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Dealing with Common Bookkeeping Mistakes

Last modified: December 14, 2020
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Dealing with Common Bookkeeping Mistakes

Small business owners in Singapore are well aware of the importance of regularly updating their books. However, bookkeeping is a tiresome task. It also needs to be done systematically. This is where accounting and bookkeeping services Singapore can help you track your sales and purchase orders, inventory, employee records, Etc.

In the beginning, bookkeeping for your small business seems like a simple task. However, you have to be patient to crunch numbers and do manual tasks like filing your invoices daily. You also need to do the task of keeping with the Singapore Financial Reporting Standards. You have to make sure that you are covering all the legal aspects.

As your business grows, the work really starts piling up. This is where small business owners find themselves in a tough spot. They have to decide on whether to spend their limited time on a non-core task or chase their customers for more sales. Their problem is they no more can do their bookkeeping on a DIY basis.

 

Bookkeeping Services Singapore

You have to hire a dedicated bookkeeper or an experienced bookkeeping service to take care of your compliance. You can rely on them for accurate and timely bookkeeping.

However, establishing a fully functional in-house accounting department has its advantages and disadvantages. It is investment intensive, and you make no profits from it. You can trust a reliable bookkeeping services in singapore to provide services like:

  • Preparation of profit & loss statements
  • 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

Whatever the case, you have to keep in mind that you are responsible for the filing of error-free financial reports to the ACRA. The digitized data also enable you to take timely business decisions.

How does outsourcing to an experienced provider of bookkeeping services in Singapore help you? Primarily, your decision helps you in doing avoiding common mistakes that most small business owners are prone to make.

 

Entangling Personal Transactions With That Your Business

Small business owners find it challenging to keep their transactions separate from business transactions. It is the most common mistake that happens when they use the same credit card or bank account for both their business and personal transactions. It means you have to make special efforts to separate these transactions.

Your provider of accounting and bookkeeping services in Singapore gives you a simple remedy for it. They assist you in opening a corporate bank account. It helps you in separating your transactions.

 

DIY Bookkeeping

Yes, it helps in saving a few bucks. And in the initial stage when the revenue is low, it matters. However, it means spending time which you could use to grow your business. The result also depends on your knowledge of accounting principles and practices.

However, there are high chances of getting things muddled. And mixing your financial records do not give you useful insights for decision making. It can really hurt your business when you need to make some prompt decisions.

A professional bookkeeping service can streamline your books by digitizing your business’ financial transactions. You can reuse it to create useful financial statements and management reports.

 

Not Using Latest Accounting Software

Relying on manual accounting and bookkeeping methods and paper-pencil accounting is a thing of past. Modern businesses use advanced accounting software systems to record their financial transactions and generate management reports.

If you want to survive and grow your business, you need to drop paper and pencil accounting like a hot potato. Alternatively, you can appoint a bookkeeping service and benefit from the output of their experts.

SBS Consulting Pte Ltd is a professional provider of corporate services in Singapore. If you are a small business owner who is struggling with the bookkeeping, contact us on +65-6536 0036 or email us at info@sbsgroup.com.sg for solutions.

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