More
often than not, a new entrepreneur has good control over every aspect
of his business. He is probably the one who has done everything right
from the beginning to give a shape to his entrepreneurial dream. So,
it is very apparent that most of the small business owners have a
tendency to wear many hats on their own. When it comes to outsourcing
accounting services, they often wonder "Why do I need an
accountant to grow?" This article excerpt will demystify the
question by providing an apt answer.
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| Accounting Services Singapore |
Before
heading to the core answer, let us leaf through the fundamentals of
Singapore accounting.
Singapore
Accounting: A Brief Guide
Accounting
is a highly technical matter when it is managing by a naive person.
The laws and statutes vis a vis Singapore accounting keep on changing
from time to time. Plus, the regulations of authorities (ACRA) are a
way too complex that a layman could hardly understand.
Every
business must meet the guidelines put in forth by the accounting
authority
i.e.
ACRA (Accounting & Corporate Regulatory Authority). There is a
set of compliance (Filing of AR, Holding AGM) requirement, every
business in Singapore must meet to keep their business legally sound
and safe. The companies failing to comply with the regulations of
ACRA would face serious penalties or/ and fines.
Most
importantly, professional accountants have specialized knowledge
about niche areas that you could not compete. They keep abreast of
the ever-changing laws of the authorities and help the business to
run on the right track, preventing the business owners from being
penalized by the law.
How
can Outsourcing Accounting Services Facilitate Growth to Business?
An
accurate and updated financial statement serves as a yardstick to
measure the financial state of business, which in turn helps the
businesses make the strategic decisions, preserve resources and
improve their bottom line. Having access to acute knowledge of
accounting and bookkeeping is paramount in this regard. It is
worthwhile to hand the accounting services off to a third party firm
instead of hiring an in-house accountant which is a costlier
alternative in the long term.
- Free-Up time to Focus on Your Productive Activities: Every bit of time is precious when you intend to grow your business in a consistent manner. However, many companies owners grapple with the problem of lack of time. This is the predominant factor why more and more entrepreneurs are choosing outsourcing accounting services in Singapore. It saves your valuable time, freeing you up to focus on the core competencies of the business.
- Minimize the Company's Cost and Extra Overheads: To put it simply, when you outsource the accounting services to a third-party firm, you save the cost of a typical in-house accountant (salaries, health insurance, benefits, allowances). You no longer have to worry about the infrastructure cost and the woes related to hiring and firing of staffs.
- Reduce the Risk of Internal Fraud: The absence of robust internal control may lead to rising number of fraudulence in businesses. Due to the internal fraud, a company may lose a substantial amount of money. But, when you engage a third-party firm, you have a partner to keep tabs on your financial trail. The experts of these firms are highly capable of identifying financial discrepancies.
- Get Sound Advice from Experts: Many accounting firms in Singapore are open to offering timely and sound advice to their clients. They ensure your business is on the right track. Timely business forecast, budgeting and consultation services help you keep your business afloat.
Boost
your business's profit potential by outsourcing your accounting task
to a reliable and good accounting firm in Singapore.
About SBS:
SBS Consulting is a leading
accounting firm in Singapore that specializes in preparation
Director's Report, XBRL filing, GST registration along with
maintaining the annual account. The firm is also known for delivering
a set of allied corporate services including company incorporation
Singapore, secretarial service, payroll, and bookkeeping.
Contact
us:
High
Street Centre,
#17-02,
1 North Bridge Road,
179094
- Singapore
Phone:
(65) 6536 0036
Email:
info@sbsgroup.com.sg
Thank you for the helpful blog, "Using Professional Accounting Services to Keep Your Business Growing." I want you to know that your information is invaluable for aspiring candidates. Keep sharing valuable updates!
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