Whatever your business is about, it is difficult to look after your accounting and financial matters along with working on your business. Handing over your business’s accounting matters can set your mind free from handling your financial affairs. Whether you are starting up your business, establishing it, or expanding it from its origin, you can easily avail of one-stop accounting services in Singapore.

By hiring professionals who can do bookkeeping and accounting tasks for you, you can easily have more time, resources, and energy to work on your company.

Let’s have a look at the article below to see how these accounting services can benefit you and your business.

What are the accounting services you can avail of?

There are a lot of services that you can avail of to make your business succeed with convenient accounting services:

• Bookkeeping:

Bookkeeping is all about recording what the company has gained so far and what are the expenses of the company. It includes:

1. Income and expenditure by the company
2. The company’s financial transactions are compiled in the form of a book
3. Reconciliation with bank

• Payroll:

Payroll is taking care of the employee’s salary for every month. It will be a check on every individual’s salary that it must be paid on time and what amount must be paid. CPF contribution to CPFB every month.

• GST Filing:

1. Compiling input and output GST altogether.
2. Filing of GST returns with IRAS every quarter.

• Corporate tax/ ECI Filing:

It consists of the calculation of corporate tax/ ECI for the year. File corporate tax/ ECI to IRAS yearly.

• Annual financial statements/managing accounts:

This accounting service includes the preparation of profit and loss statements, balance sheets, and cash flow statements.

• Managing sales invoices:

Preparation of sales invoices by using cloud accounting software. It will allow your business to run on a Mac, PC, tablet, or phone.

• Managing purchase invoices and other expenses:

This includes the management of banking payments.

How can you avail of these one-stop accounting services?

• One accountant who will look after your account:

You will be provided with one dedicated accountant who will look after all your needs of accounts. You just have to provide your business details and important documents and the rest you can easily hand over to the person who will do bookkeeping for your account.

• Instantly receive the updates on your account:

In this case, you don’t have to wait for the month’s end to check your account updates. You can easily receive these updates through leading cloud accounting software.

• There are simple and easy steps you can follow:

It’s better to have a simple procedure for sharing and transferring documents. There must be no complex procedures so the client can easily understand your services.

• It’s important to have an experience with different industries:

The accounting firm must be experienced with all sorts of industries whether it is related to the event industry, retail sector, manufacturing industry, service industry, F and B industry, or the construction industry, you can receive the right people and related solutions to it.

How would you know that your company needs accounting services?

If you are running a company, you need to avail yourself of accounting services for managing your finances, staying compliant with the regulations of the government, and having to be informed about your company’s decisions. Your company will need one-stop accounting services in Singapore because:

• Companies have to maintain accounting records
• They should know their financial health by checking financial statements
• Better control over the business’s cash flow is important with aging reports.
• Financial statements must be ready and reported to the AGM
• Annual filing of the company must be accurate and on-time
• Digital financial records make auditing easy for the company

You can’t do this all alone. You will need a separate entity to work for you.

How can you trust a separate entity with your accounts and finances?

For this, you have to check for a reliable and trustworthy source who follows strict privacy and security for your data. They will protect your personal data and confidential documents from an unauthorized source.

On the other hand, the company you are opting for must be experienced and knowledgeable about the country’s laws and regulations. They must stay updated with any changes in the company’s law to make your business stay compliant with it.

Why is it important to outsource your accounting needs?

You, as a business owner, can’t focus on everything related to your company. Managing accounts altogether is a very difficult task that needs a lot of attention. Outsourcing your accounts to a reliable company will give you time to stay away from the hassle of managing accounts of your company and focus on those matters that need your attention.

Your company’s account department will maintain your financial records, the bookkeeping of your income and expenses, and the record of employee’s salaries. You are free from this headache as your company’s accountant will do these tasks for you.

Accounting is one of the vital parts of your business’s growth and success and to get your official matters on the right path. An accounting firm that is familiar with Singapore’s laws and regulations and also has an international presence is a bonus point for your company’s success. The staff of the accounting firm must be knowledgeable and trained to work with any kind of organization and stay up to date with any changes in the rules of the country for the success of your company.

Outsourcing your accounting needs will save you the cost of infrastructure and premium office space setup for the account’s management. If you keep an in-house setup for an accountant, that will make you pay the salaries and Central Provident Fund (CPF).

You can easily give time to your business by outsourcing your accounts. This includes meeting a new client, facing your competitors, working on new strategies, etc.

Last, but not least, you can have a stress-free mind to hand over your company’s accounts to a reputable and experienced company.

Conclusion:

As you can see accounting is a whole separate department to take care of. While running your business, it is hard to focus both on your work and manage your finances to reduce the loss of your company. To take you out of this mess, SHANE GOH AND ASSOCIATES have worked hard to take you out of this stress. Their team is well-experienced and trained to manage accounts and finances related to any type of business. Are you in search of one-stop accounting services? Then SHANE GOH AND ASSOCIATES is the reliable answer to all your queries.