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Accounting Services That Small Businesses in Singapore Need

Last modified: May 4, 2022
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Accounting Services That Small Businesses in Singapore Need

You, as an owner, must always focus on market research and customer needs and satisfaction to grow your small business. You can do these tasks without any worries if you enlist a provider of accounting services for small business Singapore.

ACRA insists on regular updating of a business’ books. Accounting lets you keep track of business’ cash flow and financial health. And your provider can easily assist you with accounting for small business.

 

Accounting Services for Singapore Companies

You may also get tempted to try DIY accounting. However, you will waste valuable time and resources if you are unfamiliar with accounting. Outsourcing accounting services for small business in Singapore from a reliable provider is the right option.

You also need to get a few other services from such a firm. They are as follows:

 

Bookkeeping

The updating of your business books starts with bookkeeping. Your provider of accounting services for small business tracks financial transactions and records and digitises business’ income and expenses.

Even though bookkeeping is a primary accounting function, accurately recording and organising sensitive data gives you a peek into the business’s financial status.

 

Monthly Accounting

After gathering data through bookkeeping, your provider can also assist you in making sense of it by offering monthly accounting services. Their accountants evaluate monthly transactions and gain valuable insights into how your business is doing financially.

They offer insights into the strong and weak areas of your business. They advise you on eliminating waste and optimal use of resources. They can also assist you in preparing budgets and making important business decisions.

 

Cash Flow

Cash flow forecasting is yet another aspect of accounting for small businesses. Your provider of accounting services for small business can help you with it by pinpointing the sources of your business’ monthly income and the channels of expenses.

Their accountants study and forecast the amount of money you will receive or spend in future. Forewarned, you get to arrange your finances to avoid unpleasant situations.

 

Financial Growth Monitoring

The accountants from your provider can monitor the financial growth of your business. They use monthly and yearly reviews and past data to project the future growth of your business. It helps you in understanding your business’ financial performance and overall position.

 

Payroll Services

Your provider of accounting services for small business Singapore can assist you in taking care of yet another non-core task. Many of these providers offer payroll services that are compliant with Singapore rules and regulations.

Their accountant updates and maintains your business’ employee data and financial records like income, bonuses paid, and statutory deductions. They generate itemised payslips and calculate taxes and loans for your employees. They also deposit accurate salaries in the registered bank accounts of your employees.

 

Statutory Compliance

Accounting services for small business assist you in complying with your business’ legal obligations in Singapore. They start helping you with accounting services for small business by updating your books and then by preparing financial statements, data conversion for XBRL filing, calculating accurate tax amounts, etc.

The provider of accounting services for small business Singapore can simplify accounting for small business owners. Their accountants have updated knowledge of the rules and regulations, and their output tends to be accurate and compliant. Their work also gives them industry-wide knowledge, and they can guide small business owners in all financial aspects and growth.

Contact us at +65-6536 0036 or email us at info@sbsgroup.com.sg to know more about our accounting solutions.

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