Accounting Services Singapore: Outsource Your Compliance Function

Accounting Services Singapore

The small businesses in Singapore may not have the human resources to spend on the mundane and non-core tasks like accounting and bookkeeping. Hiring a permanent accountant for the task is also costly and for some of them with shoestring of a budget, unaffordable. They have the option of outsourcing to accounting services Singapore.

Accounting Firms in Singapore Enables You to Stay Focused

Singapore businesses need to focus their energies on catering to the needs of the customers and generate more revenue. They should also concentrate on the strategic needs of their business that will help them grow and survive in the competitive market like Singapore. On the other hand, it is mandated by law for the business owners to regularly update their books of accounts. The bookkeeping and accounting services Singapore helps them out with the task.

How Accounting Services Assist You with the Compliance Responsibilities

Through their monthly or quarterly bookkeeping services, the accounting services regularly record financial transactions as well as the other clients’ business related information accurately. The activity is a prelude to that of accounting. The bookkeepers or the accountants record every document transaction depicted in the bank payments, sales invoice, sales receipt, supplier invoice, journals and supplier payment.

The task requires knowledge of bookkeeping which a large majority of business owners do not have. It is one of the reasons why they appoint an accounting firm in Singapore for the task. When it is time for the annual filing, the accounting services prepare financial statements for their clients like profit and loss account, balance sheet, cash flow statement, and statement of changes in equity. The statements are as per the Singapore Financial Reporting Standards (SFRS) prescribed.

The accounting firms in Singapore render the flexible monthly accounting or quarterly accounting services to accommodate the low or high volume of financial transaction of their clients. The accounting companies in Singapore take a big burden off the shoulders of the company directors which are legally responsible for the annual filing of financial statements for their company.

Allowing to the certified public accountants working for accounting services Singapore to take care of their accounting needs really suits the startups and small businesses in Singapore. They are aware of the latest regulatory changes related to their work and use their industry-wide experience in the preparation of compilation Report/ Director’s Report and unaudited financial statements. They use state-of-the-art accounting software produces faultless financial documents.

Why You Should Appoint an Accounting Firm in Singapore

Employing an accounting firm in Singapore does wonders to the morale of the management of the company. How? Read on…

  • It is not possible for the majority of SMEs to invest in an in-house setup. It needs computer hardware, licensed accounting software which needs to be updated from time-to-time and trained IT staff.
  • The business has first to search and hire qualified accountants. It is a costly and time-consuming process for a Singapore company. Then there is the cost of training them. Some of the time they get fired for various reasons.
  • Such a setup also requires a dedicated place which is at a premium in Singapore. For a small business owner, it all boils down to a big headache and cost-wise it is not an efficient option than outsourcing to accounting services Singapore.
  • The hiring of an accounting firm in Singapore economic. It enables the startups and small businesses to save a significant amount of money. It is a resource which they can use for promoting themselves and drive more business towards them.
  • Singapore companies need to pay top dollars to hire qualified professionals. Using them to do non-core tasks is sort of underutilizing them. Outsourcing to accounting firms helps the businesses in optimizing their human resource.
  • It also enables them to take the distracting activity of accounting off the premises and into the hands of experts who are really trained to cope with its complexity. It frees the management to fully focus their efforts on the core goals of the business.
  • Accounting services by taking on the accounting task for their clients, enable them to be lean companies. It helps them, in the long terms, to save costs at every turn. In today’s time of cut-throat competition, every dollar saved matters.
  • Believe or not, but a business does not get any award or a prize for doing its accounts faultlessly. It also does not generate any cash or profit for the firm. Letting the certified accountants work on it ensures consistent speed and quality a business can rely on.
  • In exchange for the affordable fees charged by the accounting services Singapore, the companies get to enjoy work done by the qualified accountants. It is way better than a DIY business owner can produce on its own. The output tends to error free and compliant with the prevailing rules and regulations imposed by the authorities like ACRA and IRAS.

Outsourcing to accounting services Singapore is very popular with the MNC’s. However, a few of the SME owners still hesitate from allowing a third-party provider to work on their financial data. However, they should rest easy. The accounting firms operating in Singapore adheres to world-class standards and know how to store the clients’ financial data and protect its confidentiality. Moreover, by hiring one of these services providers the owners can rest assured about their business’ compliance with the government requirements.

Author Bio:

SBS Consulting is a leading Singapore-based accounting firm that offers accounting services Singapore to all types of businesses. The firm has a team of experts who have years of hands-on experience in dealing with ACRA-related services. The firm is adept at delivering various corporate services including company incorporation, accounting, bookkeeping, corporate secretarial services, and payroll.

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