Accounting & Bookkeeping Services in Singapore
EnterpriseBizpal specialises in providing a range of affordable accounting & bookkeeping services to help start-ups, small and medium sized Singapore companies/businesses.
As a business owner, you’re well aware that financial health is the backbone of any successful venture. Whether you’re a small startup or an established company, effective bookkeeping plays a pivotal role in maintaining stability and growth. Here we provide some reasons why bookkeeping matters and how it impacts your business.
1. Budgeting: Your Financial Roadmap
Bookkeeping Helps You Budget: A well-structured budget acts as a financial roadmap for your business. By meticulously tracking income, expenses, and cash flow, you can plan for future expenditures and allocate resources efficiently. Whether it’s investing in new equipment, marketing campaigns, or hiring additional staff, a solid budget ensures informed decision-making.
2. Business Analysis and Improvement
Analyzing Business Performance: Bookkeeping provides valuable insights into your company’s financial health. By examining revenue streams, cost centers, and profit margins, you can identify which business lines are thriving and which need improvement. Armed with this knowledge, you can strategically focus on enhancing strengths and addressing weaknesses.
3. Financial Health Check: The Role of Accounts Payable
Knowing Your Financial Position: Accounts payable (AP) management is a critical aspect of bookkeeping. Timely handling of payables ensures smooth operations and prevents cash flow bottlenecks. By monitoring AP, you’ll know if your business requires additional financing or if adjustments are needed to maintain liquidity.
4. Streamlined Tax Preparation
Simplifying Tax Compliance: Bookkeeping isn’t just about business operations; it directly impacts your personal tax as a business owner and company tax obligations. A significant portion of your income stems from business activities. Properly maintained records ease tax preparation, minimize errors, and ensure compliance with tax regulations.
5. Accurate Payroll Processing
Paying Employees On Time: Effective bookkeeping ensures accurate payroll processing. Without it, managing employee compensation becomes challenging, leading to dissatisfaction among your team. By maintaining precise records, you’ll avoid payroll discrepancies and foster a positive work environment.
6. Organizational Efficiency and Stakeholder Confidence
Staying Organized: Well-organized financial records benefit multiple stakeholders. IRAS, customers, employees, lenders, and investors rely on transparent financial data. Clear documentation enhances trust, facilitates audits, and strengthens your business relationships.
Remember, investing in professional bookkeeping services pays off in the long run. It’s not just about compliance; it’s about optimizing your business’s financial health and ensuring its sustained success.
We know that the daily operations of a small business can keep you fully occupied with work. In addition, the seemingly endless amount of numbers to analyse, bookkeeping to balance and bank account statements to reconcile.
Why not adopt what Multi National Companies (MNC) have been doing for years – outsourcing?
You can cut back on a large chunk of your day to day workload by outsourcing your accounting function to a professional accounting firm.
Especially for start-ups and small companies with limited employees that want to reduce cost by lowering their overheads, EnterpriseBizpal is your No. 1 choice to look for when you outsource your accounting & bookkeeping services in Singapore, income tax filing and the annual return filing.
We can provide you with accounting services, bookkeeping services, company secretarial and corporate tax services – we keep your accounts and handle your ACRA and IRAS statutory compliances while you run and grow your company.
When you outsource your business accounting and bookkeeping to us, you….
- Reduce up to 50% on your Accounting/Bookkeeping Cost!
- Expand your Business. No worries about manpower.
- No need to teach new accounts employee. EVER.
- Accounting, ACRA and IRAS Return. One-Stop-Service Provider.
- 100% Confidentiality of Information.
If you deprive yourself of outsourcing and your competitors do not, you're putting yourself out of business
Personalized Bookkeeping Services with a Dedicated Accountant
When you choose our Bookkeeping Services, you gain access to a named accountant who will be your trusted partner in managing your financial records. Here’s how our personalised approach benefits you:
Assigned Accountant: Your dedicated accountant will work closely with you, understanding your unique accounting needs and tailoring solutions accordingly.
