How to Switch to Third-party Accounting Services Singapore?

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Finally, you are ready to hire the third-party accounting services Singapore for your growing business. Getting ready to switch to an outsourced firm is not as hard as you consider. Make the process of transition a smooth sailing experience by following a few important tips. Before diving deeper into the tips, let us discuss how important the outsourcing accounting is for Singaporean companies/business.

Why is Outsourcing Accounting Essential for Singapore Business?

When doing business in Singapore, you must make sure to fulfill the compliance requirements. The government of the Republic encourages the companies to remain compliant so as to maintain a prosperous and healthy business environment within its jurisdiction. No one can assist you better than a professional when it comes to complying with statutory obligations. There are plenty of professional accounting & bookkeeping services Singapore available. Getting started with the right services provider can be a challenging feat unless you know the procedure.

Make the Switch from In-house Accounting to Outsourcing

At present, you are more likely to have either in-house staff and Doing-It-Yourself to complete the accounting tasks. Also, chances are there that you have not kept the accounting books in order considering it to be small in volume. But as the business scales, the need for timely accounting records arises to maintain a healthy cash flow.

Over the years, outsourcing has proven to be more beneficial for businesses when compared to in-house staffs and DIY method. If you want to have a more stable business, make sure to hire a third-party accounting firm in Singapore.

At the foremost, make sure to have a right process in place to make the transition as smooth as possible. You do not need to take stress about the changes. After all, the third-party accounting services Singapore is there to make your business life easier. When you entrust an accounting firm with the task of handling your financial records, plan for 15 days – 1 month before things get rolling in. They may require even more time if your books are lagging behind.

You also ensure to ask the firm about their process for setting up a new client. A good and reliable firm will firmly answer your question and will explain it. Contrarily, the wrong one will dodge the question.

Here are the few tips to be taken into account before hiring the accounting services Singapore:

Hire the firm during the off-peak time in the year:

If you have a fair understanding of accounting and taxation, you might be aware of the fact that how busy the accounting firms are during the tax or audit time of the year. It is better to avoid the peak time and make the switch during down time.

This is an important tip which deserves to be mentioned. Make sure your business get time to get accustomed to the change and you and professionals of the firm discuss the requirements in detail. They must not be in a hurry when you initiate the outsourcing process. The experts of the firm must dedicate time and listen to you. After all, you are in the process of building a strong financial system which will scale as your company grows. That is worth the focus and attention.

Develop an accounting plan:

Create a roadmap for the accounting activities with the help of the expert team of the accounting firm. Set the goals and make the calendar of the activities to be completed in the accounting year. Let the person with accounting knowledge of your company work directly with the accounting team so that they could get everything they want about your company’s accounting records as soon as possible. Make sure to be in liaison with the accounting team throughout the year. It helps you keep track of the on-going activities.

Get the core accounting activities within few days:

Although it takes some time (approx. 15 days to 1 month) to get into the full swing, let the experts work on core accounting issues within few initial days. This way the outsourcing team will be able to get accustomed with the essentials quickly.

Now that you have an overall idea of the process of switching to outsourcing accounting services, the next important thing for you is to go and actually hire a good accounting firm in Singapore. Not all accounting firms are the perfect choice for all business. The right choice must be made considering a few crucial factors such as the size of the business, requirements, budget, industry expertise and so on.

Also, make a list of what other qualities you are going to look in a third-party accounting service before choosing it. Once you are done with the search, the process of transition will be a breeze for your business.

Bookkeeping Services SG for the Small Businesses in Singapore

Bookkeeping Services Singapore

Bookkeeping Services For Small Business

 

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

  • Bank reconciliations

  • 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.

Outsource Your Workload to the Accounting Services Singapore

Accounting firms in Singapore

Accounting Firms for SMEs

Keeping track of business transactions is a must thing for a business owner irrespective of the size of his or her business. Outsourcing the task to the accounting services Singapore is a wise decision, if the owner is short of time or has issues mastering the accounting concepts. The move benefits Startups, and Small and Medium Enterprises (SMEs). The accounting firms in Singapore helps them with the profit visibility and finance control.

Need to Hire One of the Experienced Accounting Firms in Singapore

If you own a startup or small business in Singapore, you will be better off by answering a few crucial questions that are presented below.

  • How good is your knowledge about the mandatory accounting services required of you?

  • Are you using a state-of-the-art accounting software?

  • How much time are you devoting to the business’ bookkeeping and financial accounting after the end of the business day?

  • Is it fun, especially when you are dead-tired, to personally file invoices, receipts, financial documents, and update the books of accounts of the business?

  • Is hiring an accounting service Singapore a cost effective option to setting up of an in-house accounting?

  • How long since you have updated yourself with the latest changes in the rules and regulations?

  • Do you know when you have to file your financial statements to the ACRA (Accounting and Corporate Regulatory Authority)?

Accounting Services Singapore to Improve Your Compliance

The wise business owners, depending on their answers, will have no difficulty in making up their mind about the need to appoint one of the accounting services Singapore to take care of their books of accounts. It is indeed an economical option.

