The owners of startups and Small and Medium Enterprises (SMEs) more often have no time for administrative tasks like accounting. The accounting services Singapore takes up the responsibility and solves a great problem for them.
Singapore is known as one of the best business hubs. It is bit lenient and supportive of its small businesses. However, it does not mean that authorities there tolerate non-compliance from the businesses. They expect all types of businesses to update their accounts regularly. It is where experts from the accounting and bookkeeping services Singapore proves useful.
Accounting & Bookkeeping Services Singapore
Of course, the business owners depending on the availability of time and their knowledge of accounting principles and practices can do the task themselves. They also have the option of hiring accountants on their permanent staff. However, the current market trend is to use accounting services Singapore for the task.
The outsourced accounting services Singapore are preferred by a large number of sole business owners. By paying an affordable accounting fee to the accounting and bookkeeping services Singapore, they get access to their expertise and extensive know-how about the compliance measures. The work done by these firms is as per the SFRS. It is acceptable to the regulating authorities like ACRA, GAAP, IRAS, etc.
Outsourced Accounting Services Singapore: Key Benefits
Following are the key benefits of hiring reputed and experienced accounting services in Singapore for your small business. The key benefits of accounting services Singapore:
- Most of these accounting firms dedicate a certified accountant to take care of their clients’ accounts.
- The accounting done by these experts is far superior to that by the DIY small business owners and in some cases, the output of the in-house accountants.
- They use state-of-the-art accounting software which the small business owners may not be able to purchase.
- After hiring of accounting and bookkeeping firms for your Singaporean company, you don’t need to invest in hardware, data-entry operators, IT support, or other infrastructure.
- You do not have to worry about hiring or firing of accounting staff.
- You also save on expenses like employee benefits, incentive, & salary.
- You get accurate financial statements that you can use to make data-driven decisions.
- The experts from the Singapore accounting firms also help with the business idea, plan, and the business structure most suitable for the startup companies.
- The outsourced accounting services Singapore provide assistance and help the business owners in keeping their personal and business finance separate.
What Should You Expect from Accounting Services in Singapore
The accounting services Singapore can do a number of compliance-related tasks for your small business. They assist you in keeping your books of account updated (monthly or quarterly), GST filing, XBRL filing, etc. When you go to the market to hire one of these services providers you should look for the following:
- Accounting & Bookkeeping services
- Singapore Accounting Software Assistance
- Professional Accounting Service in Singapore
- Full Set of Account Transactions
- Preparation of Cash Flow Statements
- Singapore Group Consolidation
- Singapore Bank & Other Accounts Reconciliation
- Accounts Payable (AP)
- Preparation of Financial Statements
- Compilation of Accounts
- AGM Filing
- Filing of
- Annual Return
- Preparation of Directors’ Report/Compilation Report
- Corporate taxation services (Form C / C-S, ECI)
- GST Registration & GST Filing
- XBRL services
- Payroll Services
- Company secretary services
- Registered office address services
Even the small businesses find the tracking of expenses a tough task. And if you do not have a reliable assistance for the maintenance of your financial records it can compromise your compliance. Outsourcing to accounting services Singapore is the need of time. A number of MNCs and well-known SMEs practice it to keep the noise at the workplace down. It is a cost-effective alternative for ensuring the compliance and keeping track of the financial health of your 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
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