Direct Communication: You can directly communicate with your named accountant on a regular basis. Whether you have questions, need clarifications, or want to discuss financial matters, they’re just a message or call away.
Bookkeeping Excellence: Based on the financial documents you provide periodically, your assigned accountant will meticulously prepare your books. They’ll ensure accuracy, compliance, and timely filing of financial statements.
Staying Informed: Our accountants stay up-to-date with the latest government policies, industry standards, and developments. If any changes impact your business, they’ll promptly communicate these updates to you.
Efficient Systems: We’ll also set up efficient online systems using platforms like Xero and Quickbooks Online. These tools streamline your bookkeeping and accounting processes, making it easier for you to manage your finances.
Choose our personalized bookkeeping services for a seamless financial experience. Let us handle the numbers while you focus on growing your business!
Areas of Services
We can help your company to keep track of invoices and expenses. Efficient accounting and bookkeeping management is foundation to help business owners to track their cash flows.
We can provide your company with effective tax planning and tax return services to ensure your tax obligations to IRAS are kept. We will help you minimise your tax liabilities legally!
We can help you by providing your company with cost effective services that will ensure that your Singapore's company statutory obligations under the Companies Act are met.
Frequently Asked Questions
Furthermore it is imperative that directors of a company incorporated in Singapore maintain a system of internal accounting controls Internal control means the safeguarding of the company's assets cash flow keeping proper accounting and other records that will lead to the preparation of accurate income statement and balance sheet to represent a true and fair reporting of the company's financial situation Hence directors should carefully choose the accounting and bookkeeping services in Singapore needed to fit their operations.
In order to carry out these financial reporting duties, financial literacy is expected of directors as well as the ability to review financial statements. Directors have to have sufficient and updated knowledge of the accounting principles and practices to understand and review effectively the financial statements. Alternatively, directors are strongly encouraged to attend training and/or seek help.
Directors should read, enquire, and understand the forms and contents of the financial statements and make sure that the information is clear, consistent, complete, and in accordance with the prescribed accounting standards.
• Financial Reporting - This service makes sure that all accounts are measured and recorded according to standards; that these accounts are fairly presented in the statement of income, statement of financial position, statement of cash flows, statement of changes in owner’s equity; and adequate disclosures and reporting consistency being complied with.
• Payroll - this service involves the maintenance of payroll records and preparing payroll slips for employees. The service involves computation of salary, commissions, overtime etc and deductions such as employer CPF, employee CPF tax, etc.
• Auditing and assurance - Auditors look into the works of financial accounting and reporting and do the attest function. Auditors examine the books of accounts and other related data; render any of the four opinions in their auditors’ report to include unqualified opinion, qualified opinion, disclaimer, or an adverse opinion.
• Taxation – This service on the other hand, is engaged in the compliance with the rules and regulations of the taxing authority.
• Company secretarial – This service can also be provided by accounting service companies to assist directors in meeting the statutory regulations pertaining to the company.
Accounting provides you with information about your company's general financial health, provides a precise analysis of your cash flow, highlights areas for expansion, and keeps you organized and precise when it comes to tax filing. Accounting may also assist your business prosper.
With outsourced accounting solutions from Enterprisebizpal, you can concentrate on your business-related concerns because our qualified accounting team will assist you with all necessary tasks throughout the fiscal year, including preparing income statements, maintaining fixed asset schedule, bank account reconciliation, filing income tax returns, and more.
Quickbooks Online, Xero, Hubdoc, and other cloud software programs are tools that our accounting firm uses in a fully automated and paperless financial processes. While Xero and Quickbooks Online Software provide digital solutions for all of your spending, financial transactions, invoices, and accounting records, Hubdoc offers pre-accounting solutions by extracting information from the images of our clients' receipts. If you have any concerns or have any queries with the accounting software, you can get in touch with our accountant. Your queries will be answered by our team of accountants, who have years of training and experience with analysing and producing reports for accounting and bookkeeping services in Singapore. To get started, give us a phone or send us your email , and a member of our accounting team will contact you for a free consultation and price quote.