Why to Hire Third-Party Accounting & Bookkeeping Services for Small Businesses?

Singapore Accounting Firms

Hire Bookkeeping & Accounting Services for Small Businesses

The need to minimize the operational cost is one of the key challenges every small business faces. Many small business owners end up wearing many hats on their own to save just a few dollars. However, as the business grows, the job of handling various tasks becomes extremely hard for a single person. At that point, you will realize that delegating a few of them can save you from bogging down into a sea of work. Eventually, outsourcing of non-core tasks has gained immense popularity among the business and the third party bookkeeping and accounting services for small businesses is growing at a staggering rate.

Today, many small and medium businesses prefer to outsource their non-core tasks such as accounting, bookkeeping, taxation, audit and payroll to professional service providers to keep their business efficient and compliant-friendly.

Third-party Bookkeeping & Accounting Services in Singapore

In Singapore where law and order are strict, and enforcement actions are rigorous, third-party accounting and bookkeeping services succor the businesses to maintain sound financial record while complying with the obligations of authorities like ACRA and IRAS. A good accounting firm in Singapore tends to provide a host of services as listed below:

  • Provide assistance using advanced accounting software

  • Help in setting up the chart of accounts

  • Maintain record of monthly accounting or quarterly accounting

  • Issue balance sheet, income statement, trial balance

  • Monthly or quarterly bookkeeping services

  • General ledger

  • Bank accounts reconciliation

  • Fixed assets register

  • Account Receivables and Accounts Payables

  • Balance Sheet and Income Statement preparation

  • GST registration, quarterly GST return filing

  • Compilation Report/Director’s Report and unaudited financial statements

  • Singapore XBRL filing with ACRA

  • Cash Flow Management

  • Provide advice or assistance as per Singapore Accounting Standards

There is a common misconception that only large or corporate organizations are likely to hire the services of certified accountants. However, the truth is that small and medium businesses also need the professional assistance of accountants to remain efficient in every aspect. Given the importance of law abidance and business efficiency, outsourcing of finance and accounting needs to a third-party accounting firm has become common practice in Singapore. Moreover, this practice has proven to be more beneficial and lucrative than having an in-house accounting department or staff.

Why to Hire Third-Party Bookkeeping & Accounting Services for Small Businesses?

If you want to grow your business’s bottom-line, you must focus on productive activities of the business instead of non-core functions such as bookkeeping and accounting. This could be possible only if you relieved yourself from doing non-core tasks by hiring third-party bookkeeping and accounting services Singapore. There are some reasons to outsource your accounting needs apart from just being getting rid of the hassles that come along with counting numbers. Let us leaf through the reasons:

  • Utilize the Time and Resource in Productive Activities:

    When you hire third-party accounting firm in Singapore, you free up time and resources that can be better spent on productive activities of the business. Focus on improving your products and services and attracting new customers, which is necessary to give a boost to your productivity.

  • Get Accessed to the Technology and Expertise of Accountant:

    A good Singapore accounting firm delivers services using advanced accounting software coupled with the expertise of accountants. You do not need to spend hefty of money on buying accounting software. Accountants are well-acquainted with the laws of authorities and ensure to deliver compliant-friendly and efficient services.

  • Minimize Fraud and Mismanagement of Finance:

    When you will keep constant tabs on the financial records of your business, there will be no chance of fraudulence charge of account mismanagement.

Now that you have noticed how beneficial outsourcing the accounting for small business is, the next step is to find the right accounting firm in Singapore and trusting it.

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