Search, Evaluate, and then, Outsource to Accounting Firms in Singapore

accounting services Singapore

Accounting Firms in Singapore

Singapore is a unique business destination for the Small and Medium Enterprises (SMEs). The island nation employs transparent policies, lower company tax rates, start-up ecosystem in place, and has easy company incorporation process. The business owners also benefit from the number of support schemes run by the government for SMEs.

On the other hand, Singaporean authorities entrust its businesses with accounting, bookkeeping, and tax related compliance responsibilities and demand that they execute them consistently. The accounting firms in Singapore play a vital role in fulfilling the statutory compliance needs of SMEs.

In the case of a compliance failure, the authorities from ACRA (Accounting and Corporate Regulatory Authority) hold the director and to some degree, company secretary of the company responsible.

Engage Accounting Services or Do-It-Yourself

A large percentage of the small companies all over the world cannot afford to hire a permanent accountant on their payroll. Some business owners, to control the administrative costs, try to deal with their accounting on their own. It is a good option to take for some, but its drawback is that it takes the mind of the owners off their business goals.

Executing the accounts accurately and fulfilling statutory requirements do not generate any revenue and profit for the business. This option saves money, but it wastes valuable resources. The option is not for the business owners with a burning desire in their heart to succeed.

Accounting is a Profitless Activity

Accounting is a non-core activity and should be treated like one. These business owners should leave it to the Certified Professional Accountants (CPAs) working for the accounting services. By getting rid of the paperwork, the owners will have time enough to improve their operational efficiency and maximize their efforts to realize their core goals.

Be Open about your Business Needs

It is important for the business owners to discuss their needs with the decision-making authority in the chosen accounting service and set up reporting steps and procedures. Be clear about the standards to use before outsourcing of your payroll processing, GST filing, and accounting needs.

The accounting firms in Singapore like SBS Consulting, depending on your needs, can prepare full sets of accounts on a monthly, quarterly, or yearly basis. The accounting services Singapore offered by SBS are as follows:

  • 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

  • Directors Report /Compilation Report Preparation

  • Compilation of Accounts

  • XBRL Statement Preparation

Be Prepared to Let Go of the Absolute Control

When a business appoints a third-party accounting service to manage its compliance requirements, there is a clash of values, cultures, and perceptions. The outsourcing of the task to an accounting service may also make the business owners listless or insecure as they feel the dilution of control in compliance monitoring or the lack of customization in the services offered.

Think about Long-term Investment

A business owner has to resolve insecurities over the loss of control and such issues before committing to outsourcing to one of the best accounting services in Singapore. Outsourcing is more about the mindset than the logistic.

The owners need search and select a few accounting firms in Singapore for the investigation. Get in touch with them and thoroughly explore their services and benefits to you before choosing a qualified one. Once you have selected an accounting service, be prepared to trust it within reason.

Outsourcing is for the business owners, directors, managers, and CEO’s who believe in full-scale engagement with the core goals of the business after outsourcing their non-core tasks. These professionals weigh their association with the accounting firms in Singapore as the long term investment.

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Hire Accounting & Bookkeeping Service to Get Your Business Finance in Order

accounting services Singapore

Accounting & Bookkeeping Services Singapore

 

Small business owners need to wear many hats. It means, for various reasons, they want to do everything themselves and do not want to delegate the different tasks of their business. Such approach is also called as Do-It-Yourself (DIY) approach. But, savvy and smart entrepreneurs know the importance of professional services. When it comes to financial management, they are not reluctant to hire accounting and bookkeeping services for their small businesses.

Reiterating, the existence of a small business highly depends on its financial aspect. In short, they thrive and decline by their cash flow management. While timely and accurate transaction records coupled with proper assessment enable a small business owner to take right decisions, mismanagement of financial records may bring adversity. To keep finance in good shape is paramount for your business and an accountant could help you to achieve this. When you hire experts for accounting and bookkeeping services, the chances of business success are relatively high.

For instance, in Singapore where accounting laws are very rigorous, the professional accounting services Singapore are in high demand. Apart from streamlining the financial activities, they are helping the businesses to stay adhered to the laws of ACRA. This strategy is highly needed to strike the balance in business growth and compliance requirements.

How Bookkeeping and Accounting Services help Keep the Finance in Order?

Both bookkeeper and accountant of an accounting firm in Singapore play the vital roles in keeping the financial records of the businesses in order. To understand how bookkeeping and accounting services help the companies to keep their finance organized and accurate, you must know the role of a bookkeeper and accountant first.

