As a business owner, would you rather spend your valuable time and energy on marketing and business planning to increase your revenue, or on processing the nitty-gritty of financial statements and poring over often incomprehensible tax compliance laws? The cost of outsourcing to professional Singapore Accounting Services to handle your specific accounting needs is often quite affordable and lower than one would think, especially if you’re an SME that does not have or require complex audited accounts. Engaging a Singapore Accounting Firm will help business owners stay financially organised and tax compliant, both of which are crucial for business growth and development.
Singapore Accounting Services
Services provided by a Singapore Accounting Firm includes basic categories, such as bookkeeping, accounts and tax services, and also more specialised categories, such as auditing, financial and management consultation, and forensic accounting.
1. Operational Bookkeeping and Payroll Services
Financial activities, such as handling accounts receivable, outgoing monies, taxes, bank reconciliations, general ledger, and monthly or yearly payroll records, and also generating financial statements to be reviewed by a CPA, if necessary, fall under the definition bookkeeping responsibilities. If a business owner or anyone in the company does not have the ability or the time to handle these myriad financial affairs on a daily basis, and there is no budget or plan to hire a dedicated accountant, then engaging the services of a Singapore Accounting Firm is your best bet. What your company is responsible for would be to maintain records and receipts which will be turned over to your accounting firm, and its accounting team will get them ready for yearly compliance submissions. Accountants working for your account will also alert you to any discrepancies they discover so that you have time to rectify them before any reporting is due, to avoid unnecessary delay or penalty.
2. Accounting & Auditing Services
These are the main services provided by a Singapore Accounting Firm, whether it’s a Big Four or an SME. They include tracking profit and expenditure, preparing tax returns and generating error-free financial records. Should auditing of company finances are required by investors or company bylaws, your accounting firm will examine financial records (including their processes and controls) to make sure policies are properly adhered to, so that your financial statements are presented accurately and in accordance with relevant local accounting practices.
3. Tax Preparation & Filing
Tax Preparation and Filing is perhaps the most popular among the range of tax services provided by a Singapore Accounting Firm. What is at stake is ensuring your company’s financial reporting practices are in compliance with ACRA and IRAS regulations, determining tax liability and meeting filing requirements and deadlines. These processes include handling different tax forms (for example, ECI, Form C or Form C-S) that may or may not be pertinent to your company’s year of tax filing. Personal tax, GST, Property tax reporting services will most likely be also available from your accounting firm.
4. Business Development & Management Consultation
Since your accounting firm is instrumental in creating valuation reports or obtaining audits that your financing parties require, it, being well-versed in business tax situations, financial standing and business environment, can also provide practical advice on areas affecting your company’s profitability and growth, and identifying new opportunities. Lowering tax burden and future financial planning may also be on the same plate. If your potential investors or buyers require a valuation of your company, your accounting firm will look at your past revenues and business and growth patterns to generate a fair report.
5. Fraud-Forensic Accounting Services
When your business becomes the subject of a legal dispute or you suspect something has gone awry with your company finances, you may require the specialised services of an accounting firm that offers fraud and forensic accounting, which involves investigating complicated financial documents to discover illegal or fraudulent activities. The team involved will combine its expertise and experience in accounting and also Certified Fraud Examiner (CFE) credentials to investigate evidence, calculate damages and process findings, to help you find reasonable resolution and restitution, whether it is going to court or some other form of mediation.