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.

Outsourcing to Payroll Processing Services Singapore is a Solution for Small Businesses

payroll services Singapore

Appointing Payroll Processing Services Singapore

The payroll processing is a non-core activity for every business as it does not generate any revenue. However, it is important from the point of view of complying with the Employment Act of Singapore and healthy atmosphere at the workplace. The act holds every Singapore employer responsible for paying the salaries within a week at the end of the payment cycle. To do this time-consuming task properly, you need to assign competent resources to it. On the other hand, you can outsource it to the reliable payroll services Singapore.

Reasons for Appointing Payroll Processing Services Singapore

Today’s trend is to appoint payroll processing services Singapore. However, if you believe in doing it yourself, you must know that, in reality, it is not that difficult. You can do it yourself if you know accounting.

However, there are a lot of salary components involved in the process. Mistakes start creeping in the calculations as the fatigue sets in and concentration wavers. These can also be caused because you forgot to update yourself on the latest changes in the rules and regulations. They can also happen if you are using an absolute software.

Moreover, the time you need to invest in DIY payroll processing is huge and at the end you do not get any medals for doing it precisely. For a Small and Medium Enterprise (SME) owners, it is wise to outsource it to payroll processing services Singapore. By doing so, you get to benefit from the latest payroll software used by the service and the careful attention lavished on your Singapore payroll calculations by the professionals in the employ of the service.

Hiring payroll services in Singapore is also a good option for the small businesses having an in-house payroll activity. Your decision frees your employees who you can reassign for the core goals of the business.

A Typical Payroll Processing Task Involves Following Activities

Salary Calculation:

  • Capturing and updating employee details, allocating employee benefits, etc.

  • Calculating gross salaries as per the company pay cycle

  • Arriving at the net salaries after deduction of CDAC, CPF, MBMF, SINDA or ECF

  • Adding bonuses and similar payments into the net salary

Managing Employee Leaves:

  • Recording and keeping an accurate count of each employee’s leaves

  • Managing the leaves to maintain optimum workforce to keep the work going

  • Taking into account leaves without pay and other claims by employees

Preparing Employee Payslips:

  • Depositing paychecks to employees’ registered bank accounts using bank GIRO transfers

  • Preparing and sending electronic as well as hard copies of payslips to employees

Handling IR8A and IR21 Forms:

Preparing and filing taxes of employees according to the prescribed regulations and time limit

Choosing a Payroll Service Provider Singapore

When you start searching for a capable payroll service provider in Singapore, see to it that it offers what you want. If it is not the case, ask whether they can customize their service to meet your business requirements.

Bear in mind that the different business circumstances force the owners to look for different kinds of payroll services. You may hire an payroll consultant or outsource it to a good accounting services in Singapore. Consider your business’ budget and choose a payroll service after analyzing your needs so as to optimize your employee management and the mandatory statutory compliance.

A competent payroll service provider in Singapore will eliminate the stress of payroll compliance for you by doing it accurately. It will also keep your employees satisfied and will foster the feeling of appreciation among them. Most importantly, you will have plenty of time to focus on the core goals of your business and to stand up to competition in the 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.

Maintain Clean Accounts in Singapore- Improve Your Profitability

accounting firms in Singapore

Accounting for Small and Medium Enterprises

Is hiring accounting services for the small businesses, a superfluous expenditure? From the small business owners’ perspective, doing their business’ accounts on their own can save them a few dollars. However, the question is, “Is it a really profitable adventure?” An inadvertent mistake in the accounts, leading to the business being flagged by the Inland Revenue Authority of Singapore (IRAS) for the breaking of rules is not at all a good news for any startup or small business.

Accounting for Small and Medium Enterprises

The startup or Small and Medium Enterprises (SMEs), may it be one-man-show or a concern helmed by the owner having a proper support staff, can do without getting tangled with the Singapore authorities. The owners have their plates full, without being further burdened by an amateur accountant determined to mess with the business’s accounts. On close introspection, hiring one of the top accounting services for a small business like SBS Consulting will stand out as a great prospect.

Accounting and Singapore Business Owners

Accounting for small businesses has never been easy. More often than not, the owners of these businesses are juggling multiple tasks at a time. Time is one commodity they are short of and the fact is that, most of them cannot invest in a full-time accountant. However, at a fraction of the costs that they would need to invest in a trained accountant, hardware, software and IT support, they can retain an experienced and professional accounting service in Singapore.

Specialized Accounting Services for Small Business in Singapore

SBS Consulting employs experienced and certified accountants to deliver effective accounting services to its clients. Under its accounting services for small businesses, the firm offers efficient bookkeeping services. For any small, medium or big, multinational business, maintaining its books of accounts in proper order is of at most importance.

