What are the different types of accounting services provided by accounting firms for small business in Singapore that are often required by business owners? While it is easy to search for accounting services providers online, it is still beneficial for business owners to know and be familiar with the many types of accounting services first before hiring accountants for your company. In fact, it is not necessary for startup companies or small businesses to have very costly running accounting department when the business has only just started its operation. You may wish to research the industry’s accounting and bookkeeping services fees first. It is more efficient and economical to outsource accounting services where most of the accounting services providers can help to customize accounting packages according to your requirement and provide training in computerized accounting for your easy understanding.
Are you spending too much on administrative costs or office costs? Are you optimizing your marketing costs? Accounting practices by various professional accounting firms can differ according to business environment, different niche requirement, management status and experience. Most or all businesses prosper with effective cash management, budgeting, cost control. As cost is closely related to revenue, with the help of different types of accounting software and charts, companies are able to analyze accounting data to reduce any unproductive costs and reduce overheads. Accountants can give advice specifically on what are the avoidable or non-avoidable costs, where to focus on the productive or non-productive costs and how to improve the growth or non-growth costs.
Accounting services are provided by all accounting services providers for basic accounting needs but you can get advanced or higher level of accounting services from experienced, qualified CPA if your business required them. It is important for companies to maintain good credit in order to apply for loans. Accounting services normally include helping companies to set up computer accounting systems, accounts and manage business credit. Besides helping companies plan and create budgets, accountants would also make necessary adjustments for earned income, accrued expenses and liabilities to give companies a more accurate projection.
Audit is an assurance for companies that the financial statements are not misstated. For suspected fraud cases and investigation, audit firms can provide necessary forensic accounting services for companies that are facing fraud issues. Having good credit and good audit track records allows future partnership possible and easier as trust and confidence are being built. Besides company financial audit, most of the audit services often include business valuation, monitor depreciation of assets and cash flow needs
Having a familiar and well organized bookkeeping system and practices makes accounting work easier for many accountants who would also provide bookkeeping services. Besides providing basic bookkeeping to help in the day to day running of your business and keeping detailed track of your daily business activities, the accountants or bookkeepers job responsibilities also include financial analysis, task reporting and providing year end tax projection. Bookkeeping services include booking all income and expenses, managing the bank statements, vouchers and receipts and checking for any discrepancies in the general ledger entries. Maintaining accounts payable and receivable, billing, payroll, taxes and preparing monthly bank reconciliations are usually inclusive in the packages.
Budgeting and cost management are crucial for business prosperity. Advisory services are provided by accounting firms to advise business owners on the suitable financial strategies for their business especially when there are regulatory changes. The advisory services often include risk management, managing financial investments for short term, mid term and long term growth. The consultants would analyze the accounts and strategies, review and improve on the business plan where they can lower expenses, tax burden and improve cash flow.
It is your responsibility to pay taxes. It is required for every business to prepare and submit their tax reports. Good tax planning and tax preparation can help companies reduce their tax burden. Business owners can engage firms that offer a wide range of tax services for small and medium enterprises in Singapore. Most of the tax services provided include tax filing, tax advisory, tax planning, tax compliance and individual income tax filing for their corporate and individual customers.
Payroll services provided by accounting firms normally include maintaining employees information, managing and processing payroll data. A comprehensive digital payroll service with monthly payroll calculation, reports and payslips are usually provided in the packages. Payroll services also include annual reporting, statutory CPF deduction, skills development levy and preparation of IRAS yearly tax returns.
At SingaporeAccounting.com Pte. Ltd. , we provide effective solutions to help SME companies with Singapore accounting services finance related problems. Engage our one stop accounting services for new incorporated companies or contact our friendly consultants regarding your requirement.