However, many startups and small business owners shy away from making a move. For some, it is the sanctity of their financial data. They do not want a third-party to handle it. On the other, a few business owners find fees charged by the accounting services Singapore an extravagant expense. They try to do it on their own, unnecessarily jeopardizing their compliance.

Accounting & Bookkeeping Services for Small Business in Singapore

In reality, the accounting firms for SMEs, after going through the financial transactions of a business can determine its cash flow and advise the owner about unnecessary expenses. They advise on the better business practices, tax saving, and how to maintain the financial health of the business by generating more profit. These firms offer following services to the Singapore businesses.

  • Compilation Financial Statement

  • XBRL filing

  • GST return filing

  • Bookkeeping Service

  • Corporate Accounting

  • Professional Accounting services

  • Setup of Accounting System

  • Sole Proprietorship and Partnership Accounting

  • Accounting for international businesses

Tasks Done by Accounting Companies in Singapore

The certified accountants employed by the accounting services Singapore

take care of a variety of accounting functions for their clients. They stick to the professed by the authorities while taking off the burden of a non-core task off the backs of their clients.

  • Accounting services Singapore go through the each financial transaction of their clients business and record it faultlessly.

  • They prepare the financial statements, such as, profit & loss statement, balance sheet, cash flow, etc., and maintains general ledger for their clients’ company.

  • They prepare Compilation Report/ Director’s Report and unaudited financial statements for their clients.

  • They judge whether their clients need to opt for voluntary or compulsory GST registration and advice accordingly. Afterwards, assist them in quarterly GST return filing.

  • Accounting firms in Singapore guide and provide expertise on tax compliance as they have the expertise tax laws in Singapore and helps their clients in optimizing the amount paid in taxes.

If you are looking for a reputable one of the accounting services Singapore, you need to look high and low, take advice from your business associates and zero-in on a reputed firm that can suitably serve your business. You need to set up a meeting with its representative and explain the nature of services and deadlines your business needs them to follow. Most of the accounting firms in Singapore charge their clients by volume of business transactions. They increase their services to accommodate the increase or decrease in the volume of transactions due to change of seasons. Take assurances about such happening and make sure that they offer you a cost-effective accounting fees package.

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.

Why Small Businesses Should Use Accounting Firms in Singapore?

accounting firms singapore

Outsourcing to a Capable Accounting Firm in Singapore

Singapore businesses need to have good an accounting system. It helps them in estimating their financial health, an important step in ensuring their survival. Many large companies hire permanent accountants for the task. The startup and small businesses who cannot afford it, hire accounting firms in Singapore.

The Need of Appointing Accounting Services Singapore

The authorities expect Singapore businesses to constantly update their books of accounts like cash book, sales invoice, credit book, debit book, cash payment vouchers, credit purchase book, stock book, assets records, bank transaction book, and payroll records. It is a tall order to accomplish manually for the small businesses having limited resources. Appointing an experienced accounting firm in Singapore to discharge their statutory responsibilities gives them the breathing space.

Outsourcing to a Capable Accounting Firm in Singapore

Even MNC’s shy away from the accounting function as it plays havoc with their goal of focusing exclusively on their core business. They know all too well that in today’s competitive world, losing their grip on the execution of their core goals may spell DOOM even for them. Moreover, they don’t get any mileage out of the filing of faultless accounts. It is a non-core task and is going to remains so. Ultimately, they outsource the task to accounting companies in Singapore.

Accounting Firms for Small Businesses in Singapore

The small business owners are very much in touch with their day-to-day business activities. It is an advantage when it comes to providing their services and products and ensuring customer satisfaction. However, there are only a few limited hours available to them. It does not leave them with a lot of time to discharge their statutory obligations. The accounting services assist them with faultless monthly accounting or quarterly accounting responsibilities. They start the activity by providing monthly or quarterly bookkeeping services and by meticulously recording all the financial transactions of their clients’ business.

CPA Accounting Services for to Uphold Your Statutory Compliance

The accounting firms assign certified accountants to ensure their clients’ compliance. These professionals are aware of the latest changes in the rules and regulations. They forcefully stick to the Singapore Financial Reporting Standards (SFRS) while preparing the financial documents like cash flow statement, profit and loss statement, balance sheet, etc. They use their industry-wide experience and latest accounting software for the preparation of compilation Report/ Director’s report and unaudited financial statements for their clients.

Goods and Services Tax (GST) Registration

The businesses that are seeing growth in their business activities must also check whether they qualify for the Goods and Services Tax (GST) registration. The accountants in the appointed accounting firm in Singapore help them in the task. After completing the registration formalities they also assist their clients in the quarterly GST return filing.

According to ACRA (Accounting and Corporate Regulatory Authority), the directors of Singapore companies are responsible for their company’s annual filing. In a recent update, ACRA has cited that even listed companies in Singapore are still making mistakes in filing their cash flow statements. After such an incidence, the directors get warned by the ACRA officials in the form of a notice or advisory. They may also get called on and made to explain the failure in compliance. They may also get penalized for it which underlines the importance of the job done by the accounting firms in Singapore in ensuring their client’s compliance.

 

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.

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.