  • Role of A Bookkeeper in Business

  • Keep Timely and Accurate Financial Record: Records of every financial transaction are maintained in order. Reconciliation of bank accounts. General ledger report compilation.

  • Manage Account Payable and Account Receivable: Keep the record of the incoming and outgoing invoices of the business.

  • Stay Abreast of New Laws and Regulations: The bookkeepers and accountants keep themselves aware of the new changes in tax legislation and other regulations to ensure your business remain compliant with the on-going requirements.

  • Stay Updated with the Latest Accounting Software: The bookkeeper is the person who handles accounting software to accomplish all the jobs related to bookkeeping.

  • Stay a Tune and Work with the Accountant: Both accounting and bookkeeping jobs go hand in hand. A bookkeeper needs to be in touch with the accountant to ensure efficient delivery of work.

  • Role of An Accountant in Business

  • Manage Financial Data: An accountant ensures that company’s financial data are maintained as per the statutory laws. He develops, implements and maintains the financial databases.

  • Analyze Data and Give Advice: An accountant may undertake analysis of financial data that is crucial for making sound decisions for businesses. He further assists the business owners with advice on areas for enhancement.

  • Prepare Financial Statement: An authentic and true financial statement can depict the actual picture of the financial health of an organization. An accountant is a person who compiles this important report.

  • Take Care of the Compliance Issues: Accountant helps in achieving compliance of the company by generating accurate financial statements.

  • Work in Cohesion with Other Officials: Often, accountants work with officials from different fields. They provide advice to the management based on accounting report. And sometimes, they may provide data to the auditors, tax consultants and the public accountant for various official matters.

From the above-stated analysis, one can easily understand the significance of accounting and bookkeeping services in business. Here, one question may swirl within your mind. Is it necessary to hire an accounting firm in Singapore instead of in-house accountant and bookkeeper? The answer is obviously, Yes! There are umpteen number of benefits of hiring the professional accounting and bookkeeping services Singapore. A few of the advantages are low cost, comprehensive solutions, timely services and a peace of mind.

Hiring an accounting firm in Singapore may sound unnecessary expenditure to a business who prefer to use Do-It-Yourself (DIY) approach. However, this method may keep your business from coming to a harm. The truth is that a professional accounting and bookkeeping service can help the businesses keep afloat and stay ahead of the competition.

Maintain Clean Accounts in Singapore- Improve Your Profitability

accounting firms in Singapore

Accounting for Small and Medium Enterprises

Is hiring accounting services for the small businesses, a superfluous expenditure? From the small business owners’ perspective, doing their business’ accounts on their own can save them a few dollars. However, the question is, “Is it a really profitable adventure?” An inadvertent mistake in the accounts, leading to the business being flagged by the Inland Revenue Authority of Singapore (IRAS) for the breaking of rules is not at all a good news for any startup or small business.

Accounting for Small and Medium Enterprises

The startup or Small and Medium Enterprises (SMEs), may it be one-man-show or a concern helmed by the owner having a proper support staff, can do without getting tangled with the Singapore authorities. The owners have their plates full, without being further burdened by an amateur accountant determined to mess with the business’s accounts. On close introspection, hiring one of the top accounting services for a small business like SBS Consulting will stand out as a great prospect.

Accounting and Singapore Business Owners

Accounting for small businesses has never been easy. More often than not, the owners of these businesses are juggling multiple tasks at a time. Time is one commodity they are short of and the fact is that, most of them cannot invest in a full-time accountant. However, at a fraction of the costs that they would need to invest in a trained accountant, hardware, software and IT support, they can retain an experienced and professional accounting service in Singapore.

Specialized Accounting Services for Small Business in Singapore

SBS Consulting employs experienced and certified accountants to deliver effective accounting services to its clients. Under its accounting services for small businesses, the firm offers efficient bookkeeping services. For any small, medium or big, multinational business, maintaining its books of accounts in proper order is of at most importance.

An experienced accountant, after going through the business records can easily arrive at a conclusion whether the business is going up or down. The CPA’s working in the SBS Consulting does sound an alarm to their clients if the things are not as they should be.

