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.

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.

Follow MNC’s, Outsource to Accounting Services Singapore

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Outsourcing to Accounting Firms in Singapore

It is very reasonable to think that a small business owner remains occupied throughout the day. The fact is truer for the one-man-show business owners. One cannot expect these individuals to spend another couple of hours at the end of a hectic day to record every financial transaction of their business. For these individuals accounting services Singapore provide adequate assistance.

Advantages of Outsourcing to Accounting Firms in Singapore

Sooner or later small companies with a few or no employees need to take a decision about their accounting function. Since they cannot afford the luxury of appointing an in-house accountant to take care of the task, outsourcing to accounting services Singapore is an option open to them. However, not every one of the business owners likes to involve third-party firms and letting them have complete access to the business’ financial data.

Hiring Certified Professional Accountants (CPAs)

The business owners can also hire services of a freelancing individual, but, the Certified Professional Accountants (CPAs) in the employ of the accounting services stands out as the better option. These qualified professionals have industry-wide experience and are world-weary. They are in tune with the latest changes in the rules and regulations by the authorities and render in-depth services to their clients.

Cost Saving

Cost-wise, outsourcing of accounting services is very beneficial to the small and start-up businesses. It allows them to reduce their cost of compliance by more than half. By selecting a trusted accounting firm in Singapore, they can ensure accurate processing of their books of accounts.

Employing an Accountant

When you hire an accounting service, you as good as hire their accountant. However, you don’t have to worry about his or her leaves, holidays, benefits, CPF, etc. It also means that you do not have to advertise a vacancy, interview, hire, train, and fire your accountant.

So by appointing an accounting service in Singapore, you take a major step towards simplifying your management of human resource. Accounting services fees charged by these firms are affordable as they are based on the hourly rates or by the volume of transactions of the business.

Accounting is not the Core Goal

A business does not benefit by accurately doing its accounts. It is not a profit producing activity. So there is hardly any point in doing it in-house unless you want to have total control over the accounting process.

Outsourcing it frees your staff. You can assign them to the core task of the business to enhance your revenue and profit margin. The appointed accounting services also maintain the backup of the business’ data.

Hardware Setup and Latest Software

The CPAs working in the accounting services Singapore use latest accounting software. It helps them immensely in accommodating the latest changes in the rules. When a business hires an accounting service, the decision saves it the cost of establishing the setup, licensing fees of the software, and IT training.

If are in need of outsourcing of your accounting function, but, are yet to take a firm decision about it, remember that the accounting services Singapore are trustworthy firms. That is why multinational companies have been outsourcing to accounting firms in Singapore for a long time.

Do You Not Feel the Need of Hiring Professional Accounting Services Singapore?

accounting firms in Singapore

Outsourcing to Accounting Services

Time is money for a small business owner. Spending it on technically challenging and a time-consuming task like preparing financial statements is a kind of a waste. Moreover, doing it accurately does not earn the business any money as it is a non-core activity. Have you ever thought about hiring one of the experienced accounting services Singapore to do it?

Save Resources by Outsourcing to Accounting Services

Here is a situation that you must tread cautiously to ensure your accurate and timely statutory compliance as dictated by ACRA. You need to decide whether to hand over your books of accounts to a third-party accounting firm in Singapore or keep them close to your chest. You can do them yourself or hire an in-house permanent accountant for the task.

By the way, the term ‘third-party’ may have raised doubts in your mind about the sanctity of your financial transactions. The accounting firms in Singapore employ professional accountants are well versed in the Singapore Financial Reporting Standards. They are tight-lipped and are known to keep their clients’ confidences. Your business data is safe with them.

The Certified Accounting Professionals (CPAs) have industry-wide experience. They use state-of-the-art accounting software, and obviously, they are aware of the latest changes in the rules and regulations. It helps in ensuring the accuracy while preparing their clients’ financial statements.

The accounting services fees are affordable as they charge by the volume of transactions. If you search far and wide, you may even find more than one accounting services Singapore willing to offer your Small and Medium Enterprise (SME), a customized package.

Accounting Firms in Singapore Helps in Reducing Overhead Costs

The small business owners need to invest every minute of their time in selling their products and services and maximize their returns on investment. In most of the cases, these individuals multitask to do so. It is the only way they can face the competition and stay in the business.

