Accounting and Bookkeeping Services Singapore
Accounting and bookkeeping services in Singapore are often outsourced to accounting services provider firms nowadays for its many benefits. SingaporeAccounting.com Pte Ltd provides comprehensive accounting and bookkeeping services for small business in Singapore and organisations which are looking to outsource the company accounting function. We are specialised in Xero accounting software setup and training. Our accounting specialists can work at your premise if required. With online bookkeeping services or freelance bookkeeping, the process become more productive as the work have accounted for correctly. However, technical knowledge, skills and experience are essential. Although both accounting & bookkeeping services involve processes to record financial activities of tax, cash flow, performance for businesses but there is a difference between the terms.
Accounting vs Bookkeeping.
Accounting itself is the financial information system of all the work processes of recording, reporting, classifying with detailed and summarized data reports to analyse and get improvement on the business financial performance. Accounting initiates the process in the accounting information system for every company while bookkeeping is an act of record keeping which is an important part of the accounting process of which the service involves recording daily financial transactions chronologically.
Basic daily tasks of outsourced accounting services includes:
- Collecting and filing all valid supporting documents necessary for the corporate activities, business transactions, secretarial work and ensuring the book of accounts in Singapore are accurate.
- Compile finance procedure manuals, preparing and providing the summarized reports for Singapore company financial statements and filing the yearly tax returns. The submission can be the responsibility of the bookkeeper or he can assist company accountants with the reports.
- Answering queries, providing and facilitating the support services during audit check.
Should You Outsource Accounting Services?
Ask yourself ever since the business incorporation, with your current level of bookkeeping experience, business workload, and the amount of time it currently takes you to record and process, has this book keeping process getting too much and too time consuming for you to handle your accounts? Are you the bookkeeper yourself? You should consider stopping to book keep by yourself if you ever experience this scenario or find yourself the need to do your bookkeeping at home due to busy time at work as poor record keeping can lead to serious consequences:
- Lack of time – Are you effectively managing the business operations yourself with the sales, marketing, logistics, manpower and bookkeeping?
- Lack of Knowledge – Are you familiar with existing and new rules and regulations otherwise penalties for overlooked expenses, late fees, interests can end up spending more money than you have initially planned.
- Lack of Interest – Do you find it motivating to work with the account details, organizing receipts and documents?
Benefits of Outsourcing Accounting Services
SingaporeAccounting.com provide experienced team of qualified accountants who have the up to date knowledge in compliance with Acra and laws. Our accountants and bookkeepers follow good accounting and bookkeeping practices, company secretarial practices that can avoid being overlooked or unpaid expenses.
- Economically wise to hire our accounting specialists who have experience and knowledge with different industry than to search, interview and recruit a suitable candidate as company staff which you would have to consider their salary and benefits subjected to manpower matters.
- We can work at your office if you require our accounting specialists for financial and accounting support urgently.
- Instead of spending time-consuming tasks daily in organizing and keeping track of all the minor and major document details, you can now have more energy and time to focus and drive the business towards productivity with outsourcing solution.
Accounting and Bookkeeping Services Fees
Yearly Price for 1 Arch File: Fees from S$600
Up to 25 transactions per month: Fees from S$100 / month
With professional accounting team support to our clients, SMEs and MNCs can get more information to learn more about customer demographics. It can be based on daily bookkeeping registered data such as price, popularity of goods or service, taxation, registration time of when you can get more sales and location from account charts analysis and reports. Accountants are then able to use these informative financial statistics for this work year to work out profit and loss, whether to adjust current costing and project budget. More price details are available at Accounting Services Singapore Price List.
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