According to the mandates of ACRA (Accounting and Corporate Regulatory Authority) every business in Singapore needs to maintain their books of accounts. In fact, it is good for a business to record its daily financial transactions to know its financial standing. Singapore is a well-known accounting hub and to the benefits of businesses, houses qualified accounting services.
Moreover, accounting needs vary from business to business. A dormant business that generates no revenue and profit will obviously have no need to update its accounts. On the other hand, a growing business will need to keep a tight check on its accounting. Such a business can handle the task in-house or by appointing accounting services Singapore.
Facts about Outsourcing to Accounting Services Singapore
There was a time when businesses use to be proud about their large and self-sufficient accounting departments. However, today’s cut-throat competition has taught them to outsource the activity to the accounting firms in Singapore. Basically, accounting is a compliance related activity that is useful in the filing of annual statements of the business to ACRA.
However, from a business’ point of view, it is a non-core task. It produces no revenue and profit for the business, rather, it distracts the management from its core activities. In the case of small business owners, it adds the stress of an extra and unprofitable core.
Many of these individuals multi-task to keep the business going and cannot allocate enough time to update their books of accounts. Again, only a few of them have technical background and knowledge to handle the task. That is why they find it easy to hire accounting services Singapore like SBS Consulting and let the expert accountants work for them.
Services Offered by the Accounting Services 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
- Directors Report /Compilation Report Preparation
- Compilation of Accounts
- XBRL Statement Preparation
Benefit of Employing an Accounting firm in Singapore
The outsourcing of accounting services Singapore proves to be a win-win situation for the owners as the accounting services fees are affordable. This simple decision ensures their accurate statutory compliance as per the Singapore Financial Reporting Standards.
The qualified and experienced CPAs (Certified Public Accountants) from accounting services are a real help to the owners of the Small and Medium Enterprises (SMEs). These professionals take care of all the business and legal needs of their clients. Most of these services charge by the client’s volume of transactions.
Most importantly, the hiring of accounting services takes the stress out of their life as the filing of accurate financial statements is their responsibility. Inaccurately filed statements can bring them penalties in the form of fine or imprisonment. The act also sets them free to completely focus their energies on the core goals and ensure the growth of their business.
About Us: SBS Consulting is one of the leading corporate services provider in Singapore. It specializes in Company Incorporation in Singapore, accounting services Singapore, Preparation of director’s report, Taxation, GST, Payroll, XBRL Filing, IT software development and maintenance, etc.