Drive Growth & Profitability of Business by Hiring the Accounting Services Singapore
Do you want to know how well your business is performing? Do your accounting records look alien language for you? It is the right time to get the accounting books in order. Again you may be wondering whether to outsource the task to a third-party firm or Do-It-Yourself. In Singapore, where laws and order are very stringent, businesses prefer to outsourcing accounting task to professional accounting services Singapore.
As long as you own a business in Singapore, it is important to keep the accounting books clean and organized all year round. A healthy cash flow indicates how well the company is doing with its cash. Nevertheless, the job of crunching numbers and analyzing the financial state of a business is not an easy feat for the business owners unless they have good command over accounting services.
Having a reliable accounting services provider Singapore to handle your finance & accounting aspects can make your books audit-proof and ready, in case you need to file audited financial statements with ACRA (Accounting & Corporate Regulatory Authority). With compliance met on time, the accounting firms in Singapore can help the businesses avoid severe penalties of the authorities.
In Singapore, the authorities have put in forth a series of rigorous compliance requirements to be fulfilled by all locally-based companies. Similarly, accounting services must be done while adhering to the Singapore accounting standards.
This blog will throw light on the aspects where a professional firm can help business.
Bookkeeping: Keep it Clean, Accurate & Organized
Bookkeeping also called as record-keeping, is the process of recording, storing and organizing of data of your business on an orderly basis. For a business owner, it is hard to keep track of accounting records on top of other plenty of responsibilities. The job of a bookkeeper includes managing data-entry task for daily financial transactions. Having a qualified bookkeeper from an accounting firm helps you maintain a sound accounting record, avoid error and deter fraudulence charge. A good bookkeeping record lays a strong foundation to build better accounting service.
A Bookkeeper complete the following tasks on your behalf
- Maintain general ledger
- Reconciliation of bank accounts
- Account Payable & Account Receivable
- Collecting Debts
- Adjusting Journal Entries
- Handle Payroll Needs
- Maintain Chart of accounts
- Prepare reports
- Liaise with Accountants and Tax Consultants
What is the Key Responsibility of an Accountant?
Accountants interpret the financial records and critical decisions taken by the business. The experts measure sales and purchases to figure out the profit and loss. They have the expertise in adjusting expense entries (depreciation, the interest of the loan, uncollectible accounts and so on).
The certified accountants of third-party firms are the key pillars of businesses as they help to create and retain growth and productivity. Their ability to meet the compliance requirements of government authorities is vital for businesses. They are at the forefront when it comes to upholding the quality of the financial report and XBRL filing. Most importantly, they provide succor to the small and medium enterprises to meet the stringent obligations of the authorities (ACRA & IRAS).
Following are the annual filing requirements for Singapore-based companies:
- Preparation Financial Accounts in compliance with the Financial Reporting Standards of Singapore.
- Filing of Estimated Chargeable Income (ECI) with IRAS.
- Audit of Financial Account unless exempted (small companies/dormant companies).
- Holding AGM of the company in every financial year.
- Filing of Annual Returns with ACRA following to AGM.
- Filing of Annual Tax Return with IRAS by November 30 (paper-filing) and December 15 (e-filing) in every calendar year.
Please note that the defaulters may face severe penalties from the relevant authorities for not being able to comply with the laws. The fear of court notices or penalty fines may disturb the minds of business owners. Such circumstances may deter the growth prospect of your business. But, when you have right resources to look after the compliance requirements, you can peacefully focus on the core business and thus, expect to take your business to the next level of success.
On top of that, the professionals have the ability to yield maximum results by exploiting very minimal resources. To put it simply, the certified accountants can deliver right services in half the time used by a novice person. They know how to accomplish the services using less money, time and resources. In addition, the penetration of high-end accounting software has changed the accounting industry dramatically. With the proper use of technology and talent of professional, the accounting services in Singapore enables you to strengthen the financial aspect of your business, which in turn, ensure rising growth and productivity in the long term.