3 Most Popular Types of Accounting Services a Singapore Accounting Firm Must Have
The small business owners in Singapore are always pressed for time. It mainly happens to the sole business owners. Multi-tasking is a huge challenge for them. It is the reason why many of them decide to outsource their accounting function to the accounting services in Singapore.
Outsourced Accounting Services
Hiring a bookkeeping and accounting service for their Singapore business gives them the time to focus their full attention on developing new customers, retaining existing customers, and in growing their business to its fullest potential. For them, it is an efficient business decision.
Outsourcing to a reliable accounting service provider enables small businesses in economizing on their operational costs. They do not have to dedicate resources to accomplish this non-core but compliance-wise important task.
Outsourcing of their needs also gives them access to customized accounting packages that are designed to meet their niche business’ specific accounting requirements. It ensures that their books are in order. It means that they are less stressed when it is time for financial reporting arrives.
3 Must-Have Accounting Services
Almost all accounting services in Singapore provides three basic services to their clients.
Bookkeeping & Accounting
Bookkeeping is recording business’ financial transactions (income & expenses). The bookkeeping services cover your business’ accounts payable and receivable, invoicing, payroll, & taxes. It also includes preparing monthly bank reconciliations for your business.
To do this, the experts from the providing firm work on your general ledger, trial balance, profit and loss statement, balance sheet, Etc. They also take care to consolidate all relevant financial statements and information regarding tax computations and schedules.
Going through this info assists you in understanding your company’s financial status and in making informed business decisions. This info also reveals problems that can directly affect your costs, expenses, and cash flow. Having access to updated info greatly speeds up your statutory reporting and filing of taxes.
Accounting services access your business’ organized data and use to it for summarizing, analyzing, interpreting and reporting. It involves:
- Bank reconciliation
- Taking care of accounts payable and receivable
- Management reports and financial analysis preparation
- Budgeting & business reviews
- Preparing financial statements
- Company income tax returns
- Auditor and tax liaison
An accounting firm that offers specialized taxation services in Singapore also advises its clients on effective tax planning to help them save on taxes by leveraging available tax reliefs and treaties.
It is legally binding for every Singapore business to update their accounts regularly and submit their tax reports. They may also have to report changes in share capital and file tax, financial statements, and board resolutions. Failing to do so means loss of reputation and brand name. The authorities may even investigate your past records leading to a lot of embarrassment for you. After outsourcing to an experienced provider of accounting services in Singapore, you can rest assured.
Accounting and bookkeeping services firms enable you to maintain your statutory compliance. They can also assist you in reducing your tax burden to a minimum.