An experienced accountant, after going through the business records can easily arrive at a conclusion whether the business is going up or down. The CPA’s working in the SBS Consulting does sound an alarm to their clients if the things are not as they should be.

They even give advice on how to force improvements to take the business in the right direction. The firm’s accounting services include the following:

  • Managing clients’ accounting software

  • Offering data entry services and posting transactions to the appropriate accounts

  • Developing account charts for the client’s suppliers and customers

  • Shouldering the task of generating monthly reports

  • At the end of every month, giving advice on the clients’ monthly profit and loss statement, cash flow, and balance sheet

  • At the end of a year, the CPA’s appointed by the SBS Consulting closes the accounts for the clients assigned to them

  • Accounts are then finalized, according to the Financial Reporting Standards

Fees Levied by the Accounting Services

The accounting services in Singapore charge their fees per transactions. SBS Consulting even goes further and provides scalable services according to the need of its clients. The firm utilizes more of its resources to accommodate the increased number of its client’s business transactions. On the other hand, the client can request to scale it down when the business is slack.

Accounting Services and Taxes

In addition to maintaining the books of accounts, which reflects their financial health, the businesses also have to take care of the payroll processing, taxes and other tasks. The calculations involved in it are really no business of amateurs. These tasks must be handed over to the professionals. When it is taken in relation to the strict rules and regulations and the control maintained by the IRAS on its subjects, it is really worth to appoint one of the professional accounting services for small business.

By outsourcing their accounting function to third party accounting services, the Singapore businesses can ensure that their accounts are cared for by the experienced and qualified professionals. They also do not have to invest money in implementing infrastructure and hire trained accountants. Even big companies benefit from this move, as it frees their staff which they can reassign to the core functions of the business.

XBRL Filing in Singapore: Know What ACRA Expects from You

XBRL filing in Singapore

Benefits of XBRL Filing in Singapore

ACRA (Accounting and Corporate Regulatory Authority) has decreed that every Singapore company, unlimited and limited by shares, must take benefit of XBRL filing while filing their financial statements. It has already published revised XBRL filing requirements that came into effect from 3 March 2014. It has also provided BizFinX filing system and a preparation tool for the users. The tool is a free offline software application. The task is new, requiring the business to hire services of XBRL filing services in Singapore like SBS Consulting.

The introduction of this format means companies are no longer allowed to file their statements in Excel sheets, Word documents, and etc formats. The goal of implementing XBRL filing in Singapore is to improve financial analysis through the gathering of structured business data. The uniformly structured data is easy to transmit to and use at the destination computer system. It goes a long way in the aggregation and analysis of financial data on the national level.

What Are the Full XBRL Filing Requirements?

SBS Consulting provides its expertise and assists its clients in fulfilling the requirements of XBRL filing in Singapore. The service is really helpful to the Small and Medium Enterprises (SMEs) lacking in resources or technical knowledge. SBS even takes care of the XBRL filing of the bigger businesses and leaves them to take care of their core goals. The requirements are as follows:

  • A company must provide Directors’ statement or financial statements prepared by the independent auditors.

  • The company must provide statements giving its financial position, income, and cash flow.

  • The data in a company’s disclosure note must include its share capital, income and expenses, and expenditure on the employee benefits. The note must also give details about the company’s property and equipment, government grants, provisions and revenue, trade and other payable.

Why There is a Need of Uniform Data Format?

The importance of having a uniform financial reporting format can be seen from the way XBRL filing helps the accountants when there are mergers or acquisitions. Before the parties finalize or reject the deals, they need to access and study their respective financial worth.

If they are using different formats for their financial reporting, then the accountants have to study each and every entry in the statements of the other party. However, if they are using XBRL format, it helps in automation of the process through the use of software programs. The uniformity in format simplifies the process drastically.

Benefits of XBRL Filing in Singapore

Taking care of the (http://www.sbsgroup.com.sg/singapore-xbrl-filing-requirements-with-acra/) XBRL filing requirements in Singapore is a must for bringing transparency in the financial data communicated by the businesses to the authorities. It fulfills the business reporting goals and objectives and, also makes it easy for the investors, financial analysts, and regulators to access and study the data to base their decisions on.

  1. Information Sharing: The XBRL filing Singapore is meant for sharing data between business entities and regulatory authorities. The format promotes the reuse of the financial data without further processing. SBS Consulting stands out because of its seamless XBRL filing services.

