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.