless, a section of small business owners is still using the Do-It-Yourself approach to keep fuller control over the internal functions. They pay less heed to the growth rate of their business and eventually, many of them are forced to cease their business within as few as five years of the company incorporation. Let the blog explain you the reasons why small businesses should outsource their payroll services Singapore.

Meet the Compliance of IRAS:

Meeting the statutory obligations of IRAS is quite challenging and stressful for the businesses in Singapore. They fail to keep the pace with its stringent laws due to their business workloads. However, the Singapore payroll consultants of the firms keep themselves abreast with the laws and help the businesses to fulfill the legal requirements easily.

Get Access to Technology and Professional Expertise:

An advanced Singapore Payroll firm provides services to their clients using technology-driven software and expertise of the consultants. Many of them have been processing payroll for years and can deal with the odds without breaking a sweat.

Reduce Business Cost & Save Money:

Outsourcing your Singapore payroll services can help you save money. The fees of these firms are competitive and way less than the cost of an in-house employee. When you employ an in-house payroll consultant, you would have to pay for the salaries, benefits, insurance, infrastructure and so on, which can burn a hole in your pocket. Cost saving is the key driving force behind the rising popularity of outsourcing Singapore payroll services.

More Data Accuracy is Ensured:

A good and trustworthy payroll service provider is less likely to make a mistake and is sure to deliver accurate data. The ever-rising competitions in the market prompt them to deliver high-quality services within the specified period. The delivery will not be affected by any illness or vacations which you otherwise have to face in the case of in-house staff. Plus, it eliminates the fear of fraudulence and payment manipulation.

Outsourcing your payroll service can prove to be a smart strategy to keep your business growing by focusing on your core competencies. Also, you get plenty of benefits as mentioned in this blog. So, what more you are waiting for? Search a good payroll Singapore firm, outsource to them and lead a peaceful life.

Monthly Accounting Services Singapore for the Small Businesses

accounting firm Singapore

Monthly Accounting Services Singapore

Monthly accounting services Singapore are absolutely essential for the businesses operating in Singapore. The startups and small businesses trying to make a living with a shoestring of a budget have so much to worry about. Their main concern is how to find customers by offering quality services and products.

Moreover, the owners also need to pay careful attention to their cash flow. It makes them aware of how much money is coming in and going out of their business. A carefully selected accounting firm Singapore can point out to them where they need to economize increasing their profitability and the chances of survival.

Singapore Company Act states that every business should regularly update its books of accounts. The accounting services offering monthly or quarterly bookkeeping services are in good position to do it for them. The firms go through all the financial transactions of the business and record it in a precise manner forming a basis for the further compliance related accounting work.

In addition, the accounting services Singapore offers monthly accounting or quarterly accounting as per the schedule and requirements of their customers. They prepare monthly profit and loss statements clearly showing the sales and expenses from the previous month. They also prepare the cash flow statements that are easy to understand for the business owners.

Singapore companies must determine whether they need to opt for Goods and Services Tax (GST) registration. The qualified accountants hired by the accounting firms in Singapore assist them in doing it. After the GST registration is accomplished, these firms prepare necessary documents and assists with the GST filing.

The directors of the Singapore companies need to supply certain reports to ACRA (Accounting and Corporate Regulatory Authority). Accounting firms in Singapore help them with the preparation of compilation Report/ Director’s Report. They also ensure their clients’ compliance by supplying error-free unaudited financial statements.

Depending on the chosen accounting firm Singapore and the charges involved, the accountants working in the firms may also help their clients with the end-of-the-year accounts, balance sheet, income tax returns and payment, bank statement, etc.

The major benefit of hiring one of the trustworthy monthly accounting services Singapore is that it relieves the management from the drudgery of fulfilling the statutory compliance requirements. It sets them free to pay their complete attention to the core goals and ensuring the future of the company.

Why to Hire Third-Party Accounting & Bookkeeping Services for Small Businesses?

Singapore Accounting Firms

Hire Bookkeeping & Accounting Services for Small Businesses

The need to minimize the operational cost is one of the key challenges every small business faces. Many small business owners end up wearing many hats on their own to save just a few dollars. However, as the business grows, the job of handling various tasks becomes extremely hard for a single person. At that point, you will realize that delegating a few of them can save you from bogging down into a sea of work. Eventually, outsourcing of non-core tasks has gained immense popularity among the business and the third party bookkeeping and accounting services for small businesses is growing at a staggering rate.

Today, many small and medium businesses prefer to outsource their non-core tasks such as accounting, bookkeeping, taxation, audit and payroll to professional service providers to keep their business efficient and compliant-friendly.

Third-party Bookkeeping & Accounting Services in Singapore

In Singapore where law and order are strict, and enforcement actions are rigorous, third-party accounting and bookkeeping services succor the businesses to maintain sound financial record while complying with the obligations of authorities like ACRA and IRAS. A good accounting firm in Singapore tends to provide a host of services as listed below:

  • Provide assistance using advanced accounting software

  • Help in setting up the chart of accounts

  • Maintain record of monthly accounting or quarterly accounting

  • Issue balance sheet, income statement, trial balance

  • Monthly or quarterly bookkeeping services

  • General ledger

  • Bank accounts reconciliation

  • Fixed assets register

  • Account Receivables and Accounts Payables

  • Balance Sheet and Income Statement preparation

  • GST registration, quarterly GST return filing

  • Compilation Report/Director’s Report and unaudited financial statements

  • Singapore XBRL filing with ACRA

  • Cash Flow Management

  • Provide advice or assistance as per Singapore Accounting Standards

There is a common misconception that only large or corporate organizations are likely to hire the services of certified accountants. However, the truth is that small and medium businesses also need the professional assistance of accountants to remain efficient in every aspect. Given the importance of law abidance and business efficiency, outsourcing of finance and accounting needs to a third-party accounting firm has become common practice in Singapore. Moreover, this practice has proven to be more beneficial and lucrative than having an in-house accounting department or staff.

Why to Hire Third-Party Bookkeeping & Accounting Services for Small Businesses?

If you want to grow your business’s bottom-line, you must focus on productive activities of the business instead of non-core functions such as bookkeeping and accounting. This could be possible only if you relieved yourself from doing non-core tasks by hiring third-party bookkeeping and accounting services Singapore. There are some reasons to outsource your accounting needs apart from just being getting rid of the hassles that come along with counting numbers. Let us leaf through the reasons:

  • Utilize the Time and Resource in Productive Activities:

    When you hire third-party accounting firm in Singapore, you free up time and resources that can be better spent on productive activities of the business. Focus on improving your products and services and attracting new customers, which is necessary to give a boost to your productivity.

  • Get Accessed to the Technology and Expertise of Accountant:

    A good Singapore accounting firm delivers services using advanced accounting software coupled with the expertise of accountants. You do not need to spend hefty of money on buying accounting software. Accountants are well-acquainted with the laws of authorities and ensure to deliver compliant-friendly and efficient services.

  • Minimize Fraud and Mismanagement of Finance:

    When you will keep constant tabs on the financial records of your business, there will be no chance of fraudulence charge of account mismanagement.

Now that you have noticed how beneficial outsourcing the accounting for small business is, the next step is to find the right accounting firm in Singapore and trusting it.