Articles
Online Bookkeeping Services- Do You Need It In 2021?
by Leslie S. Professional Content WriterOnline bookkeeping services are assisting Singapore companies in ensuring their compliance. They are helping them in taking care of data entry that is free of typos, reviews and timely bookkeeping. You, too, can rely on their experts for correctly digitising your invoices, bills, expenses, and deposits accurately.
Enlist the Right Bookkeeping Services Singapore! It Matters
Appointing an online bookkeeping Services works even in 2021. Small business owners have to do many tasks to run their business. They communicate with their customers, providers, marketers, suppliers, lenders, Etc. And many of them find them self spread thin. In the evening, at the end of a hectic workday, they find it difficult to do the bookkeeping or accounting for their business.
At this stage, they start looking for ways to reduce and optimize their time spent on various tasks. Hiring an online bookkeeping service provider is a perfect solution for them for maintaining business' financial records. It is not that different from traditional bookkeeping.
Searching for Best Bookkeeping Service Companies in Singapore
Before you enlist a bookkeeping service provider, you’ll want to know a few facts about it.
Will they use the accounting software that I use?
Will their bookkeeping service be economical for my small business?
Do they charge by volume of transactions?
Do they follow Single-entry or Double-entry accounting?
Do they provide additional services like tax filing, payroll processing, GST filing, and XBRL filing in Singapore?
Do they offer multi-currency accounting?
Will I have to pay any hidden costs?
Know the Range of Bookkeeping Services
May providers of online bookkeeping services Singapore appoint a dedicated bookkeeper or accountant to you. This professional is responsible for advising and taking care of your accounting challenges.
As and when required, you need to submit your business' financial documents to streamline the updating of your books, like accounts ledger. The digitized information is useful in preparing financial statements and management reports. Normally, you should look forward to receiving the following bookkeeping services from your provider:
Fixed Assets Ledger
General Account Filing
Preparation of Balance Sheet Statement
Preparation of Profit and Loss Statement
XBRL Statement
Cash Flow Statement
Bank Reconciliation
Financial Analysis (weekly, quarterly, monthly, annually)
Bookkeeping as per SRFS
Preparation of Directors’ Report
When to Start Bookkeeping for Your Business
As a small business owner, you may find it difficult to separate your personal and business expenses. After all, you are the owner and money for both types of expenses are coming out of your pocket.
The advice new business owner is to start updating your business' books as soon as possible. Start it from the day you register your company. It enables you in claiming a few company incorporation expenses. Separating personal and business expenses enables you to claim valid business expenses. It saves you a few dollars.
Hiring Online Bookkeeping Services Singapore
Right from the start of research for the right bookkeeping services, Singapore focus on finding bookkeeping firms that offer plans based on the volume of the transactions. In future, depending on your needs, you can ask them to up or downscale their services to accommodate the increase or decrease in it. Make sure that they use accounting software like Snoww Books, Xero, Sage, or QuickBooks.
The trend is favoring the online bookkeeping service companies in Singapore. It is rapidly replacing in-house bookkeeping and accounting setups. Online bookkeeping services in Singapore are cost-effective than appointing an on-site bookkeeper. It cuts down expenses on valuable office space, equipment, etc.
Since you are sure that an expert accountant is working to ensure your compliance, you have less to worry about. The best bookkeeping service provider in Singapore can save you tons of time every month. These are professional online bookkeeping services and know the importance of keeping your financial data safe and secure.
Sponsor Ads
About Leslie S. 
Professional Content Writer
11 connections, 0 recommendations, 85 honor points.Joined APSense since, July 31st, 2020, From Singapore, Singapore.
Created on Nov 18th 2021 08:24. Viewed 210 times.
