Thoughts on the Need of Accounting Services Singapore for Compliant Business
You are right to appoint one of the experienced accounting services Singapore to take care of business' accounting needs. It is the need of time as it frees you from the drudgery of the task.
A large majority of the owners of small businesses use outsourced accounting services Singapore to take care of the task. It is hardly an inspiring task, and they can use every extra minute to take their businesses to the new heights.
You Must Regularly Update the Books of Accounts
The experts' advice to business owners is to regularly update their books of accounts. It is also a statutory obligation. In fact, the companies are better off by doing so as it is important to keep the records of their receipts and invoices before they are forgotten. The records are useful for the purpose of accounting and auditing. The accounting and bookkeeping services Singapore comes handy in this respect.
Professional Accounting & Bookkeeping Services Singapore
The accounting services Singapore employ professional bookkeepers. The firms offer monthly or quarterly bookkeeping services as per their clients' requirements. These professionals record every financial transaction of the business. They also meticulously conduct the monthly or quarterly accounting of the books.
If you are yet to decide about appointing an accounting firm for the task, you should try to find answers to a few questions. "Do I want to spend a large amount time for the activity?" and "Will it really cost me to employ an accounting service and be free of any stress?" and "Does the benefit outweighs the expenses for hiring a competent accounting firm?"
In-house Accounting Can be a Costly Affair
Instead of using an outsourced accounting services Singapore, you can choose to hire an in-house accountant for the task. It will enable you to protect the privacy of your financial data. It means you have to invest resources in searching, interviewing, and hiring the professional. You will also need to take into account the employee turnover rates.
However, if you take this option, you will also have to spend on training the candidates and for providing the infrastructure. It also means that the activity remains in-house. Whenever there are tense moments in the accounting department, they will mess with the flow of work in the whole workplace. In a pressure cooker situation, it can cause you to lose focus and your competitive edge.
The Trend is to Outsource Administrative Tasks
Moreover, administrative tasks like accounting form the non-core tasks of the business. They generate no income for it. That is why in a tough market such as Singapore it makes sense to hand it over to one of the qualified accounting and bookkeeping services Singapore.
Actually, outsourcing to cheap accounting services Singapore is a well-trodden path. They have trained staff and measures in place to ensure the privacy of clients' financial data. The most of the MNCs, all over the world, try to outsource their non-core tasks and stay lean, focused, and combat ready.
The small business owners, by choosing to hire accounting services provider Singapore can do away with the unnecessary interruptions. It allows them to pay careful attention to their sales funnel, revenue generation, and profit optimization without having to worry about statutory compliance.
Cheap Accounting Services Singapore
After hiring one of the outsourced accounting services Singapore like SBS Consulting Pte Ltd, you can expect following services:
- Singapore Accounting Software Assistance
- Monthly or Quarterly Accounting Services
- Recording Full Set of Account Transactions
- Compilation of Accounts
- Preparation of Cash Flow Statements
- Singapore Group Consolidation
- Singapore Bank & Other Accounts Reconciliation
- Accounts Payable (AP)
- Preparation of Financial Statements
- Preparation of Directors' Report /Compilation Report
- XBRL Statement & Filing
- Payroll Services
In the real life, at the end of a tiring day, it is too much to expect from a small business owner to sit down and update the business' books of accounts. The multitasking they have to do is enough to wear them. And, it will be outright crime to expect them to do it day-by-day and come up with clean, structured, and infallible financial records for the statutory annual filing. It is no wonder that they seek affordable accounting services Singapore prices to hire expert help.
SBS Consulting Pte Ltd
High Street Center,
#17-02, 1 North Bridge Road,
179094 - Singapore
Phone: +65-6536 0036