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.