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.