They even give advice on how to force improvements to take the business in the right direction. The firm’s accounting services include the following:

  • Managing clients’ accounting software

  • Offering data entry services and posting transactions to the appropriate accounts

  • Developing account charts for the client’s suppliers and customers

  • Shouldering the task of generating monthly reports

  • At the end of every month, giving advice on the clients’ monthly profit and loss statement, cash flow, and balance sheet

  • At the end of a year, the CPA’s appointed by the SBS Consulting closes the accounts for the clients assigned to them

  • Accounts are then finalized, according to the Financial Reporting Standards

Fees Levied by the Accounting Services

The accounting services in Singapore charge their fees per transactions. SBS Consulting even goes further and provides scalable services according to the need of its clients. The firm utilizes more of its resources to accommodate the increased number of its client’s business transactions. On the other hand, the client can request to scale it down when the business is slack.

Accounting Services and Taxes

In addition to maintaining the books of accounts, which reflects their financial health, the businesses also have to take care of the payroll processing, taxes and other tasks. The calculations involved in it are really no business of amateurs. These tasks must be handed over to the professionals. When it is taken in relation to the strict rules and regulations and the control maintained by the IRAS on its subjects, it is really worth to appoint one of the professional accounting services for small business.

By outsourcing their accounting function to third party accounting services, the Singapore businesses can ensure that their accounts are cared for by the experienced and qualified professionals. They also do not have to invest money in implementing infrastructure and hire trained accountants. Even big companies benefit from this move, as it frees their staff which they can reassign to the core functions of the business.

XBRL Filing in Singapore: Know What ACRA Expects from You

XBRL filing in Singapore

Benefits of XBRL Filing in Singapore

ACRA (Accounting and Corporate Regulatory Authority) has decreed that every Singapore company, unlimited and limited by shares, must take benefit of XBRL filing while filing their financial statements. It has already published revised XBRL filing requirements that came into effect from 3 March 2014. It has also provided BizFinX filing system and a preparation tool for the users. The tool is a free offline software application. The task is new, requiring the business to hire services of XBRL filing services in Singapore like SBS Consulting.

The introduction of this format means companies are no longer allowed to file their statements in Excel sheets, Word documents, and etc formats. The goal of implementing XBRL filing in Singapore is to improve financial analysis through the gathering of structured business data. The uniformly structured data is easy to transmit to and use at the destination computer system. It goes a long way in the aggregation and analysis of financial data on the national level.

What Are the Full XBRL Filing Requirements?

SBS Consulting provides its expertise and assists its clients in fulfilling the requirements of XBRL filing in Singapore. The service is really helpful to the Small and Medium Enterprises (SMEs) lacking in resources or technical knowledge. SBS even takes care of the XBRL filing of the bigger businesses and leaves them to take care of their core goals. The requirements are as follows:

  • A company must provide Directors’ statement or financial statements prepared by the independent auditors.

  • The company must provide statements giving its financial position, income, and cash flow.

  • The data in a company’s disclosure note must include its share capital, income and expenses, and expenditure on the employee benefits. The note must also give details about the company’s property and equipment, government grants, provisions and revenue, trade and other payable.

Why There is a Need of Uniform Data Format?

The importance of having a uniform financial reporting format can be seen from the way XBRL filing helps the accountants when there are mergers or acquisitions. Before the parties finalize or reject the deals, they need to access and study their respective financial worth.

If they are using different formats for their financial reporting, then the accountants have to study each and every entry in the statements of the other party. However, if they are using XBRL format, it helps in automation of the process through the use of software programs. The uniformity in format simplifies the process drastically.

Benefits of XBRL Filing in Singapore

Taking care of the (http://www.sbsgroup.com.sg/singapore-xbrl-filing-requirements-with-acra/) XBRL filing requirements in Singapore is a must for bringing transparency in the financial data communicated by the businesses to the authorities. It fulfills the business reporting goals and objectives and, also makes it easy for the investors, financial analysts, and regulators to access and study the data to base their decisions on.

  1. Information Sharing: The XBRL filing Singapore is meant for sharing data between business entities and regulatory authorities. The format promotes the reuse of the financial data without further processing. SBS Consulting stands out because of its seamless XBRL filing services.

  2. Data Transparency: The investors, stock traders, and brokers need reliable data to make their investment decisions. The government regulators, stock exchanges, financial and economic analysts need accurate and reliable financial information.

  3. Fund Raising: Filing their statements in XBRL format assists businesses in acquiring capital from the market because their books are open for every to see and draw conclusions from.

  4. Financial Health of the Businesses: The data is also useful to the financial analysts in predicting the financial health of the businesses and in advising the investors. It also assists the businesses with filing their tax returns and conveying information like production output, inventory etc.

