Benefits of Appointing Accounting Firms in Singapore for Your Small Business
The small businesses need to take extra care at the time of appointing accounting firms to take care of their books of accounts and compliance. A large majority of these entities are in reality one-man-show businesses and cannot afford the high administrative costs. Their efforts are geared to ensure that the chosen accounting service will give them the best service at an affordable cost. The accounting fees charged by SBS Consulting, one of the premier accounting services in Singapore, are competitive and affordable.
Small Business Accounting Firms in Singapore
One of the major concerns of the small businesses is the overhead costs of the statutory compliance. These are a strain on them. The new start-ups that are barely making do with the small budget, find it difficult to sustain the costs if the volume of their transactions is low. However, they must stick by the Singapore accounting standards that are enforced by the ACRA (Accounting and Corporate Regulatory Authority).
Benefits of Small Business Accounting & Bookkeeping in Singapore
On the other hand, hiring an accounting service is also beneficial to the business. The Certified Professional Accountants (CPAs) employed by the accounting service help the owner in understanding the financial position and where the business can economize on the expenditure and what should be its future course.
Moreover, these experts takes complete care of the statutory compliance of their clients without succumbing to the traps that a DIY business owner fails to avoid. These experienced accountants also have access to latest accounting software which is an important factor in accommodating the latest changes in the rules and regulations and in maintaining the accuracy of the accounting work.
What you can Expect from the Accounting Services
Bookkeeping: A bookkeeper records every financial transaction of the business. The records are useful in preparing general Ledger assets, accounts receivable and payable, bank reconciliation, financial statements preparation, and balance sheet.
Professional Accounting: The qualified accountants compiles a business’s accounting data and prepares reports according to the Singapore accounting standards. These documents are then used for the annual filing to the ACRA/IRAS.
Sole Proprietorship: Accountants prepare general ledger and records of basic accounting for the sole proprietorship. They also do its tax preparation.
Partnership Accounting: In partnership accounting, partner’s capital accounts for investment are considered separately. Each partner’s investment, share of net profit and loss and withdrawal account are handled separately.
Corporate Accounting: Irrespective of their size, the small, medium and big businesses are accounted in the similar fashion. The general ledgers are maintained scrupulously, and accuracy is maintained while preparing financial reports.
International Accounting: Singapore is an internationally acclaimed accounting hub. The CPAs working for SBS Consulting are familiar with the International Financial Accounting Standards Board (IFRS) and the Singapore accounting standards.
Setting up Accounting System: We, at SBS Consulting, assist our clients in setting up of efficient accounting systems using IRAS and ACRA compliant accounting software. These tools simplify tracking of the suppliers, customers, inventory, currency setup, etc.
Financial Statements: Our accountants undertakes to compile the financial statements into a complete set of financial statements. This is done in accordance with Singapore accounting standards.
XBRL Report: The companies unlimited or limited by shares must file their financial accounts in XBRL format. We assist them in discharging the responsibility as it is a compliance requirement mandated by ACRA.
Hiring one of the best accounting firms in Singapore saves the business from spending on computers, data-entry operators, accounting software, and IT training. These firms also provide practical suggestions about the market trends. The CPAs can also extend their expertise to the business owners in distinguishing between their personal and business finance.