Trust Accounting Services Singapore with Your Complianceby Sneha Patil Top Singapore Company Registration Company
Fulfilling timely & precise compliance requirements can be challenging for the SMEs unless the businesses hire the professional accounting services Singapore. Learn how outsourcing is cost-effective.
If you are an SME owner you must be wondering, should I hire one of the accounting services Singapore? Will I benefit from the move? Keeping an eye on your business’s financial transactions is as integral to keeping the other eye on the sales of products and services, i.e., revenue generation. The later responsibility falls in core goals of the business, whereas, the former one is branded as one of its non-core functions.
The regulatory authorities expect regular updating of accounts from you. It is part of your business’ statutory compliance. Nowadays, for several reasons, a number of Singapore owners outsource it to the trusted accounting services Singapore. It allows them to bear down on their core activities with full force. The move is important in freeing up the mind and decision-making space that the non-core, but, compliance-wise important tasks consume.
Their decision is prompted by several reasons, from the lack of knowledge of accounting concepts and principles to lack of time. Indeed, it is tough for a sole business owner, who is already multitasking to pay due attention to both the tasks without stumbling at either of them. The accounting & bookkeeping services Singapore plays an important part in rescuing them from a difficult situation.
Assess Your Needs & Hire Reliable or Cheap Accounting Services
As the owner of a startup in Singapore who is yet to decide on the hiring of a corporate services provider to take care of the business’ statutory compliance, you need to take stock of your resources.
- Do you know all about the mandatory accounting functions you need to fulfill?
- Are you using a compliant accounting software?
- Do you sort and file invoices, receipts, or financial documents on your own?
- Do you update the books before closing for the day?
- Would you prefer in-house accounting over cheap accounting services in Singapore?
- Are you aware of the latest updates in the rules concerning your activities?
- What are the important due dates in Singapore?
Statutory Compliance & Accounting Services Singapore
Taking care of books of accounts is a specialized job and needs knowledge of accounting concepts and the standards in force. It is not hard for a business owner to grasp the situation based on their answers.
Most importantly, it is easy to diagnose that the task has the potential to keep them occupied for long hours which they ought to invest in furthering their business. That is why, most of them do not hesitate to employ accounting services Singapore once they get around the idea of letting a third-party to go through their financial data.
Some of the business owners go for other options like the hiring of in-house bookkeepers or accountants or the hiring of freelancers. Well, every option has costs associated with it. But in the long run, outsourcing to one of the accounting services Singapore is certainly the best option. Compliance and cost-wise it is relieving to let the experts manage your books.
What Accounting & Bookkeeping Services Do for a Small Business?
When you go out hunting for the reliable accounting & bookkeeping services in Singapore, you should not ignore cheap accounting services. What if the firm you are about to reject as cheap, is offering its quality services at reduced rates only because they have just started and trying to attract their initial clients.
Quality is the keyword that should influence your decision. You should hire someone who can stick to the standards advised by the authorities so as to be able to deliver compliant and accurate results. Following are a few of the tasks undertaken by the accounting services in Singapore.
- Record each financial transaction of the business.
- Prepare financial statements like Balance Sheet, Profit & Loss Statement, Cash Flow, etc.
- Maintain and safeguard General Ledgers.
- Prepare Director's Report/ Compilation Report
- Prepare unaudited financial statements.
- Assess the need for voluntary or compulsory GST registration.
- Assist with the regular GST return filing.
- Render assistance for optimizing tax paid using legal means.
- Ensuring accurate tax compliance
The accounting services in Singapore like SBS Consulting, track their client’s cash flow, determines their financial health, and advise them on how they can improve it further by adopting efficient business practices, tax savings, etc., to generate more returns on their investments. The business owners can expect following services from them:
- Compilation Financial Statement
- XBRL filing
- GST return filing
- Bookkeeping Service
- Corporate Accounting
- Professional Accounting services
- Setup of Accounting System
- Sole Proprietorship and Partnership Accounting
- Accounting for international businesses
You should hire one of the trustworthy accounting services in Singapore only after conducting extensive research. Asking for some pointers from your business associates can also serve the purpose. Then, you should go and discuss your needs with the principal of the shortlisted accounting firm and have a heart-to-heart. Hear them out and see, if they are what you are searching to hire.
SBS Consulting Pte Ltd
High Street Centre,
#17-02, 1 North Bridge Road,
179094 - Singapore
Phone: (65) 6536 0036
Created on Aug 29th 2017 04:57. Viewed 673 times.