Singapore authorities like ACRA, do their best to raise the awareness of the XBRL filing requirements in Singapore. Time and again they conduct free BizFinX Training Seminars to educate the business owners and managers. These programs typically cover the Singapore XBRL filing requirements, details about BizFinX portal, use of BizFinX preparation tool and Annual Return form. However, if you are a businessperson short of time and who believe in letting the experts handle the financial data, outsource XBRL filing to SBS Consulting.

Accounting Services Singapore: How it is different from Bookkeeping ?

accounting services Singapore

                                                 Accounting Services Singapore

In a nation like Singapore where a set of rigorous laws have been laid down by the governing authority such as ACRA (Accounting and Corporate Regulatory Authority), companies are obliged to follow the regulations. Given the importance of compliance requirements, companies are turning to third-party firms specialized in accounting services Singapore.

Even if companies are using the services of accounting firms in Singapore, a common question swirling around their owner’s mind is whether there is any difference between bookkeeping and accounting. This blog excerpt will make an attempt to distinguish these two crucial aspects of business and throw light on Singapore accounting services.

What is Accounting Services?

Accounting is a method which helps the businesses to record the financial transactions in a systematic and comprehensive manner. Precisely, it is the process of classifying, interpreting, analyzing, reporting and summarizing the financial transactions of a business. It is essential for a company to keep its accounting data in order right from the day one of its business operation. If left unorganized, someday it may lead to disaster. An organized accounting record can give an idea of the present and future financial health of a business.

Accounting is a broader concept and encompasses a range of financial activities. A few of them are listed below:

  • Preparation of chart of accounts

  • Setting up the general ledger

  • Compilation of financial statements

  • Cash flow management

  • Account Receivable and Account Payable

  • Bank account reconciliation

  • XBRL filing

What is Bookkeeping?

Bookkeeping is a subset of the process of accounting. It is an activity of keeping records of basic accounting transactions in the chronological order on a daily basis. It includes issuing and recording invoices, recording cash receipts, paying suppliers, processing payroll, tax return, and inventory management. Bookkeeping can also be termed as record-keeping. Essentially, it is considered to be the financial information base of a business, which should be precise, comprehensive and timely.

How is Accounting different from Bookkeeping?

As mentioned above, accounting is a broad concept and bookkeeping is a part of it. Accounting is the measurement of financial state of a business whereas bookkeeping is a process of keeping its accounting records. It has been noticed that bookkeeping and accounting may appear to be same for a novice as both functions deal with the financial aspect of an entity. However, if you take a closer look at both of the services, they are way different. On the other hand, it is worth mentioning that first step to accounting is bookkeeping.

Leaf through the below-illustrated table to understand the difference between accounting and bookkeeping.

Basis

Accounting

Bookkeeping

Definition

Accounting is a process to analyze and verify the recorded information of bookkeeping.

Bookkeeping is a process of organizing, storing, collecting financial transaction of an entity.

Nature

A language of business

A subset of Accounting

Scope

Broad and wide

Narrow and limited

Activities

Balance sheet, Financial statement, Director’s report, Account management, Bank account reconciliation

General Ledger and journal

Methods/ Types

Financial Accounting, Corporate Accounting, Forensic Accounting, Cost Accounting,

Single Entry and Double Entry of Bookkeeping

Sound Decision Making

Yes

No

Determination of Financial Position

Yes

No

Despite the differences, both of the aspects are interlinked with each other. Basically, bookkeeping serves as a base to the accounting processes of a business entity. For instance, if bookkeeping is organized and timely, then it is expected that accounting of the business will be in perfect shape and vice versa. The job of a bookkeeper is more clerical in nature and requires less accounting knowledge whereas accounting job is an analytical one and needs sound knowledge on the specific area.

Why is Accounting Services Singapore essential for Businesses?

In Singapore, to stay compliant with the laws of ACRA is of utmost importance for every company. A set of accounting compliance has been put in forth by ACRA which must be followed to avoid any legal penalty. Following are the compliance requirements related to accounting services Singapore for companies.

  • Keeping Accounting Record: Each Singapore company must keep accounting records for 5 years after the completion of the transactions.

  • Filing Annual Return : Each Singapore company must file annual returns with ACRA within one month of its AGM.

  • Preparation of Financial Account: At the end of the financial year, a Singapore company must prepare its annual financial accounts in compliance with the Financial Reporting Standards of Singapore.

