How Accounting Firms in Singapore Help the Businesses Become Productive?

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It comes as no surprise that accounting is a vital aspect of business. An accountant collects, records, gathers and analyzes financial information in a single place. This financial information is crucial to the business as it often provides the true and actual status of the financial condition of business. Hence, accounting must be handled by an expert who has the profound knowledge of bookkeeping and accounting. Instead of hiring an in-house staff, one can opt for the outsourcing option. The accounting firms in Singapore are helping businesses grow their bottom lines.

Why Outsourcing to Accounting Services Singapore?

Accounting is a language of business, and it lays a strong foundation to build a promising future. The businesses benefit when accounting department of the company has been handled by a professional adept in the process and legal compliances. Ideally, the experts of the professional accounting services Singapore stay updated and compliant with the regulations. Once you understand the concept of outsourcing better, you are more likely to see why outsourcing accounting to a good Singapore accounting firm makes sense.

It is worth noting that there are numerous benefits of outsourcing accounting services. The cost of outsourcing is almost half of the expense a company usually made on in-house staffs. When you outsource, you simply need to pay the accounting package fees. Sometimes, it can be on hourly, monthly, quarterly or annually basis. Whereas, you need to invest a huge amount of money throughout the year to pay a typical in-house employee. The cost will include monthly salary, bonuses, insurance benefits, infrastructure and so on.

For the competitive fees, you would get a higher level of expertise since the accounting firms in Singapore bring industry-wide experience. The highly qualitative accounting service is done in much less time without any disruption in work due to sick leave/ vacations of employees.

One of the key perks of outsourcing accounting service for small businesses is objectivity. The experts of an outsourced firm can guide and assist the clients even on most sensitive issues of the business. However, an in-house staff may not be well versed in such topics. The firm being an accounting partner of the business, is well aware of client’s confidential information and foster a relation to remaining as a trusted business advisor to the client.

Some Myths about Accounting Debunked:

Given the multiple benefits of outsourcing of accounting services has to offer, many businesses regardless of size and type, are turning to accounting firms in Singapore. Outsourcing not only just act as a one-stop service provider but also help businesses to boost its overall capabilities. However, a section of small businesses may not be clear about the concept of outsourcing services. It seems that it is due to some myths they may head about outsourcing.

One will lose control over its company’s finances if the accounting process is outsourced. Contrarily, a company can have more control over its financial condition with the help of a third-party firm. The experts of the firm will rigorously work on to standardize the financial process of your organization. You will get real-time data, allowing you to focus on weaker areas. You will be able to take more informed and best business decisions ever.

Outsourcing is not for small and medium enterprises. It is meant only for large corporations. This the need of the hour to wipe out such misconception from the root level. Outsourcing brings wellbeing to all business and industry type regardless of the size. Surprisingly, it saves the cost of labor of almost 50%. Plus, outsourcing streamlines the process and ensures efficiency.

Sharing confidential information with the third-party firm is not safe. They tend to think that these firm will disclose the information to the rivals or competitors. On a flip side, a good and reliable firm left no stone unturned to keep your data safe and secure by using online encryption security system. They foster a relation with clients with purely based on trust and integrity. By no means, they will disclose any of your information to the outsiders. Reiterating, you indeed get a trusted advisor who will guide you on very sensitive issues of the business.

Outsourcing is expensive, and it is not worth the money you invest in. But, the reality is contrary to this belief. It helps you save money to be invested in installing accounting software, in-house staffs, and infrastructure. Most of the accounting packages of these firms come at competitive prices. So, you do not even need to shell out an exorbitant amount of money to avail outsourced accounting services.

Moreover, these firms help you keep a constant track on your cash flow. They will prepare financial statements, XBRL Filing Report, Director’s Report and compilation of unaudited statements. You no longer needed to grapple with filing XBRL report, Annual Returns and convening Annual General Meeting as the experts will do on your behalf. They will free you up to fully concentrate on the core competencies of the business while keeping track of financial condition. This smart move is a surefire way to become prolific enough to achieve your business feat. In a nutshell, accounting firms in Singapore are paving ways for businesses to become productive and successful.

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Demand for Professional Accounting Services Singapore is Surging

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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.

Search, Evaluate, and then, Outsource to Accounting Firms in Singapore

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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.

Hire Accounting & Bookkeeping Service to Get Your Business Finance in Order

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Accounting & Bookkeeping Services Singapore

 

Small business owners need to wear many hats. It means, for various reasons, they want to do everything themselves and do not want to delegate the different tasks of their business. Such approach is also called as Do-It-Yourself (DIY) approach. But, savvy and smart entrepreneurs know the importance of professional services. When it comes to financial management, they are not reluctant to hire accounting and bookkeeping services for their small businesses.

Reiterating, the existence of a small business highly depends on its financial aspect. In short, they thrive and decline by their cash flow management. While timely and accurate transaction records coupled with proper assessment enable a small business owner to take right decisions, mismanagement of financial records may bring adversity. To keep finance in good shape is paramount for your business and an accountant could help you to achieve this. When you hire experts for accounting and bookkeeping services, the chances of business success are relatively high.

