Every Singapore business must invest in strengthening its accounting function. However, I don’t mean that they should go for an in-house accounting setup, rather, they should outsource it to one of the experienced accounting companies in Singapore.
An in-house setup means that a business needs to hire a qualified accounting professional, buy computer hardware and the latest accounting software. It is not possible for every startup and the small businesses. However, they still need to do their annual filing as a part of the mandated statutory compliance. It means they need to keep their books of account updated. That is where accounting services come to their rescue.
Accounting companies in Singapore extend their support as per the needs of their clients. They provide monthly accounting, quarterly accounting, and quarterly bookkeeping services at the affordable prices. Moreover, the business owner has the option of upscaling or downscaling of the services to accommodate his increased or decreased volume of transactions.
Accounting firms, while bookkeeping, meticulously record each of the business’ financial transactions. It not only gets their clients’ books in order but also let them know about their cash flow. They also prepare the balance sheet, cash flow statement and other financial documents for their clients.
The accounting firms draft the Compilation Report or Director’s Report to be presented as a part of their customers’ audited or unaudited financial statements and annual reports. The accountants working for these services perform all these tasks strictly according to the SFRS (Singapore Financial Reporting Standards) which leaves no room for any errors.
— Start Your Business (@SBS_Consulting) September 2, 2016
Most of the accounting services employ Certified Public Accountants (CPA) and the clients benefit from their industry-wide experience. These firms help the business owners in determining whether they need to opt for GST Registration. They also take care of their quarterly GST return filing.
The Accounting companies in Singapore take a great burden off the back of Singapore business owners. By taking care of their accounting needs, they set the owners free to focus completely on the core goals of the business.