  • Annual General Meeting (AGM): Company must hold an Annual General Meeting (AGM) once every financial year. The first AGM must be held within 18 months of the company incorporation.

  • Filing Annual Tax Return with IRAS: A Singapore incorporated company must file the annual tax returns with IRAS by 30 November (paper filing) or 15 December (e-filing).

The purpose of hiring accounting services Singapore is to streamline the accounting of your business. When you engage an accounting firm in Singapore, you can rest assured that your accounting tasks have been carried out in an effective manner while adhering to the statutory obligations of ACRA.

Lastly, after browsing through the blog, you are well versed with the difference between bookkeeping and accounting. Now, you know why accounting is as important as other key aspects of business for long-term survival of your company. Avail professional accounting services from a reliable firm, keep growing and stay ahead of the competition.

Accounting Services Singapore: Count Your Numbers with SBS Consulting

Is hiring accounting services Singapore for small businesses a superfluous expenditure?Outsourcing to the accounting services helps businesses in reducing the economies of scale. However, the most important benefit for the small business owners is that they do not have to worry about the number crunching that the task of accounting involves. However, an accounting firm in Singapore will let you stay compliant through its expertise-driven services.Read the full article Click Here.

Accounting Services

Accounting Firms in Singapore Come to the Rescue of Small Businesses

accounting services Singapore

The field of accounting is an interesting one and currently, accounting firms in Singapore are practicing it to its limits. Only its die-hard disciples working in the accounting services can understand the meaning it can reveal about today’s complexly structured businesses. A well-versed accounting service like SBS Consulting assists its clients in understanding and in aligning their future plans with the industry-wide trends and changes. Such a timely advice increases their chances of survival and gives them means of achieving their growth.

Who Needs Accounting Services Singapore?

Small and Medium Enterprises (SMEs) owners find keeping their books of accounts in order a little bit troublesome, as it takes their mind off their core business activities. For these business owners, hiring accounting firms in Singapore for a reasonable fee is a great option. They do not have to waste time in mastering tricks and tools of accounting in order to ensure their statutory compliance. For this reason, the directors of the private limited company, sole proprietors and partners in limited liability partnerships willingly pay to engage the experts from reputable accounting services.

Financial Health of a Business

According to the corporate law of Singapore, companies with annual turnover in excess of S$10 million have to audit themselves. However, it cannot be undertaken in the absence of fully prepared financial statement. It is where the CPAs (Certified Professional Accountants) employed by the SBS Consulting comes into play.

At the time of bookkeeping for their clients, these accountants meticulously record each and every business transaction of their clients’ business. This is the data they then use to prepare the financial statements. The data is useful for them in knowing the financial efficiency and effectiveness of the business. Auditing is useful in knowing the financial health of a business.

Accounting is a step for the businesses in the direction of financial planning and organization. A meticulous bookkeeping can also let the business owner know about the financial status of business. However, for a complete understanding accounting and auditing of a business is a must. It helps the management, creditors, and investors in the decision-making process.

Cash Flow and Profitability of a Business

Even the firms or companies that are yet to get in the mid-level bracket, find the accounting services Singapore useful in reducing their workload. It saves them from the expenses of employing accountants, buying software and hardware. In return for a fee, they get their accounting done by experts.

Singaporean Taxation System

According to the law, the income of a Sole Proprietorship or a Limited Liability Partnership is considered as the income of its owner. The owners have to pay personal income tax on the taxable income of their firms. Accounting services help these individuals in knowing their taxable income.

SBS Consulting offers following accounting services to its clients:

  • Preparation of profit and loss statements and balance sheets
  • General Account Filing
  • Fixed Assets Ledger
  • Bank reconciliations
  • Cash Flow Statements
  • Preparation of directors/compilation report
  • XBRL statements preparation
  • Financial Analysis for weekly, quarterly, monthly, annual periods

The financial statements prepared by the accounting firms in Singapore reveals how much money a business has made, the amount it has already spent and the profit or the loss, it has incurred. Most importantly, these firms adhere to the Singapore Financial Reporting Standards (SFRS) that are insisted upon by the authorities during the completion of the task.

According to ACRA (Accounting and Corporate Regulatory Authority), the annual statutory compliance is the responsibility of the business’ owners and directors. That is why selecting a proper accounting service is of utmost importance.

SBS Consulting, registered in 2010, is one of the prestigious bookkeeping services in Singapore. It also offers incorporation, bookkeeping, payroll processing, etc services to its Singapore clients.