Accounting Services Singapore- When a Small Business Should Hire Them?

Running a small business in Singapore on a shoe-string budget is not an easy feat to accomplish. You must strike a balance between both core and non-core tasks at the same time to stay competitive in the market. On top of it, adhering to the laws of ACRA (Accounting & Corporate Regulatory Authority) is paramount. Citing these facts, more and more Singaporean companies are giving serious priority to outsourcing financial task to accounting services Singapore to keep their internal accounting functions standardized, streamlined and fully functional.

Accounting services Singapore

It makes sense to hire an accounting firm in Singapore right from the beginning of the operation of business. No matter how big or small your business is, you must take the assistance of expert accountants from a good firm to keep the internal finance & accounting functions efficient. However, it has been noticed on many occasions that small businesses often avoid outsourcing accounting to a professional firm in order to save a few dollars. They tend to do the financial tasks using their minimal skill and knowledge. In the end, the result is inefficient and poor.

This guide will provide some common situations where small businesses must seek the assistance of professional accounting services Singapore.

When dealing with ACRA: The ACRA has laid down a set of obligations for every Singapore-based company. Filing Annual Returns, hosting Annual General Meeting (AGM), Filing financial statement in XBRL format are some of the compliance requirements. Fulfilling the requirements of ACRA can be stressful and scary unless you have a fair knowledge of the Singapore accounting and its procedures.

The accountants of the Singapore accounting firms keep abreast of the ever-changing laws of ACRA. They ensure that your compliance requirements have been met in the best possible manner.

When Your Business is Growing: Growth of your business can be exciting and thrilling, but it is challenging to handle when it comes to account management. An expert accountant of the accounting firm in Singapore can provide sound advice and guidance as your small business continued to grow. He can help you the way Chief Financial Officer (CFO) does in a big company.

The firm will ensure to keep a healthy accounting data while complying with the laws of ACRA. It indeed helps you stay compliant and organized. The dedicated accountant of the firm will understand your business better than anyone and can provide more ethical advice whenever needed.

When Applying for a Business Loan: When you engage an accounting firm in Singapore, a dedicated accountant will work for your small business. Having an accountant on your company's team can build credibility when you are applying a business loan for your business.

The appointed accountant can also help you prepare your loan application. The transparent and updated financial report prepared by the account will help you gain credibility of your business. It reflects that you know and understand your cash flow and have the potential to repay the loan within the specified term.

Now that you must be aware of the facts that when your small business must hire the assistance of the accounting services Singapore. When you hire the professionals in these crucial situations, you are less likely to get troubles on your way to get success in business.

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