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.

Outsource to Reliable Accounting Companies in Singapore

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-Services-singapore

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. Continue reading

Hire Accounting Services Singapore & Keep Your Book of Records Updated

accounting services Singapore

Hire Accounting and Bookkeeping Services Singapore

Timely and accurate bookkeeping is vital to keep the business running. Thus, it is important to businesses of any sizes. Bookkeeping refers to the maintaining a timely and updated records of accounting and financial documents such as the journal, general ledger, financial statements, income tax records and so on. Unfortunately, small business owners seldom realize the importance of keeping the books of account updated. You may either do-it-yourself or outsource it to some good third-party accounting services Singapore, but, you simply cannot avoid it.

What is Bookkeeping?

Bookkeeping is an integral part of accounting. It is a process of systematic recording, analyzing and interpreting, on a day-to-day basis, of the financial transactions and other information related to business. The businesses doing bookkeeping on a regular basis can rest assured that their financial transactions are accurate, up-to-date and comprehensive.

The significance of bookkeeping cannot be overemphasized, but below are the reasons why it is crucial to the survival of business.

Track Cash Flow

The success of a business highly relies on the nature of their cash flow. Thus, management of cash flow is one of the vital aspects one must take into account. Keep a track record of cash flow through account receivables and account payable. The monitoring of accurate cash flow can only be done with proper bookkeeping. A healthy cash flow can keep the business growing. Hire a good and experienced accountant for your Singapore accounting to keep the finance organized and perfect.

Tax Obligations

An accountant takes good care of his company’s tax obligations. He keeps on tracking every piece of business related information and document to accomplish annual tax requirements. Now, you are no longer required to find out the bills and expenses during tax time. The accountant will plan and optimize your tax commitment and also made the tax return process easier with a set of documents like balance sheet and cash flow statement. The accountant can also provide sound advice on various aspects of tax obligations laid down by the tax authority, IRAS (Inland Revenue Authority of Singapore).

Monitor Expenses

Ideally, the business expenses must be paid from the corporate bank account of the company. It is the accountant who will monitor the outgoing cash of that bank account for tax calculation purposes. Thus, monitoring of business expenses on a regular basis falls under one the of the key responsibilities of the accountant. It ensures that your business expenses have not been merged with personal expenses.

Reporting to Investors Made Easy

When your book of account is in order, you can easily acquire the information required for preparing the report that you will submit to the investors of your business. This report has to be presented to show the financial status of your business to the investors (who has currently invested or shown interested in investing in the future).

Bookkeeping is a necessity for every business that has the vision to expand and outshine in the competition. Believe it or not, poor or unhealthy financial record has been counted as one of the culprits for the downfall of many companies in Singapore. Therefore, it is essential for every business to hire either an in-house employee or outsource the accounting and bookkeeping services to a good third party firm. There are good numbers of professional accounting services Singapore whose accountants are seasoned and proactive in delivering high-quality services.

Demand for Professional Accounting Services Singapore is Surging

accounting services Singapore

Benefits of Accounting firm in Singapore

Despite the emergence of a massive number of technology-driven accounting software in the market, the demand for accounting services is still growing. Many a time, people tend to think that accounting software can fully replace the professional services of an accountant or a third-party firm. But, that is not true. Yes, accounting software has transformed the manner in which third-party firms operate. Plus, it has automated the various day-to-day operations of a business and eventually, reduced the chances of manual error. However, it cannot supersede the expertise and experience of an accountant. This is why accounting services Singapore is still growing and in demand.

A modern accounting firm in Singapore harnesses the power of both, accounting software and talents of accountants to deliver unmatched services to their clients. The businesses, with an aim to stay financially fit, outsource accounting functions to a reliable third-party firm. Secondly, the stringent laws of the Accounting & Corporate Regulatory Authority (ACRA) drive demand for professional services. Since a Singapore accounting firm takes good care of all compliance-related issues of its clients, the businesses can rest assured that their accounting activities are in safe hands, and compliance will be fulfilled in a legal manner.

