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What Types of Businesses Need Accounting Services in Singapore?

Last modified: March 9, 2023
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What type of businesses need accounting services in Singapore

As per ACRA, all companies must update their accounts regularly. It is an essential part of their corporate compliance. It enables you to track payments, receipts, and the company’s financial status. You can take care of it in-house or hire accounting services in Singapore.

Accounting is a complex and time-consuming task. You should tackle it yourself, only if you are familiar with the accounting concepts and principles. You should also know that maintaining an in-house accounting setup is costly.

Moreover, many accounting activities are better addressed by experienced accountants. They are qualified, organised, and competent. They also know the latest rule changes, increasing their output’s accuracy.

Accounting services for small businesses Singapore free you to focus on your product/services designing, customer satisfaction, marketing, and business growth.

As a first-timer outsourcing accounting services in Singapore for the first time, you must know their services. Read through the list below and understand why these essential services are important.


Essential Accounting Services in Singapore


Make sure that the provider also delivers professional bookkeeping services. Bookkeeping is the basic accounting activity. It is where the updating of your books starts. It helps you track business’ financial transactions.

Bookkeepers digitise a business’ financial data using accounting software and create a database of accurate records of income and expenses. Accounting services Singapore analyse this data to generate financial insights for your decision-making.


Monthly Accounting

After the bookkeeper has updated your books, accountants work on them. During the monthly accounting service, they analyse the digitised transactions and draw deep financial insights for you to use to make business decisions.

These insights reveal weak and strong aspects of your business. It allows you to eliminate weaknesses, capitalise on solid features, and grow your business.

Your provider of accounting services in Singapore also helps you with budgets, forecasts, and plans for better use of your resources. Regular accounting of your books helps you in taking profitable decisions.


Forecasting Better Cash Flow

You can ask your accounting services for small business Singapore for Cash flow forecasting services. Their accountants study monthly reviews to understand the cash coming in and going out of your business. After noticing trends and patterns in the data, they can come up with a reliable cash forecast for you. It is yet another way to improve your business decisions.

Their accountants can predict, to a certain degree, the amount of money that will move through your business. You can use these insights to plan your business’ finance and avoid surprises. Avoiding a shortage of funds or working capital is a great help.


Financial Growth Monitoring

In addition to cash flow forecasting, you can ask your provider to deliver services to monitor financial growth over time. With it, you get more precise information about your business’ performance. They evaluate monthly and yearly financial statements to determine your company’s financial standing.

Their accountant presents you with a statistical overview of your growth prospects. Their experienced accountants consider market volatility, trends in customer behaviour, and economic conditions before preparing the financial growth projection for you. Their accountants can also use past data to forecast the financial growth of your business. They help you truly understand the potential of your business.


Optimise Financial Operations

Owners need reliable and accurate data to execute their businesses’ planning, budgeting, and forecasting. For accounting services, it is easy to fulfil this requirement as they employ qualified and experienced accountants. These professionals are qualified to provide competent operational support to you.

Accounting services in Singapore evaluate your internal processes and procedures. They are focused on finding the weak functionalities. They update current financial practices or install new ones if the need arises. Since this is their area of expertise, they do an excellent job optimising your business’ financial operations.


Payroll Processing

Business owners work hard to discharge their liabilities. Doing so helps them maintain credibility in the eyes of their lenders, creditors, and suppliers.

Payroll is one of your primary liabilities. Messing with it can create trouble with your employees. Many companies hire accounting services Singapore for the task.

These firms know payroll processing in-depth and help you have a successful payday. They know the latest changes in the rules and provide accurate payroll using the newest software.

These firms update appropriate accounts with financial information: salary, employee benefits, incentives, bonuses, leaves, public holidays, hourly rates, statutory contributions, and tax deductions.

Accounting services firms help you comply with labour and payroll rules and regulations. They keep your employees happy and the workplace productive.


Complying with Statutory Regulations

You must process your business’ payroll in keeping with the general rules and regulations. Failing to do so can land you trouble with the authorities. You may have to give an explanation or suffer fines or penalties.

When you ensure your compliance, promptness, accuracy, and timeliness matter, it is where professional accounting services in Singapore help you. They know the accounting principles and concepts and processes, and due dates involved. They ensure that you file your taxes or financial reports on time.

If you multitask to run your business, there is only a little time for you to take care of its accounting. You should use all your time to convince your customers, ensure customer satisfaction, and make a profit. It makes sense not to waste it on non-core tasks. Instead, hire accounting services in Singapore to update your books and stay focused on growing your business.

Call us at +65-6536 0036 or email us at info@sbsgroup.com.sg to learn more about our customised accounting services in Singapore.

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