The bookkeeping is the practice of systematically recording financial transactions of business. It enables the owners in knowing the true financial state of their businesses. Many of them hire bookkeeping services Singapore for the task.
The small business owners focused on providing their services and products to the best of their ability, generally, prefer to outsource it to accounting services that offer expert bookkeeping services SG. However, some of them take upon themselves to do the bookkeeping for the business on their own. However, the task requires knowledge of the accounting principles, Singapore Financial Reporting Standards (SFRS) and Singapore taxation.
Why the Startup & Small Business Hire Bookkeeping Services SG?
The hiring of bookkeeping services SG is really beneficial to the startups and small businesses especially when there are a few employees to take care of the customers’ needs. These firms set the newbie entrepreneurs free to chase the customers without having to go through the invoices and receipts at the end of the each day.
As per the ACRA’s (Accounting and Corporate Regulatory Authority) ruling, every business in Singapore has to regularly update its books of account. The bookkeepers employed by these firms are tasked with the recording of each and every financial transaction of their client’s business offering detailed break-up of all expenses. The qualified bookkeepers working in these firms are conversant with the latest changes in the rules and regulations. They are also well aware of the basics of auditing process and know how to treat profit in the books of accounts.
The aim is to tally the actual expenses of the business with that of its recorded expenses. It is very important in establishing the transparency of the in-house processes and the reliability of the reports produced by the management and tabled at the annual general meeting of the company.
Bookkeeping Accounting Services on the Offer in Singapore
The prominent bookkeeping services SG deliver following services.
Preparation of profit & loss statements
Quarterly bookkeeping services
Preparation of balance sheets
Fixed Assets Ledger
General Account Filing
XBRL statements preparation
Cash Flow Statements
Financial Analysis for weekly, quarterly, monthly, annual periods
Singapore Financial Reporting Standards (SFRS) Services
Preparation of Directors’ Report
Advantages of Outsourcing Your Bookkeeping to Accounting Services SG
Following are a few benefits of employing an experienced bookkeeping firm in Singapore.
Accurate Statutory Compliance
The accounting services assist the business owners in resolving all the financial discrepancies and in keeping the accounting books up-to-date by accurately recording the business’ financial information into the appropriate ledgers.
They take charge of the task and helps the clients in discharging their legal obligations. They also lend their expertise for the XBRL conversion of the financial data and timely XBRL filing.
Establishing the Credibility of the Management
Following the recommendation of ACRA and maintaining the books of accounts in an updated state lends the credibility to the data. Employing one of the bookkeeping services SG for the task is as much beneficial to the management as it is for the benefit of its investors.
The data accumulated through the bookkeeping is, later on, used for the accounting purposes. It is used to prepare various financial statements and reports. Together they enable the management in knowing the financial health of the company.
Data-Driven Decision Making
The financial data gathered and recorded by the bookkeepers in a systematic manner enables the management in decision making. It helps them in taking corrective actions as well as planning for the future of the business.
The hiring of bookkeeping services SG, cost-wise, is a better option than investing in an in-house accountant and investing in the setup. The fees charged by these firms are according to the volume of financial transactions of the business and are affordable. They even upscale or downscale their bookkeeping services to accommodate the surge or decline in the clients’ business transactions.