  2. Data Transparency: The investors, stock traders, and brokers need reliable data to make their investment decisions. The government regulators, stock exchanges, financial and economic analysts need accurate and reliable financial information.

  3. Fund Raising: Filing their statements in XBRL format assists businesses in acquiring capital from the market because their books are open for every to see and draw conclusions from.

  4. Financial Health of the Businesses: The data is also useful to the financial analysts in predicting the financial health of the businesses and in advising the investors. It also assists the businesses with filing their tax returns and conveying information like production output, inventory etc.

Singapore authorities like ACRA, do their best to raise the awareness of the XBRL filing requirements in Singapore. Time and again they conduct free BizFinX Training Seminars to educate the business owners and managers. These programs typically cover the Singapore XBRL filing requirements, details about BizFinX portal, use of BizFinX preparation tool and Annual Return form. However, if you are a businessperson short of time and who believe in letting the experts handle the financial data, outsource XBRL filing to SBS Consulting.

Accounting Services Singapore: Count Your Numbers with SBS Consulting

Is hiring accounting services Singapore for small businesses a superfluous expenditure?Outsourcing to the accounting services helps businesses in reducing the economies of scale. However, the most important benefit for the small business owners is that they do not have to worry about the number crunching that the task of accounting involves. However, an accounting firm in Singapore will let you stay compliant through its expertise-driven services.Read the full article Click Here.

Accounting Services

Accounting Firms in Singapore Come to the Rescue of Small Businesses

accounting services Singapore

The field of accounting is an interesting one and currently, accounting firms in Singapore are practicing it to its limits. Only its die-hard disciples working in the accounting services can understand the meaning it can reveal about today’s complexly structured businesses. A well-versed accounting service like SBS Consulting assists its clients in understanding and in aligning their future plans with the industry-wide trends and changes. Such a timely advice increases their chances of survival and gives them means of achieving their growth.

Who Needs Accounting Services Singapore?

Small and Medium Enterprises (SMEs) owners find keeping their books of accounts in order a little bit troublesome, as it takes their mind off their core business activities. For these business owners, hiring accounting firms in Singapore for a reasonable fee is a great option. They do not have to waste time in mastering tricks and tools of accounting in order to ensure their statutory compliance. For this reason, the directors of the private limited company, sole proprietors and partners in limited liability partnerships willingly pay to engage the experts from reputable accounting services.

Financial Health of a Business

According to the corporate law of Singapore, companies with annual turnover in excess of S$10 million have to audit themselves. However, it cannot be undertaken in the absence of fully prepared financial statement. It is where the CPAs (Certified Professional Accountants) employed by the SBS Consulting comes into play.

At the time of bookkeeping for their clients, these accountants meticulously record each and every business transaction of their clients’ business. This is the data they then use to prepare the financial statements. The data is useful for them in knowing the financial efficiency and effectiveness of the business. Auditing is useful in knowing the financial health of a business.

Accounting is a step for the businesses in the direction of financial planning and organization. A meticulous bookkeeping can also let the business owner know about the financial status of business. However, for a complete understanding accounting and auditing of a business is a must. It helps the management, creditors, and investors in the decision-making process.

Cash Flow and Profitability of a Business

Even the firms or companies that are yet to get in the mid-level bracket, find the accounting services Singapore useful in reducing their workload. It saves them from the expenses of employing accountants, buying software and hardware. In return for a fee, they get their accounting done by experts.

Singaporean Taxation System

According to the law, the income of a Sole Proprietorship or a Limited Liability Partnership is considered as the income of its owner. The owners have to pay personal income tax on the taxable income of their firms. Accounting services help these individuals in knowing their taxable income.

SBS Consulting offers following accounting services to its clients:

  • Preparation of profit and loss statements and balance sheets
  • General Account Filing
  • Fixed Assets Ledger
  • Bank reconciliations
  • Cash Flow Statements
  • Preparation of directors/compilation report
  • XBRL statements preparation
  • Financial Analysis for weekly, quarterly, monthly, annual periods

The financial statements prepared by the accounting firms in Singapore reveals how much money a business has made, the amount it has already spent and the profit or the loss, it has incurred. Most importantly, these firms adhere to the Singapore Financial Reporting Standards (SFRS) that are insisted upon by the authorities during the completion of the task.

According to ACRA (Accounting and Corporate Regulatory Authority), the annual statutory compliance is the responsibility of the business’ owners and directors. That is why selecting a proper accounting service is of utmost importance.

SBS Consulting, registered in 2010, is one of the prestigious bookkeeping services in Singapore. It also offers incorporation, bookkeeping, payroll processing, etc services to its Singapore clients.