For instance, in Singapore where accounting laws are very rigorous, the professional accounting services Singapore are in high demand. Apart from streamlining the financial activities, they are helping the businesses to stay adhered to the laws of ACRA. This strategy is highly needed to strike the balance in business growth and compliance requirements.

How Bookkeeping and Accounting Services help Keep the Finance in Order?

Both bookkeeper and accountant of an accounting firm in Singapore play the vital roles in keeping the financial records of the businesses in order. To understand how bookkeeping and accounting services help the companies to keep their finance organized and accurate, you must know the role of a bookkeeper and accountant first.

  • Role of A Bookkeeper in Business

  • Keep Timely and Accurate Financial Record: Records of every financial transaction are maintained in order. Reconciliation of bank accounts. General ledger report compilation.

  • Manage Account Payable and Account Receivable: Keep the record of the incoming and outgoing invoices of the business.

  • Stay Abreast of New Laws and Regulations: The bookkeepers and accountants keep themselves aware of the new changes in tax legislation and other regulations to ensure your business remain compliant with the on-going requirements.

  • Stay Updated with the Latest Accounting Software: The bookkeeper is the person who handles accounting software to accomplish all the jobs related to bookkeeping.

  • Stay a Tune and Work with the Accountant: Both accounting and bookkeeping jobs go hand in hand. A bookkeeper needs to be in touch with the accountant to ensure efficient delivery of work.

  • Role of An Accountant in Business

  • Manage Financial Data: An accountant ensures that company’s financial data are maintained as per the statutory laws. He develops, implements and maintains the financial databases.

  • Analyze Data and Give Advice: An accountant may undertake analysis of financial data that is crucial for making sound decisions for businesses. He further assists the business owners with advice on areas for enhancement.

  • Prepare Financial Statement: An authentic and true financial statement can depict the actual picture of the financial health of an organization. An accountant is a person who compiles this important report.

  • Take Care of the Compliance Issues: Accountant helps in achieving compliance of the company by generating accurate financial statements.

  • Work in Cohesion with Other Officials: Often, accountants work with officials from different fields. They provide advice to the management based on accounting report. And sometimes, they may provide data to the auditors, tax consultants and the public accountant for various official matters.

From the above-stated analysis, one can easily understand the significance of accounting and bookkeeping services in business. Here, one question may swirl within your mind. Is it necessary to hire an accounting firm in Singapore instead of in-house accountant and bookkeeper? The answer is obviously, Yes! There are umpteen number of benefits of hiring the professional accounting and bookkeeping services Singapore. A few of the advantages are low cost, comprehensive solutions, timely services and a peace of mind.

Hiring an accounting firm in Singapore may sound unnecessary expenditure to a business who prefer to use Do-It-Yourself (DIY) approach. However, this method may keep your business from coming to a harm. The truth is that a professional accounting and bookkeeping service can help the businesses keep afloat and stay ahead of the competition.

Maintain Clean Accounts in Singapore- Improve Your Profitability

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Accounting for Small and Medium Enterprises

Is hiring accounting services for the small businesses, a superfluous expenditure? From the small business owners’ perspective, doing their business’ accounts on their own can save them a few dollars. However, the question is, “Is it a really profitable adventure?” An inadvertent mistake in the accounts, leading to the business being flagged by the Inland Revenue Authority of Singapore (IRAS) for the breaking of rules is not at all a good news for any startup or small business.

Accounting for Small and Medium Enterprises

The startup or Small and Medium Enterprises (SMEs), may it be one-man-show or a concern helmed by the owner having a proper support staff, can do without getting tangled with the Singapore authorities. The owners have their plates full, without being further burdened by an amateur accountant determined to mess with the business’s accounts. On close introspection, hiring one of the top accounting services for a small business like SBS Consulting will stand out as a great prospect.

Accounting and Singapore Business Owners

Accounting for small businesses has never been easy. More often than not, the owners of these businesses are juggling multiple tasks at a time. Time is one commodity they are short of and the fact is that, most of them cannot invest in a full-time accountant. However, at a fraction of the costs that they would need to invest in a trained accountant, hardware, software and IT support, they can retain an experienced and professional accounting service in Singapore.

Specialized Accounting Services for Small Business in Singapore

SBS Consulting employs experienced and certified accountants to deliver effective accounting services to its clients. Under its accounting services for small businesses, the firm offers efficient bookkeeping services. For any small, medium or big, multinational business, maintaining its books of accounts in proper order is of at most importance.

An experienced accountant, after going through the business records can easily arrive at a conclusion whether the business is going up or down. The CPA’s working in the SBS Consulting does sound an alarm to their clients if the things are not as they should be.

