Enlist Services of Accounting Firms in Singapore to Get Your Books in Order
For an individual uninitiated in the field of accounting, there is nothing more bewildering than the financial statements. For an accountant with a sharp eye and honed skills, it is spiced with all the nuances of the financial health of the business. However, clearly prepared financial statements come at a cost. The accounting firms in Singapore assists the Small and Medium Enterprises (SMEs) and start-ups in keeping the costs down.
Prefer Accounting Services to Managing Books of Accounts on Your Own
According to the dictates of ACRA (Accounting and Corporate Regulatory Authority), all the businesses operating in Singapore needs to be prompt with their filing of financial statements. It means the business owners either have to hire in-house accountants or the professional accounting services.
They can also choose to do their books themselves. However, they need to invest a lot of their precious time and efforts. They must also do it according to the Singapore Financial Reporting standards (SFRS). Accounting is a practice of keeping systematic records of every business transaction so that, in future, the users can refer to them in the fast and efficient way.
Who Needs Accounting Firms in Singapore
The SME owners or the start-up entrepreneurs can hardly spare time for it. It drastically drains their resources. It takes them off their main goal of enhancing and taking their products and services to more and more customers. It affects their potential to maximize the returns on investment and many of them can hardly afford an in-house accountant. They are better off by outsourcing it to one of the trusted accounting firms in Singapore.
The qualified and experienced accountants working for these firms know how to treat various business variables in a systematic way. Their expertise with enables them in,
Choosing the appropriate depreciation method ( straight-line or accelerated) at the time of accounting or taxation.
Claiming Tax credits for their client (by categorizing the items and claiming Productivity and Innovation Credit (PIC) for Singapore registered companies)
- Assisting the client in finding whether it can claim audit exemption
- Preparing and submitting unaudited financial statements i.e., the Director’s reports
- Deciding the treatment of profit and different types of expenses
- Deciding the where to place the entries from the financial statement in the books of accounts
- Making sure that all bank statements are matched with the business transactions that are recorded in the system
- Classifying records as the ‘account receivable’ or the ‘account payable’
The experts working with accounting firms in Singapore, typically, have an industry-wide experience. They keep themselves updated and use latest software tools to accurately record the clients’ business transactions and to prepare their financial statements.
Employing the accounting firms in Singapore proves to be affordable as they charge their clients according to the volume of their business transactions. They also allow their clients to upscale or downscale their requirements to suit the rise or the slack in the market.
One of the benefits of using accounting services is that you do not have to invest in computer, latest software, and related IT services. You simply need to outsource the accounting needs to these qualified professionals. They know how to take care of a small business’ statutory compliance in the most satisfactory way.