Use The Services Of Consultants To Keep Your Business Compliant

by Ebos Singapore Cloud Accounting

There are various procedures a company must follow to remain within the law of the country. Being compliant is essential for all companies in Singapore and the company law specifies how a company must be run. It may not be easy for companies to remain within the legal framework unless they know the laws. Many small and medium companies may not be fully aware of the laws and may not have the necessary experts to keep the company compliant. ACRA filing is mandatory for all companies incorporated in Singapore.

Understanding Requirements Of Annual Filing

Every company must have an annual general meeting where the directors lay down the details of the company. These details must be shown to all the shareholders. The details must be filed with the ACRA and this is called annual filing. The meeting must finalize and approve the details before they can be filed with the ACRA. Details like the names of directors, the company registration number and name, registered office address, share capital details and details of business activities must be included in the returns.

Another important document to be included with the annual return filing is the financial statement. Large companies will have to submit the audited financial statement whereas small companies can submit unaudited statements. As the filing and statements must be done correctly it is better to hand over the work to agents who are experts in this. There are consultants who can help in preparing the financial statements in the format that is required by the ACRA.

Let Experts Handle Accounting For Your Company

Accounting is an important function for any company and if the company doesn’t have the necessary experts it is better to get outsourced accounting services. Accounting is a task that must be done perfectly. Wrong accounting can not only invite problems from the authorities but also make you take wrong business decisions. Maintaining proper accounts help you to track your expenses and income properly. This helps you to make your budgets and ensure that the company controls its expenses.

Most of the small and medium companies don’t have enough accounting experts to generate very useful reports. They only have a small team that will handle the daily accounting jobs of the company. An accounting services provider has enough experts to generate reports that will help the directors to plan the business activities properly. These service providers also give you enough advice on how to use the reports and run the company profitably.

Use Of Modern Technology In Accounting

Using the software is very beneficial to maintain your accounts. It allows you to update all the data immediately. Using software will allow you to keep your accounts updated at all times. The software also allows you to see updated information about your accounts. But buying software and the necessary hardware can be a financial burden for small and medium firms. This is where cloud accounting helps.

With cloud accounting software you need to only have the hardware necessary to download the interface. You can access your accounts from anywhere and from any device connected to the internet. With this kind of accounting, you can see your accounts and print any report at any time. This will help in following your payments with your customers. Companies providing finance and accounting services will provide the software and you need to pay only for what you use.

With so many advantages it is better to hand over the accounting job to the service providers.