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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Why Small Businesses should Outsource Payroll Services in Singapore?

Payroll Services Singapore

Payroll Services in Singapore

 

Are you spending a huge stack of money, time and resources in managing the non-core aspects such as payroll services & accounting instead of being focused on the productivity of your business? You are not alone in doing such expensive mistake in business. The majority of small business owners tend to wear many hats on their own for the sake of saving a few dollars. But, as the business grows and the competition becomes tough, they fail to manage the task efficiently. The third-party firms save the business from facing some undesired turmoils in business.

Outsourcing of non-core functions including payroll has always been advocated by the business consultants given its manifold advantages. It helps the businesses not only in managing the accurate data but also assist in complying with the local statutory laws. Outsourcing of payroll services in Singapore has been embraced by more and more companies as it is the easiest way to cope up with the ever-changing rigorous laws of IRAS (Inland Revenue Authority of Singapore). Secondly, they could get more time to concentrate on core competencies of the business.

Nevertheless, a section of small business owners is still using the Do-It-Yourself approach to keep fuller control over the internal functions. They pay less heed to the growth rate of their business and eventually, many of them are forced to cease their business within as few as five years of the company incorporation. Let the blog explain you the reasons why small businesses should outsource their payroll services Singapore.

Meet the Compliance of IRAS:

Meeting the statutory obligations of IRAS is quite challenging and stressful for the businesses in Singapore. They fail to keep the pace with its stringent laws due to their business workloads. However, the Singapore payroll consultants of the firms keep themselves abreast with the laws and help the businesses to fulfill the legal requirements easily.

Get Access to Technology and Professional Expertise:

An advanced Singapore Payroll firm provides services to their clients using technology-driven software and expertise of the consultants. Many of them have been processing payroll for years and can deal with the odds without breaking a sweat.

Reduce Business Cost & Save Money:

Outsourcing your Singapore payroll services can help you save money. The fees of these firms are competitive and way less than the cost of an in-house employee. When you employ an in-house payroll consultant, you would have to pay for the salaries, benefits, insurance, infrastructure and so on, which can burn a hole in your pocket. Cost saving is the key driving force behind the rising popularity of outsourcing Singapore payroll services.

More Data Accuracy is Ensured:

A good and trustworthy payroll service provider is less likely to make a mistake and is sure to deliver accurate data. The ever-rising competitions in the market prompt them to deliver high-quality services within the specified period. The delivery will not be affected by any illness or vacations which you otherwise have to face in the case of in-house staff. Plus, it eliminates the fear of fraudulence and payment manipulation.

Outsourcing your payroll service can prove to be a smart strategy to keep your business growing by focusing on your core competencies. Also, you get plenty of benefits as mentioned in this blog. So, what more you are waiting for? Search a good payroll Singapore firm, outsource to them and lead a peaceful life.

Outsource XBRL Filing & Tackle Your Compliance Satisfactorily

XBRL Filing Services in Singapore

Singapore XBRL Filing Requirements

 

ACRA (Accounting and Corporate Regulatory Authority) is a strict but just governing agency in Singapore. It has ordered that all incorporated companies registered in Singapore must resort to XBRL filing for submitting their full set of financial statements. The mandate applies to the companies that are unlimited or limited by shares unless they are exempted by the authorities.

What is XBRL Filing?

The ACRA’s mandate came into effect on 3 March 2014 and clearly mentions that the XBRL filing must be as per the revised filing requirements. ACRA has provided the companies with BizFinx, web portal, for the filing purpose. The agency has also provided the XBRL preparation tool on this portal. It has been a quite a while since the implementation of the mandate but still newly registered Singapore companies need to get acquainted with it.

XBRL is an acronym for eXtensible Business Reporting Language. The purpose of using it for the filing of financial data is to make the data easily accessible and retrievable in a structured manner. The financial data accumulated by the ACRA as well as the other governing bodies all over the world represents a very valuable source.

The data needs to be made available to the Auditors, Regulators, Financial Analysts and the organizations that are interested in studying economic factors. These professionals can use the data to predict the market trends and to forecast the changes in economies.

XBRL filing assists ACRA in delivering value-added financial data to the experts. It also helps in formulating a worthwhile response to the market trends by making changes to the regulatory environment. It is expected to improve transparency and dissemination of financial information in a realistic time-frame to improve its usefulness.

XBRL Filing Requirements for Different Types of Companies

Following table details the filing requirements set by ACRA for the different companies.

