Accounting is a mandatory obligation for both, existing as well as start-up companies incorporated in Singapore. It is a responsibility that they cannot evade under any pretext. A large percentage of Singaporean businesses outsource it to the accounting services Singapore. Don’t be surprised but the multinational companies are the prominent clients of these service providers.
Why You Need to Hire a Competent Accounting Service
Outsourcing to accounting firms in Singapore enables businesses in optimizing their resources. Being prompt with your accounting and preparing accurate financial statement is a must for every business. It is a part of the compliance requirements mandated by the ACRA (Accounting and Corporate Regulatory Authority).
However, the business owners should never forget that the activity as such does not produce any revenue for their business. So, there is hardly any point in dedicating business’ skilled and costly human resource to the activity. It defeats the purpose of hiring it which is to achieve the core goals of the business and ensure its survival.
On the other hand, failure in filing accurate financial statements could bring penalty in the form of fine and/ or imprisonment to the company directors and the business owners. Each year, ACRA summons hundreds of such individuals and asks them to explain away the discrepancies in their filed statements.
Services Offered by Accounting Services
The accounting firms in Singapore like SBS Consulting offers following services:
- Singapore Accounting Software Assistance
- Singapore Professional Accounting Service
- Recording Full Set of Account Transactions
- Preparation of Cash flow Statements
- Singapore Group Consolidation
- Singapore Bank and Other Accounts Reconciliation
- Accounts Payable (AP)
- Financial Statements Preparation
- Directors Report /Compilation Report Preparation
- Compilation of Accounts
- XBRL Statement Preparation
Benefits of Outsourcing to Accounting Services in Singapore
Appointing one of the experienced accounting services is especially useful to the Small and medium Enterprises (SMEs). Hiring a permanent employee to look after the accounting is not feasible for every small business. These services enable you to save on the expenses. After hiring one, you do not need to,
- Buy computer and other hardware or pay licensing fees for any accounting or payroll software
- Pay any software maintenance costs
- Hire an experienced accountant
- Waste time in hiring, training and firing of an employee or keeping records of leave, holidays, etc.
- Pay CPF (Central Provident Fund) or other employee benefits, incentives, bonuses, etc.
Allow the Experts to Take the Care of Your Compliance
The accounting services Singapore employ experienced and Certified public Accountants (CPAs) who works diligently to ensure the faultless compliance of their clients. The accounting services fees are affordable and most of them use the volume of transactions as the basis to charge their fees. Some of them choose to charge by flat rates per month.
The accounting services record business transactions in the books of accounts and keep the books updated. At the end of the month, the highly experienced accountants appointed by these firms prepare monthly reports. They also give advice on monthly profit and loss accounts, the state of the cash flow, and balance sheet. When it is the time of annual filing, they close the accounts by preparing financial statements for their clients. The task is done according to the provisions of Singapore Financial Reporting Standards.
No doubt, as a businessperson you need to update your books of accounts as a part of the compliance requirements. However, it is not the only reason you should engage in the activity. Accounting can reveal the financial health of your organization in detail. An experienced accountant can really advise you on bringing discipline to your business expenses in order to make it a success.
About Us: SBS Consulting is one of the leading corporate services provider in Singapore. It specializes in Company Incorporation, accounting services Singapore, Preparation of director’s report, Taxation, GST, Payroll, XBRL, IT software development and maintenance, etc.