They even give advice on how to force improvements to take the business in the right direction. The firm’s accounting services include the following:

  • Managing clients’ accounting software

  • Offering data entry services and posting transactions to the appropriate accounts

  • Developing account charts for the client’s suppliers and customers

  • Shouldering the task of generating monthly reports

  • At the end of every month, giving advice on the clients’ monthly profit and loss statement, cash flow, and balance sheet

  • At the end of a year, the CPA’s appointed by the SBS Consulting closes the accounts for the clients assigned to them

  • Accounts are then finalized, according to the Financial Reporting Standards

Fees Levied by the Accounting Services

The accounting services in Singapore charge their fees per transactions. SBS Consulting even goes further and provides scalable services according to the need of its clients. The firm utilizes more of its resources to accommodate the increased number of its client’s business transactions. On the other hand, the client can request to scale it down when the business is slack.

Accounting Services and Taxes

In addition to maintaining the books of accounts, which reflects their financial health, the businesses also have to take care of the payroll processing, taxes and other tasks. The calculations involved in it are really no business of amateurs. These tasks must be handed over to the professionals. When it is taken in relation to the strict rules and regulations and the control maintained by the IRAS on its subjects, it is really worth to appoint one of the professional accounting services for small business.

By outsourcing their accounting function to third party accounting services, the Singapore businesses can ensure that their accounts are cared for by the experienced and qualified professionals. They also do not have to invest money in implementing infrastructure and hire trained accountants. Even big companies benefit from this move, as it frees their staff which they can reassign to the core functions of the business.

XBRL Filing in Singapore: Know What ACRA Expects from You

XBRL filing in Singapore

Benefits of XBRL Filing in Singapore

ACRA (Accounting and Corporate Regulatory Authority) has decreed that every Singapore company, unlimited and limited by shares, must take benefit of XBRL filing while filing their financial statements. It has already published revised XBRL filing requirements that came into effect from 3 March 2014. It has also provided BizFinX filing system and a preparation tool for the users. The tool is a free offline software application. The task is new, requiring the business to hire services of XBRL filing services in Singapore like SBS Consulting.

The introduction of this format means companies are no longer allowed to file their statements in Excel sheets, Word documents, and etc formats. The goal of implementing XBRL filing in Singapore is to improve financial analysis through the gathering of structured business data. The uniformly structured data is easy to transmit to and use at the destination computer system. It goes a long way in the aggregation and analysis of financial data on the national level.

What Are the Full XBRL Filing Requirements?

SBS Consulting provides its expertise and assists its clients in fulfilling the requirements of XBRL filing in Singapore. The service is really helpful to the Small and Medium Enterprises (SMEs) lacking in resources or technical knowledge. SBS even takes care of the XBRL filing of the bigger businesses and leaves them to take care of their core goals. The requirements are as follows:

  • A company must provide Directors’ statement or financial statements prepared by the independent auditors.

  • The company must provide statements giving its financial position, income, and cash flow.

  • The data in a company’s disclosure note must include its share capital, income and expenses, and expenditure on the employee benefits. The note must also give details about the company’s property and equipment, government grants, provisions and revenue, trade and other payable.

Why There is a Need of Uniform Data Format?

The importance of having a uniform financial reporting format can be seen from the way XBRL filing helps the accountants when there are mergers or acquisitions. Before the parties finalize or reject the deals, they need to access and study their respective financial worth.

If they are using different formats for their financial reporting, then the accountants have to study each and every entry in the statements of the other party. However, if they are using XBRL format, it helps in automation of the process through the use of software programs. The uniformity in format simplifies the process drastically.

Benefits of XBRL Filing in Singapore

Taking care of the (http://www.sbsgroup.com.sg/singapore-xbrl-filing-requirements-with-acra/) XBRL filing requirements in Singapore is a must for bringing transparency in the financial data communicated by the businesses to the authorities. It fulfills the business reporting goals and objectives and, also makes it easy for the investors, financial analysts, and regulators to access and study the data to base their decisions on.

  1. Information Sharing: The XBRL filing Singapore is meant for sharing data between business entities and regulatory authorities. The format promotes the reuse of the financial data without further processing. SBS Consulting stands out because of its seamless XBRL filing services.

  2. Data Transparency: The investors, stock traders, and brokers need reliable data to make their investment decisions. The government regulators, stock exchanges, financial and economic analysts need accurate and reliable financial information.

  3. Fund Raising: Filing their statements in XBRL format assists businesses in acquiring capital from the market because their books are open for every to see and draw conclusions from.

  4. Financial Health of the Businesses: The data is also useful to the financial analysts in predicting the financial health of the businesses and in advising the investors. It also assists the businesses with filing their tax returns and conveying information like production output, inventory etc.

Singapore authorities like ACRA, do their best to raise the awareness of the XBRL filing requirements in Singapore. Time and again they conduct free BizFinX Training Seminars to educate the business owners and managers. These programs typically cover the Singapore XBRL filing requirements, details about BizFinX portal, use of BizFinX preparation tool and Annual Return form. However, if you are a businessperson short of time and who believe in letting the experts handle the financial data, outsource XBRL filing to SBS Consulting.