To put it in bold letters, they cannot afford to spend time on their accounting books. Appointing one of the experienced accounting firms in Singapore is a very viable option for them.

Benefits of Accounting Services in Singapore

Accounting services Singapore extend themselves in order to accommodate their clients’ needs. The businesses seeing a significant jump in the volume of their business transactions during the particular seasons, festivals or due to other circumstances can ask their accounting firms to upscale its services. And during the slack, they can ask to downscale it. Following are the services a business owner can expect from the accounting services like SBS Consulting:

  • 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

Appointing a reputed and experienced accounting firm in Singapore proves beneficial to the owner of the small businesses. The payment of a small amount of fee guarantees them the services of veteran bookkeepers and CPAs.

Moreover, they do not have to hire an in-house accountant and invest in computer servers and costly software tools. It also absolves them from managing leaves, holidays, CPF contributions, employee benefits and etc. overheads that are associated with the hiring of a permanent employee.

One of the benefits of using accounting services is that the SMEs and the start-ups do not have to invest in computer, latest software, and related IT services. They simply need to outsource their accounting needs to these qualified professionals who take care of their statutory compliance in the most satisfactory way.

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.

Singapore Accounting Standards: How Crucial are Those for Your Business?

accounting services Singapore

Singapore Accounting Standards

Over the years, Singapore has attracted an enormous amount of foreign investment with its openness towards free trade, geographical advantages, world-class infrastructure and pro-business policies. For every business in Singapore, adhering to the local regulations is the key. Most of the businesses take help of accounting services Singapore like SBS Consulting. One of the statutory obligations is to file the financial report as per the Singapore accounting standards. In an attempt to attract foreign investors, these standards are designed as per the international accounting standards.

The result of non-compliance could be as severe as incarceration. The defaulters may face fine, penalty and court summons. So, it is better to get acquainted with the on-going laws and procedures. Alternatively, you can hire the professional accounting services Singapore.

This blog is highlighting the details of Singapore accounting standards followed by the certified and experienced CPAs working in accounting services Singapore. Understanding these standards may help you to compile a factual and compliant-friendly financial statement for your business.

What is Accounting Standards?

In brief, the accounting standards are reporting frameworks consisting a set of principles and conduct of policies for management of accounting transactions of business. Based on the accounting standards, business transactions and other events are recognized, measured, presented and disclosed in a financial report.

What is Financial Statement?

A financial statement or report is an official report compiled by a business, person or entity to keep the record of their financial activities. These statements are presented in a structured manner so that anyone can easily understand it. A true, accurate and fairly presented financial report is fundamental for the smooth functioning of the business as it helps the business owner in making critical financial decisions. The format of financial statement can vary from one jurisdiction to another.

Singapore Accounting Standards

Singapore accounting standards are formally known as Singapore Financial Reporting Standards (SFRS). The Accounting Standards Council (ASC) is responsible for the preparation and declaration of accounting standards in Singapore. The standards are based on International Financial Reporting Standards (IFRS). All locally based companies with the financial year starting on or after January 1, 2003, have to abide by the Singapore Financial Reporting Standards (SFRS).

The SFRS includes approximately 39 standards including Financial Reporting Standards (FRSs) and SFRS for Small Entities. Each standard covers specific topic such as revenue recognition, property, accounting for inventories, statement of cash flow, presentation of the financial statement, etc.

Why Compliance with SFRS is Necessary for Your Business?

To prepare the financial statement as per the SFRS is a mandatory requirement for every business. The national regulator, ACRA (Accounting & Corporate Regulatory Authority) demands the business to fulfill this legal obligation. Failing to comply may result in ACRA taking some severe actions such as

1) Issuance of advisory

2) Issuance of Warning Letter

3) Fine by offer of composition; and

4) Prosecution leading to fines and/or imprisonment

In addition to these, ACRA may ask the company to modify the deficient financial statement, either in the next set of reports or by having the current set of financial statement restated, re-audited and re-filed with ACRA.

Singapore Accounting Services Helps Your Business Stay Compliant and Competent

Keep your business safe, compliant-friendly and flourishing by hiring a good accounting firm in Singapore. When you engage a qualified team from the Singapore accounting services, you can rest assured that your accounting activities are in safe hands. The professionals working in these firms stay abreast of the changes in accounting requirements and eventually, they compile the financial statement as per the rules and regulations in force.

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.