Type of Company

Filing of Financial Statements

Public / Private companies (limited/unlimited by shares), except those under

(a) and (b)

Full set of XBRL financial statements

specific companies regulated by MAS, i.e. commercial banks, merchant banks, licensed insurers, finance companies regulated by MAS

(Note: Only the above-specified types of companies regulated by MAS are exempted from filing of a full set of XBRL financial statements. Other types of companies regulated by MAS, e.g. money changers, are required to file a full set of XBRL financial statements.)

Financial statements highlights (FSH) in XBRL format + PDF copy of financial statements

companies allowed by law to prepare accounts in accordance with accounting standards other than SFRS, SFRS for Small Entities and IFRS

FSH in XBRL format + PDF copy of financial statements

Solvent exempt private companies (EPCs)

Exempted from filing financial statements, but are encouraged to file with following options:

  • full set of XBRL financial statements or

  • FSH in XBRL format

Insolvent EPCs

Options of:

  • full set of XBRL financial statements; or

  • FSH in XBRL format + PDF copy of financial statements

Companies limited by guarantee

PDF copy of financial statements
(XBRL filing not required)

Foreign companies and their local branches

PDF copy of financial statements
(XBRL filing not required)

(Source: ACRA)

How to Do XBRL Filing?

The best recourse for the Singapore companies, both, existing and start-ups in dealing with the XBRL filing requirements in place is to appoint an accounting services like SBS Consulting. The experts in such services use latest software tools to accomplish the task. By paying affordable XBRL filing fees, the companies can ensure their statutory compliance in the most satisfactory manner.

Of course, they have the option of doing the task on their own by visiting the ACRA portal BizFinx.  ACRA has made the directors of the companies responsible for the annual filing of their company’s financial statements. That is why they must keep in mind that it is an important task and any mistakes in the filing are not tolerated by the officials. They can be summoned for an explanation and may face fines and/ or more.

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.

Outsource Bookkeeping and Accounting Services to Drive Your Business Forward

Accounting Services Singapore

Outsource Bookkeeping and Accounting Services Singapore

Let your business thrive by developing a better control over finance and accounting process of your organization. Together with this, other factors like low management cost and use of advanced technology are equally important for a business to grow in an exponential manner. Small businesses using Do-It-Yourself approach could hardly manage to achieve all these essential factors at the same point in time. Along this line, accounting services Singapore let you avail all these features under-one-roof to empower your business venture.

Since ages, we all have consistently been reminded about the importance of accounting for the businesses. In fact, accounting and bookkeeping are also widely regarded as the “languages of business” due to the manner in which these two aspects record the company’s financial dealings. Earlier, companies used to have the in-house accountant and bookkeeper to look after their finance and accounting activities. But, as years passed by, things started to change drastically regarding the way a company perceives to fulfill its finance-related requirements.

Why Businesses Prefer to Outsource Bookkeeping and Accounting Services Singapore?

Get Access to the Advanced Technology:

Singapore small businesses prefer outsourcing to accounting firms in Singapore that have access to advanced software. This allows the small businesses to have access to the talented resources and latest accounting software by paying a small fee. Buying an expensive accounting software is not an easy task for a small business and even mid-sized businesses with a tight budget.

Bring Your Business Cost down:

It is always a better idea to outsource your business accounting to one of the reliable accounting services Singapore. It saves time, energy and money and assures your compliance regarding Singapore accounting and bookkeeping tasks such as general ledger, cash flow management, balance sheet and compiling financial statements. Most importantly, you get insight into the financial status of your business from the highly-experienced professionals of the appointed firm.

Stay Focused to Core Competencies:

The productive activities of business require a high level of concentration and hard work. Accounting and bookkeeping activities are considered to be the non-core tasks. Outsourcing of these non-core tasks to professional services lets you focus on core operations and gives a boost to the productivity of your business.

Get the Financial Statement Ready:

The highly-experienced and knowledgeable accountants of Singapore accounting firms prepare and compile the financial statement of their clients as per the Singapore Financial Reporting Standards (SFRS). It helps them stay compliant with the laws of ACRA.

Lastly, running a business is like riding a roller coaster. You will come across myriad obstacles on your way to achieving success. However, the journey would be less challenging when you have right people and resources around. The professional accounting and bookkeeping services in Singapore are known for providing comprehensive support to the companies in streamlining the processes, which is crucial for every successful business.

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.