Due to lack of experience and oversight, a lot of startups and new companies have the tendency to blow their primary capital on renting of space, hiring of talent and purchasing of necessary supplies as a kickstart. Many times, funds are channeled into redundant things that the company ends up cutting corners on things that are of high priority.
Singapore Accounting Services
Such reasons are why it is important to hire a professional Singapore accounting firm to put your company’s finances in good stead. From the analysis to the organisation of all financial operations, an accountant is a key component when it comes to business.
Avoid Tax Evasion
Apart from the collection and maintenance of financial data, an accountant oversees all of the company’s taxation issues and filings to ensure that all financial reporting deadlines are met. Companies who fail to file the proper forms and pay their taxes on time are subjected to penalties from the Inland Revenue Authority of Singapore (IRAS). It’s crucial to cultivate good habits like ensuring that all the required paperwork are duly completed and filed in order to avoid any complications with the authorities in the long run.
Financial Analysis & Advice
On a daily basis, an accountant collates important financial data to assist in making prominent decisions for the company. At times, accountants also serve as an advisor or financial interpreter to the company to advise on revenue and future expenditures. An accountant’s judgement can be really helpful in the face of discrepancies or a financial problem.
Connect With Third Parties
A primary role of an accountant is also to deal with external business affiliates such as creditors and financial institutions. At times, accountants may have to work closely with government officials or provide data to stockholders and regulatory agencies, depending on the needs of the company.
When you hire VentureHaven’s Singapore accounting services, you can be assured that we will perform with the best interest of your financial operations in mind. Let VentureHaven stead you into financial stability.