Corporate Accounting Services Singapore- Everything You Need To Know
What are corporate accounting services?
Corporate accounting services for businesses assist in controlling their revenues and expenses. Corporate accounting firm Singapore updates accounts, prepares cash flow statements, analyses, and draws for insights from the financial results, absorption, amalgamation, and consolidated balance sheets.
The insights are valuable to managers in strategic planning, optimum use of resources, and goals setting. Corporate accounting is internally focused. It is helpful in forecasting operations based on an organisation’s financial health. It is also labelled as management or managerial accounting.
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The Importance of a Professional Accountant
Business Strategy
Professional accountants constantly work with financial data and draw their insights. And they understand the implications of a particular business strategy on the business and how much it will drain or conserve its resources.
Professional accountants help in budget preparation and can tell you the expenses will pressure the capital and resources. They sound a warning and can suggest costs saving measures.
Managing Data
Accounting services for business assist you in accurate filing, updating, and maintaining financial data. They do it by following Singapore Financial Reporting Standards. Most often, they use a database to save your data. Their internal controls safeguard your interests, ensure operational efficiency and reduce the risk.
Preparing Financial Reports
Professional accountants prepare monthly and annual financial statements using digitised data. These are accurate and full of insights.
Accounting firm Singapore also prepare closing documents at the end of the quarter and financial year. These documents reveal the true financial performance of your business and are valid for forecasting and budgeting.
Coordinate with Government and Banks
Professional accountants interface with the managerial staff, government regulating agencies like ACAR and IRAS and internal auditors.
When a company requires a loan, the accountants shows the company’s financial statements and records related to taxes, assets and liabilities to the creditors.
The banks and other lenders use this data for their assessment.
Updated financial records are also valuable for investors to make investment decisions.
Statutory Compliance
Corporate accounting services for businesses prepare accounting data and documents for timely submissions.
They work to maintain the company’s regulatory compliance and avoid fines and penalties. Professional accountants assist businesses in taking care of planning, preparation, and tax filing.
Minimise Costs
Professional accountants can reduce your tax amount using legal means. They know the loopholes and tax benefits, and tax deductions. They also give suggestions to reduce operating costs.
How to Find a Good Accountant for Your Business
You should find an accounting firm in Singapore that caters to the businesses from your domain. Their experience puts them in the right place to take care of your business’ accounting needs.
- Ask your suppliers, creditors, business owners, and friends for referrals from your small business network
- Find a CPA through a business directory
You also need to:
- Know if they have experience in your business niche
- Search on the internet for corporate accounting services in Singapore that practice n your locality
- Judge how and how often you will need to communicate with your accountant
- Know billing cycle for their accounting services
- Discuss their fees and ensure that there are no hidden costs
- Hire the best accounting services for business, send an engagement letter detailing their costs, services you want, and duration of engagement
What are the benefits of outsourcing your accounting needs?
Access to Professional Accountants
By outsourcing to corporate accounting services, you get access to professional accountants who have the latest accounting knowledge about your niche. These are experienced accountants who know how to expedite your compliance by following best practices.
Reduce Costs
By hiring the right accounting firm Singapore you can save money. You don’t have to spend on an accountant’s salary, employee benefits, training. Outsourcing helps you in maximising efficiency and getting work done within due dates.
Simplifies Human Resource Management
After outsourcing your business’ accounting needs, you do not have to manage an in-house accounting department or setup. You do not have to worry about how you will get the work done in the absence of your accountant. It reduces your stress and anxiety level.
Use Your Time for Business Growth
Your accounting services provider takes care of updating your accounts and gives you readymade financial statements and advice. They make your compliance easy. You get to use saved time on growing your business.
Upscale or Downscale Accounting Service
You can ask your provider to upscale their accounting services to you when your transaction volume is high and visa vis. You can also hire them to reduce the workload of the in-house accountant during tax season.
Best Accounting Software
The accounting services for businesses use updated accounting software to digitise and store and back up your data. It means you do not have to spend money on purchasing it or train someone to use it.
Should you outsource your accounting?
Yes, outsourcing your accounting function to a corporate accounting firm in Singapore can work to your benefit. The experts employed by these firms see to the essential record-keeping and analysis and interpretation of financial info. They provide management with deep financial insights for business decisions. They work to ensure your business’s compliance with the prevailing laws and regulations. They help you with:
- Preparation of annual statutory accounts and annual audits
- Monthly management accounts
- Analysis of financial performance
- Budgets and tracking expenditures
- Analyse finances to know risks and prepare forecasts
- Insights for decision making
- Submit GST returns
- Reconcile bank account
- Updating of company’s fixed asset records
- Cash flow management
- Financial advice to management and shareholders
If you are searching for an experienced provider of accounting services for a business that you newly incorporated or to replace your existing provider, talk to us. Contact SBS Consulting Pte Ltd at +65-6536 0036 or email us at info@sbsgroup.com.sg to discuss your business’ accounting needs.