Why Outsourcing to Accounting Services Singapore is On the Rise?

The surge in the number of outsourcing of accounting services in Singapore suggests its rising demand and bright future. There are some advantages such as access to talented resources, time saving, cost reduction, a chance to focus on core competencies, and faster turnaround time which primarily drive businesses to adopt outsourcing.

Save Time:

A study says an average entrepreneur works 50 to 52 hours a week, but still they could not manage time to get everything done. If they have to wear many hats and handle accounting activities, the outcome will not be a satisfactory one. And eventually, the business is likely to encounter an unforeseen setback. But, an outsourcing firm ensures to provide end-to-end services to their clients. Be it the reviewing financial statement, meeting compliance requirements, developing budgets or cash flow management. Everything will be done within the guaranteed period. And, the entrepreneur will be free to focus solely on business activities.

Compliance Assurance:

The legal acts and compliance requirements of ACRA and IRAS (Inland Revenue Authority of Singapore) are bit complicated and daunting in general, which makes handling of compliance issues, and tax matters a challenge for most of the businesses in the city-state. Each business must abide by the statutory regulations of these authorities.

Even if there are good numbers of accounting software present in the market, but using those without an expert accountant or tax consultant can be risky. These professionals keep themselves aware of the ever-changing laws of ACRA and IRAS and use updated software accordingly. Thereby, the professionals of accounting firms in Singapore help their clients in meeting stringent rules of the authorities.

Apart from these, here is a list of other benefits an accounting firm in Singapore has to offer:

  • Cost Reduction: Businesses using accounting services Singapore is believed to have minimal operating costs and improved business productivity levels. As a matter of fact, they do not need to spend money on typical in-house employees of the accounting department.

  • Access to Talent Pool of Accountant: Outsourcing allows the businesses to get access to a vast talent pool of the firm. The Certified Professional Accountant (CPA) are efficient and useful for your business to scale up.

  • Quality-driven Solutions: The ever-rising competition has motivated the accounting firms to adopt the latest technology and customer-focused business strategies. As the services could not afford the risk of losing their valuable clients, they make sure to provide quality-driven solutions to each of their clients.

  • Faster Turnaround Time: In short, accounting firms ensure to deliver quality services within the deadline, thus helping the businesses in many ways. You get quality services with faster turnaround time.

  • Concentrate on Productive Work: Although accounting activities essential in business, these are deemed to be non-productive activities. When you outsource, you get ample time to concentrate on productive activities of your business.

From the excerpt described above, we can conclude that accounting services Singapore do not seem to have any risk of being doomed in future. But the competitive price pressure will mount as more and more services providers are mushrooming in the Singapore market.

Outsource Bookkeeping and Accounting Services to Drive Your Business Forward

Accounting Services Singapore

Outsource Bookkeeping and Accounting Services Singapore

Let your business thrive by developing a better control over finance and accounting process of your organization. Together with this, other factors like low management cost and use of advanced technology are equally important for a business to grow in an exponential manner. Small businesses using Do-It-Yourself approach could hardly manage to achieve all these essential factors at the same point in time. Along this line, accounting services Singapore let you avail all these features under-one-roof to empower your business venture.

Since ages, we all have consistently been reminded about the importance of accounting for the businesses. In fact, accounting and bookkeeping are also widely regarded as the “languages of business” due to the manner in which these two aspects record the company’s financial dealings. Earlier, companies used to have the in-house accountant and bookkeeper to look after their finance and accounting activities. But, as years passed by, things started to change drastically regarding the way a company perceives to fulfill its finance-related requirements.

Why Businesses Prefer to Outsource Bookkeeping and Accounting Services Singapore?

Get Access to the Advanced Technology:

Singapore small businesses prefer outsourcing to accounting firms in Singapore that have access to advanced software. This allows the small businesses to have access to the talented resources and latest accounting software by paying a small fee. Buying an expensive accounting software is not an easy task for a small business and even mid-sized businesses with a tight budget.

