Monthly Accounting Services Singapore for the Small Businesses

accounting firm Singapore

Monthly Accounting Services Singapore

Monthly accounting services Singapore are absolutely essential for the businesses operating in Singapore. The startups and small businesses trying to make a living with a shoestring of a budget have so much to worry about. Their main concern is how to find customers by offering quality services and products.

Moreover, the owners also need to pay careful attention to their cash flow. It makes them aware of how much money is coming in and going out of their business. A carefully selected accounting firm Singapore can point out to them where they need to economize increasing their profitability and the chances of survival.

Singapore Company Act states that every business should regularly update its books of accounts. The accounting services offering monthly or quarterly bookkeeping services are in good position to do it for them. The firms go through all the financial transactions of the business and record it in a precise manner forming a basis for the further compliance related accounting work.

In addition, the accounting services Singapore offers monthly accounting or quarterly accounting as per the schedule and requirements of their customers. They prepare monthly profit and loss statements clearly showing the sales and expenses from the previous month. They also prepare the cash flow statements that are easy to understand for the business owners.

Singapore companies must determine whether they need to opt for Goods and Services Tax (GST) registration. The qualified accountants hired by the accounting firms in Singapore assist them in doing it. After the GST registration is accomplished, these firms prepare necessary documents and assists with the GST filing.

The directors of the Singapore companies need to supply certain reports to ACRA (Accounting and Corporate Regulatory Authority). Accounting firms in Singapore help them with the preparation of compilation Report/ Director’s Report. They also ensure their clients’ compliance by supplying error-free unaudited financial statements.

Depending on the chosen accounting firm Singapore and the charges involved, the accountants working in the firms may also help their clients with the end-of-the-year accounts, balance sheet, income tax returns and payment, bank statement, etc.

The major benefit of hiring one of the trustworthy monthly accounting services Singapore is that it relieves the management from the drudgery of fulfilling the statutory compliance requirements. It sets them free to pay their complete attention to the core goals and ensuring the future of the company.

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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.