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Singapore Tax Accountant- A Guide To Corporate Accounting Services

Last modified: February 22, 2022
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Singapore Tax Accountant- A Guide To Corporate Accounting Services

Corporate accounting is a special type of accounting that focuses on gathering info by evaluating a company’s financial and operational state. The providers of corporate accounting service put together this info for your use.

You can use these valuable insights to oversee all financial activities of the business, financial and corporate tax submission, and to make sure that these are as per the rules and regulations promoted by the regulating agencies like ACRA and IRAS.

 

What are Corporate Accounting Services?

Corporate accounting services providers essentially assist you in better cash flow management. Their accountants record business’ financial transactions prepare annual reports and financial statements like cash flow statements and consolidated balance sheets. They also assist you in absorption and amalgamation.

Corporate accounting service Singapore analyses financial info, interpret it and provides you with financial advice. You can use this quantified data for efficient strategic planning, effective allocation of resources, and setting realistic goals.

You can hire a reliable corporate accounting services provider to:

 

Set Up Accounting System

The corporate accountants working for the provider set up an accounting system for you. They create, install, manage, and maintain separate accounts for your business’ equity, assets, income, liabilities and expenses. They allocate proper general-ledger codes for these accounts, which eases the recording of specific transactions.

 

Bookkeeping

Your provider takes care of basic accounting tasks like book updating filing of invoices and receipts. They also do account reconciliation and categorisation.

 

Report Preparation

Corporate accountants prepare financial reports for the use of managerial staff and arm them with relevant info for strategic decision-making. They collect data from multiple departments to show the updated financial standing of the company.

 

Financial Analysis

Your corporate accounting services company do the financial analysis for your business. They provide you with deep insights into the health of your company. They advise on your business’ current investments, running projects, and ensure effective use of the capital.

 

Budget Planning

Corporate accounting service Singapore help you prepare and plan annual budgets. They regularly audit and ensure that various departments are within the allocated budget and are working to achieve profit goals.

 

Business Forecasting

Forecasting enables you in preparing your company for the future by improving its operations. Your corporate accountants are familiar with your finances and can render critical advice for data-driven decision-making.

 

Payroll Processing

The providers of corporate accounting service Singapore calculate the salaries of your employees. They calculate wages for the days worked, as per the weekly, bi-weekly or monthly schedule. They also generate itemised payslips. They send checks to employees or direct deposits into their registered bank accounts.

 

Expense Management

As a part of payroll processing, accountants take care of expenses. They assist you in approving requests for expenses, processing invoices, tracking inventory, absorption costs, and monitoring business spending.

 

Account Receivable Tracking

Account receivables are the due payments. Corporate accountants help you improve your cash flow. They advise you on overdue due payments.

 

Accounts Payable

Your corporate accountants assist you in paying your contractors, vendors, or suppliers. They do it by keeping track of inventory coming into your business. They also keep an eye on loan payments, taxes and maintenance costs.

 

Who needs corporate accounting services?

To comply with the ACRA requirement, Singapore companies need an accountant’s assistance to regularly updating of their books. However, certain types of businesses need them the most. They are as listed below:

  • Startups
  • Businesses with employees
  • Government contractors
  • Non-profits
  • Public Companies
  • Businesses having Foreign Transactions
  • High Profile Businesses
  • Companies Audited by IRAS
  • Businesses Relying on Cash Transactions
  • Businesses Needing Financial Statements

 

How can you select the best corporate accounting services for your business?

Finding the best corporate accounting services provider for your business is not easy. You need to ensure that, firstly, they really understand your business’ accounting needs. Secondly, they have the experience of serving businesses like yours.

To locate the right corporate accounting service Singapore:

  • Ask for references from your business associates, friends, etc
  • Search on the internet using terms like “corporate accounting service for small businesses”
  • You can search for them in your neighbourhood
  • Refer to a business directory

Hiring a corporate accounting service firm that can really handle the pain points of businesses from your industry and niche will prove to be useful. It will drastically reduce your workload, stress and anxiety level. Contact SBS Consulting Pte Ltd at +65-6536 0036 or email us at info@sbsgroup.com.sg to get answers to your accounting related queries.

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