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.

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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.

How to Choose the Right Accounting Services Singapore for Your Business?

Accounting can be a boring and tedious job for those who find number crunching to be a daunting task. Having expertise, knowledge, and experience in the specific area of interest is important when it comes to rendering accounting services Singapore. All the laws about accounting activities performed in Singapore companies are administered by an authority called ACRA (Accounting & Corporate Regulatory Authority).

Singapore has long been known for its rigorous laws and strict enforcement actions. Thereby, no businesses could afford to ignore their statutory obligations. As a result, more and more businesses are relying on the outsourcing services of the accounting firms in Singapore. These accounting firms are adept at delivering quality services while adhering to the law.

The ever rising demand for third-party services, the number of Singapore accounting firms are surging at a staggering rate. It is worth to note that there is no dearth of fraud and dubious vendors in the market. Also, depending on the type of industry and the requirement, the right accounting vendor may vary from business to business. So, one must be careful enough to find out a right and trustworthy accounting companies in Singapore.

The big question is – with thousands of Singapore accounting firms, how would you select the right one for you? In choosing the best accounting services Singapore for your small businesses, you should consider the following facts:

  • How well do they understand and know your industry?

    Search for an accounting firm that understands your industry and speaks your language. A firm having years of hand-in experience in the same industry as yours would be the best bet for you.

  • Is the firm you are hiring going to act as a business advisor as well?

    Your accountant is not just a person who count the numbers only. He/she must have the capability to guide you in every aspect of Singapore accounting. Be it monthly accounting, account management, financial statement preparation, XBRL filing, tax computation or compliance matter of ACRA.

  • How responsive the professionals of the firm are?

    Are the accountants or CPAs of the firms available when you need them the most? Do they share their contact number? How long do they take to answer your calls or emails? Ideally, the accounting team of the firm must be readily available for you at the time of need. Their responsiveness signifies that they care about your business as much as you do.

  • What is their reputation or image in the marketplace?

    Be sure to conduct an in-depth research before zeroing in on the firms. Try to get an idea about the reputation of the firm by contacting their previous clients. The reviews of clients play a vital role in understanding their credibility and reputation.

  • How is their accounting fee structure?

    We often get what we pay for. However, cost plays a major role in business. We are bound to spend within the budget of the company. However, try to find the good one at best possible price in the market. Many good accounting firms provide high-quality services at affordable prices to thrive in the highly-competitive market of Singapore.

  • Are they the right size for your business?

    It is apparent that a small or start-up business could not afford to hire the service of Big4 accounting firm. Similarly, a global giant or MNC will not go for an unknown small scale accounting firm. Choose the firm according to your business size and budget.

While a right accounting firm can build and grow bottom line of your business, a wrong choice could ruin it. Thus, picking the right accounting services Singapore is a crucial decision. The facts mentioned above would help you figure out the best out of many. Precisely, success will be at your feet when you have the right accounting service around.