Bring Your Business Cost down:

It is always a better idea to outsource your business accounting to one of the reliable accounting services Singapore. It saves time, energy and money and assures your compliance regarding Singapore accounting and bookkeeping tasks such as general ledger, cash flow management, balance sheet and compiling financial statements. Most importantly, you get insight into the financial status of your business from the highly-experienced professionals of the appointed firm.

Stay Focused to Core Competencies:

The productive activities of business require a high level of concentration and hard work. Accounting and bookkeeping activities are considered to be the non-core tasks. Outsourcing of these non-core tasks to professional services lets you focus on core operations and gives a boost to the productivity of your business.

Get the Financial Statement Ready:

The highly-experienced and knowledgeable accountants of Singapore accounting firms prepare and compile the financial statement of their clients as per the Singapore Financial Reporting Standards (SFRS). It helps them stay compliant with the laws of ACRA.

Lastly, running a business is like riding a roller coaster. You will come across myriad obstacles on your way to achieving success. However, the journey would be less challenging when you have right people and resources around. The professional accounting and bookkeeping services in Singapore are known for providing comprehensive support to the companies in streamlining the processes, which is crucial for every successful business.

Search, Evaluate, and then, Outsource to Accounting Firms in Singapore

accounting services Singapore

Accounting Firms in Singapore

Singapore is a unique business destination for the Small and Medium Enterprises (SMEs). The island nation employs transparent policies, lower company tax rates, start-up ecosystem in place, and has easy company incorporation process. The business owners also benefit from the number of support schemes run by the government for SMEs.

On the other hand, Singaporean authorities entrust its businesses with accounting, bookkeeping, and tax related compliance responsibilities and demand that they execute them consistently. The accounting firms in Singapore play a vital role in fulfilling the statutory compliance needs of SMEs.

In the case of a compliance failure, the authorities from ACRA (Accounting and Corporate Regulatory Authority) hold the director and to some degree, company secretary of the company responsible.

Engage Accounting Services or Do-It-Yourself

A large percentage of the small companies all over the world cannot afford to hire a permanent accountant on their payroll. Some business owners, to control the administrative costs, try to deal with their accounting on their own. It is a good option to take for some, but its drawback is that it takes the mind of the owners off their business goals.

Executing the accounts accurately and fulfilling statutory requirements do not generate any revenue and profit for the business. This option saves money, but it wastes valuable resources. The option is not for the business owners with a burning desire in their heart to succeed.

Accounting is a Profitless Activity

Accounting is a non-core activity and should be treated like one. These business owners should leave it to the Certified Professional Accountants (CPAs) working for the accounting services. By getting rid of the paperwork, the owners will have time enough to improve their operational efficiency and maximize their efforts to realize their core goals.

Be Open about your Business Needs

It is important for the business owners to discuss their needs with the decision-making authority in the chosen accounting service and set up reporting steps and procedures. Be clear about the standards to use before outsourcing of your payroll processing, GST filing, and accounting needs.

The accounting firms in Singapore like SBS Consulting, depending on your needs, can prepare full sets of accounts on a monthly, quarterly, or yearly basis. The accounting services Singapore offered by SBS are as follows:

  • 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

Be Prepared to Let Go of the Absolute Control

When a business appoints a third-party accounting service to manage its compliance requirements, there is a clash of values, cultures, and perceptions. The outsourcing of the task to an accounting service may also make the business owners listless or insecure as they feel the dilution of control in compliance monitoring or the lack of customization in the services offered.

Think about Long-term Investment

A business owner has to resolve insecurities over the loss of control and such issues before committing to outsourcing to one of the best accounting services in Singapore. Outsourcing is more about the mindset than the logistic.

The owners need search and select a few accounting firms in Singapore for the investigation. Get in touch with them and thoroughly explore their services and benefits to you before choosing a qualified one. Once you have selected an accounting service, be prepared to trust it within reason.

Outsourcing is for the business owners, directors, managers, and CEO’s who believe in full-scale engagement with the core goals of the business after outsourcing their non-core tasks. These professionals weigh their association with the accounting firms in Singapore as the long term investment.