When you’re an operator of a newly established SME, you’ll probably try and do as much as you can yourself, in order to cut cost and reserve more of your resources for business development. When you realise you may not be fully equipped with enough knowledge of accounting, which is one of the most important aspects of a business, as making sound financial decisions depends on it, you may be tempted to hire an in-house accountant on a full-time basis to help you with the bookkeeping, auditing, tax preparation and financial consultancy that your company requires. Some business owners, however, have discovered the many benefits, including affordabilty and cost-effectiveness, of contracting Singapore accounting services from a provider.
Singapore Accounting Company
1. Efficient Tax Services
If death and taxes are the only two certainties in life, then every company must face up to the fact that somebody good at the job better take care of calculating and preparing tax submissions. Tax time is stress time as many aspects of your company’s finances are up for scrutiny. And often you may not be well-prepared for that to happen.
Professional Singapore Accounting Services handle your company’s books and accounts on a regular basis, using advanced software and accounting technologies, so as to to make calculations easier and accurate when annual reporting is due. Tax reporting will no longer be overwhelming and time-consuming, as knowledgeable and experienced accountants will ensure timelines are kept and returns are properly prepared. They will also bring up any discrepancies they discover in your books and accounts along the way, so that they will be rectified before they raise any red flags with the tax authority. When your finances are constantly in good order, chargeable income, returns, deductions, even audits, will no longer be uphill battes you need to tackle every year-end. With updated books and accounts made easily accessible to you through remote and responsive technologies, you also get a clearer picture of your company’s financial standing to help make better business decisions throughout the year.
2. Less Costly Errors
A reputable Singapore Accounting Company is more accountable compared to an accountant you hire on a full or part time basis where liability is concerned. In other words, outsourced Singapore accounting services will take full responsibility for their undertakings. Their staff are well trained and have vast experience in the handling of tax matters, no matter what size and scale your company may be, so mistakes such as missing key deductions, picking the wrong legal structure or misallocating resources, all of which are costly financial errors, will not be arise in your company. An entire accounting firm’s talent and resources are also right behind you if your company’s books and accounts should have been neglected and require extra attention to get them back on track.
3. Better Focus on Growing Your Buisiness
As your business grows, it makes more and more sense to outsource all bookkeeping and tax responsibilities to a professional Singapore Accounting Company, so that you can have adequate time to concentrate on other primary functions of your business to achieve the desired outcomes. In the first place, you got into running a business because you want to run a business, and not to become a bookkeeper or accounts clerk. So you should focus on what you’re good at and interested in. In addition, the handling of financial matters requires a lot of attention to the nitty-gritty, as well as poring over often difficult to understand clauses and stipulations related to local tax laws. So it would be much harder to focus on your passion when you have to spend many hours doing and stressing over functions that professional Singapore accounting services can competently and expertly perform for an affordable fee.
VentureHaven | Leading Singapore Accounting Firm
Your one-stop shop providing Singapore company registration services, Singapore accounting services and company secretary services for your business’ growth