Accounting Services Singapore: Bookkeeping Tips for Small Businesses

accounting firms in Singapore

Bookkeeping Tips for Small Businesses

Unless you are a proactive accountant and an avid lover of number crunching, bookkeeping is the most mundane task that one has ever experienced. Nevertheless, you cannot ignore the importance of proper and timely bookkeeping in business. If you want to see your business successful, good record keeping (bookkeeping) is mandatory. Having a good system and process in place is necessary to maintain a timely record of your cash flow. It can also help you stay away from having a clash with the national revenue agency. In this line, you may either hire an in-house employee or outsource to some good accounting services Singapore. You just make sure to adopt the practice of keeping a record to avoid costly mistakes in future.

This blog excerpt will outline the bookkeeping tips for small business. These tips will help the businesses keep the financial footing sound and healthy.

Keep Daily Records:

Keeping daily record accurately is the most basic rule one must apply. If you failed to keep your records in good shape, your business would be at stake. Unfortunately, it could fall apart. A sound and healthy accounting record depicts the exact picture of your financial state. Apparently, business is monitored through its records on a regular basis, so that one can find out the weaker areas to rectify them. If you cannot measure a business, you will never be able to manage it as effectively as it needs to be.

Track Your Expenses:

Expenses can be hard to track if you use cash-mode to pay your bills. Many experts recommend business owners to use the credit card and debit card as these enable you to view the transactions right away and ensures all business expenses are kept together. Plus, it helps you avoid issues with taxes. Thereby, business credit card or debit card is the handy tool to keep the expenses in order under one umbrella.

Maintain an Audit Trail:

Maintaining an audit trail can be as simple as keeping records of invoices and checks in numeric order. But, keep in mind that denote them as “voided.” This ensures no gaps in the numeric sequence of invoices and checks and leaves an effective trail for your accountant. In addition, you are advised to keep the business and personal bank accounts separate. It is better to have a good system that allows the users to retrace the company financial activities.

Use a Right Accounting Software:

Gone are the days when accountant relied on the manual calculation. Accounting software has come a long way over past few years; automation simplifies the task of cash flow management. The market is flooded with numbers of accounting software. You must buy the one that is affordable and meets your needs perfectly. It enables you to capture and retrieve data, in a jiffy. Since the data are stored in the secure server or cloud, there is no fear of losing data. Moreover, online accounting software is a great way to save time and money.

Hire accounting services Singapore:

Reiterating, businesses in Singapore are facing fierce competition. So, they prefer to focus more on core activities of the businesses. For this reason, many companies are turning to good accounting firms in Singapore. When you outsource, the firm will assign a dedicated accountant to handle the end-to-end activities of your accounting and bookkeeping services Singapore. You can rest assured that your recording keeping is up-to-date and sound.

Accurate and timely bookkeeping is crucial to keep your business afloat. Many small businesses tend to neglect this aspect of their business until they face some serious penalties from the regulatory authorities. If you want to lead a smooth and sound business life, make sure to implement the bookkeeping tips mentioned above and keep the business running.

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Appointing Accounting Services for Small Business in Singapore

accounting services Singapore

Hiring Accounting Services for Small Business

The regular updating of books of accounts is an obligation to the Singapore businesses. A time-strapped owner has the option of hiring accounting services for small business to take care of his or her compliance responsibilities.

Accounting Tips to Manage Your Business’ Finances

Accounting for your business is an endless task that you need to take care of throughout the year. However, you can exert better control over it by paying careful attention to tasks that are listed below.

1#. Accurate Record Keeping is a Must

An owner must track all business expenses, profits, earnings, losses, and other financial transactions. Having updated books as the reference will save time while preparing reports, financial statements, and audit.

The accounting services for small business take care of the task for you during the bookkeeping & accounting process. They also store client’s financial information and ensure quick access to it.

2#. Certified Public Accountants (CPAs)

Investigate accounting services Singapore employing Certified Public Accountants (CPAs) before appointing one. These individuals have industry-wide experience and are in the position to advice on how to improve financial processes and operations, cash flow management, maintaining assets, earning more profits, and other finer aspects of management of finances.

3#. Update Your Books of Accounts

Most of the accounting services for small business offer customized service to their customers in Singapore. They provide monthly or quarterly bookkeeping services and also assist with the monthly accounting or the quarterly accounting of their client.

The accounting companies in Singapore also lend their expertise for the preparation of Compilation Report, Director’s Report, and unaudited financial statements of the businesses. For the clients, they also take steps to ensure their compulsory or voluntary GST registration and faultless quarterly GST return filing.

4#. Accounting Software

Even after hiring Accounting firms in Singapore for the task, some businesses choose to use software to track, organize, and structure certain financial tasks. If you are one of these entities, you can ask your service provider for a recommendation. You can also go to the firms offering Singapore IT Consulting services or opt to outsource IT development to a reliable company.

5#. Maintaining Attendance and Time-Sheets

Maintaining attendance and the timesheets for employees a tricky business. If you do it manually, you need to assign an individual to see it is done correctly. It is wastage of qualified resources. Ask your accounting service if they have any solution to automate the non-core tasks of the business.

You could use the biometric finger scanners for the task. It helps in accurate recording of actual work hours and overtime of your employees leading to the calculation of exact salaries. It saves you from underpaying or overpaying them.

6#. Establish Paperless Office

As far as possible, try to digitize your record keeping. Paper-based records can get lost, misplaced, read by unauthorized persons and easily damaged. They also take premium space in the office. They also need to be searched manually requiring wastage of valuable time.

Hiring accounting services for small business is one of the effective decision that you can take to improve the productivity of your organization. You leave your finances in capable hands without having to worry about hiring, training or firing them. It also enables you to lower the overhead costs of your business.