Monthly accounting services Singapore are absolutely essential for the businesses operating in Singapore. The startups and small businesses trying to make a living with a shoestring of a budget have so much to worry about. Their main concern is how to find customers by offering quality services and products.
Moreover, the owners also need to pay careful attention to their cash flow. It makes them aware of how much money is coming in and going out of their business. A carefully selected accounting firm Singapore can point out to them where they need to economize increasing their profitability and the chances of survival.
Singapore Company Act states that every business should regularly update its books of accounts. The accounting services offering monthly or quarterly bookkeeping services are in good position to do it for them. The firms go through all the financial transactions of the business and record it in a precise manner forming a basis for the further compliance related accounting work.
In addition, the accounting services Singapore offers monthly accounting or quarterly accounting as per the schedule and requirements of their customers. They prepare monthly profit and loss statements clearly showing the sales and expenses from the previous month. They also prepare the cash flow statements that are easy to understand for the business owners.
Singapore companies must determine whether they need to opt for Goods and Services Tax (GST) registration. The qualified accountants hired by the accounting firms in Singapore assist them in doing it. After the GST registration is accomplished, these firms prepare necessary documents and assists with the GST filing.
The directors of the Singapore companies need to supply certain reports to ACRA (Accounting and Corporate Regulatory Authority). Accounting firms in Singapore help them with the preparation of compilation Report/ Director’s Report. They also ensure their clients’ compliance by supplying error-free unaudited financial statements.
Depending on the chosen accounting firm Singapore and the charges involved, the accountants working in the firms may also help their clients with the end-of-the-year accounts, balance sheet, income tax returns and payment, bank statement, etc.
The major benefit of hiring one of the trustworthy monthly accounting services Singapore is that it relieves the management from the drudgery of fulfilling the statutory compliance requirements. It sets them free to pay their complete attention to the core goals and ensuring the future of the company.