Accounting Services Singapore: Its Role and Significance in Business
Accounting, also called as the language of business, is crucial for the healthy survival of business. There is a saying that goes, “If you cannot count and maintain the numbers, you cannot handle a business well.” It is a language that communicates a wealth of information about company’s financial performance to owners, managers, and investors of the business. The financial statement, prepared by the accountant, serves as the yardstick to measure the company’s financial state and helps the management make better business decisions. Thereby, it is important to employ a good accountant to look after the financial activities tactfully. You can either appoint an in-house employee or outsource it to third-party accounting services Singapore.
When you operate a business, you must have full control over the money. A business could see success only when it’s cash flow is in a healthy state. And, Singapore accounting department is responsible for ensuring it. More often than not, the Singaporean small business owners tend to wear many hats on their own, and they try to manage accounting functions along with the core tasks. Due to the overburden of work, some of them hardly could reach the break-even point of their newly commenced venture. As a result, the start-up business shut down within a short span of time.
It has been reported that only 50% of start-up businesses can survive in a five-year perspective. So, it is recommended to delegate non-core tasks like accounting to professionals to increase efficiency. There are two alternatives when it comes to delegating- 1) outsourcing and 2) in-house accountant. In the current scenario, outsourcing has been proved to be a more beneficial choice. It saves the cost of a typical employee (Salary, bonus, insurance benefits, infrastructure, CPF contribution). Moreover, improved quality of service is assured. Given the benefits and accessibility, more and more businesses are preferring to outsource the task to accounting firms in Singapore.
How Accounting Services Singapore help Businesses Manage?
- Adhere to the Laws of ACRA: The Accounting & Corporate Regulatory Authority (ACRA) oversees the Accountant Law of Singapore. Every Singapore-based company must follow the regulations put in forth by the authority. The professionals working at the accounting services Singapore keep abreast of the changes in the laws. They help you obey the law by doing all accounting activities with the ACRA on or before specified time. Be it preparing financial statement or filing XBRL, these professionals make sure to accomplish it within the deadline.
- Create a Solid Budget for Business: The professionals of Singapore accounting services have the acumen of creating a solid budget for the companies based on the cash flow pattern. A sound budget can help you take right decisions for your business. In budgeting, you can anticipate revenues and based on that information; you can take further steps to maintain and grow your business. It serves as blueprints that allow you build a better business.
- Streamline the Accounting Functions: When you entrust the accounting firm with your financial jobs, they will assign an accountant to do end-to-end functions of financial matter effectively. The accountant will not only keep and organize the records but also ensure that all activities are done following the laws of ACRA. A good accounting firm in Singapore uses advanced software solutions to complement the expertise of accountants to deliver superior quality of services.
- Get Free Consultations and Expert Insight: Accounting firms in Singapore are open to offering free advice and consultations services to their clients in a regular manner. Moreover, the experience and expertise professionals bring to analyzing financial matters are valuable resources for running a successful business.
The final goal of every business is to make a profit, but you are the one who is going to pave the way for it. So, you must take every step cautiously. It is recommendable to hire the professional accounting services Singapore at the very beginning to shaping up your business. It is notable that only a professional accountant has the required knowledge to create a unique and powerful accounting strategy for you.