Accounting Services Singapore for Healthy & Compliant Business

by Sneha Patil Top Singapore Company Registration Company

Are you looking for the reliable accounting services Singapore to take care of your compliance? As a small business owner, it is important to review what you are doing to ensure accurate accounting. See, “If you are you spending too little time on it?” or, “Are you devoting a large chunk of your waking hours for the activity?”

Are You Happy with Your Accounting?

Too little time and your books of accounts are in disarray, compromising your statutory compliance. Too much time and you are letting the business encroach on your personal life. Most importantly, you also need to focus on whether you enjoy doing your business’ accounts personally.

Do you have to really push yourself to gather all the invoices, receipts, and other data, organize them in the order, and to go about updating the monthly or quarterly accounting of the books? Well, just remember that you have the option of appointing an in-house accountant or one of the reputable accounting services Singapore.

Let Experts Worry about Your Non-Core Tasks

Many of the startup & small business owners think that it is an added administrative task which they eagerly outsource to affordable accounting services in Singapore. In the last few decades, the country has acquired recognition as a foremost accounting hub. It means even one of the cheap accounting services offering reliable output can ensure your compliance.

Accounting is a non-core task of the business, and unfortunately, for the owners, it produces no revenue or profit. In the real world, the accounting steals the time they want to devote to their core & revenue generating tasks. It really puts startup, small, & solo business owners in a tizzy.

On one hand, they are desperate to improve their sales, revenue, and profit enabling them to survive and grow. On the other hand, the owners get stressed out because of having to cope up with the statutory responsibilities.

A number of them delegate the task to the accounting & bookkeeping services in Singapore. The move gets them the services of experts employed by the accounting services Singapore and they get to fully devote their time and efforts to the core task of the business.

Accounting Services or In-House Accountant?

Some of the small business owners hesitate to trust accounting & bookkeeping services Singapore. They want to protect the privacy of their business’ financial data. They hire in-house accountants to take charge of the task. It turns out to be a costly affair. The business has to make provisions for their salary, employee benefits, infrastructure, etc. They also need to be located, interviewed, hired and trained.

In the case of industries having high employee turnover rate, the hiring of an in-house accountant may not be a practical option & could lead to administrative difficulties. On the other hand, even cheap accounting services operating in Singapore are well versed in protecting the privacy of their clients’ financial data.

Delegate the Task to Accounting & Bookkeeping Services in Singapore

Most importantly, the regular updating of accounts by experts from bookkeeping & accounting services leads to reliable data. The experienced accountants can read a business’ weaknesses and strengths from its books of accounts. They then, can accurately draw conclusions about the financial health of the business. These professionals can provide timely advice on cutting down the unnecessary expenses.

They can also advise on stimulating the financial growth of the business. The financial reports produced by them are useful to the management in making data-driven decisions about the future activities & expansion of their company. These professionals have updated knowledge about the tax, bookkeeping, accounting, schemes, rebates, and compliance matters. It means they are fully capable of complying with the statutory requirements of their clients.

Singapore Professional Accounting Service

The services offered by the accounting services covers much more than just updating of the books. They are as follows:

Singapore Accounting Software Assistance
Monthly or Quarterly Accounting Services
Recording Full Set of Account Transactions
Compilation of Accounts
Preparation of Cash Flow Statements
Singapore Group Consolidation
Singapore Bank & Other Accounts Reconciliation
Accounts Payable (AP)
Preparation of Financial Statements
Preparation of Directors’ Report /Compilation Report
XBRL Statement & Filing
Payroll Services

Focused Mental Environment at Workplace

Moreover, by moving of the accounting activity off the office premises enables management to restrict the thought-sphere & conversations in the workplace to the planning, & execution of the core goals of the business. The uncluttered mental environment at workplace really help the owners and their employees in meeting the challenges of a creative business on sure footing.

The current market trend is to reduce the unnecessary headcount, outsource the non-core tasks like bookkeeping, accounting, payroll processing, company secretary and be a highly competitive business.

A hardworking and multitasking business owner cannot but appreciate the usefulness of the accounting services Singapore. By taking over the responsibility of business’ compliance, they allow the owners enough of breathing space to come up with the better planning, better time management, and better productivity.

Contact us:
SBS Consulting Pte Ltd
High Street Centre,
#17-02, 1 North Bridge Road,
179094 – Singapore
Phone: (65) 6536 0036
Email: info@summittech.com.sg