Accounting Services For Small Business
It typically will take a business owner more than 2 times the time to do accounting compared with an accountant who has undergone formal training. Save your time on accounting and focus your efforts and time on areas in your business which brings in revenue.
Your cost in outsourcing fees are offset by increases in productivity and reductions in the cost of account for a transaction. You also do not need to worry about staffing issue for your accounts department or train your staff on it.
EnterpriseBizpal.com can maintain the books to account for all transactions that your business may face for example payables, receivables, GST, payroll and reconcile with the business’s bank accounts.
Our accounting service for small business is done using in QuickBooks, one of the most popular accounting software for small business.
We are a member of QuickBooks ProAdvisor® Program and will be able to advise you on the appropriate Quickbooks solution for your business.
The following are some of accounting services for small business for Singapore companies that Enterprisebizpal.com provide:
- – computerised bookkeeping (monthly, quarterly, half-yearly or annual)
- – compilation report / unaudited financial statements prepared to Singapore Financial Reporting Standards
- – XBRL conversion and filing
- – corporate tax planning and filing with IRAS
- – company secretary services such as Annual General Meetings and annual return filings with ACRA
- – payroll
- – setup for cloud accounting system like Xero and Quickbooks Online
- –Xero accounting software support
- -Quickbooks Online accounting software support
Benefits of outsourcing accounting services
- – Free-up management from administrative tasks to concentrate on higher-level finance decision-making
- – Access to established external accounting expertise anytime
- – Accounting staff turnover is no longer an issue anymore
- – Financial information will by more confidential to internal staff
- – Better performance through use of professional accounting firm
Accounting Services Available to Singapore’s Small Businesses
Rules are established so that the operations of companies in Singapore and businesses registered in the country are following the statutory requirements and the prescribed accounting standards are met. Not to mention, availing of accounting services for small businesses is integral to the success of such companies.
You might hire your own full time accounting personnel or you can outsource your accounting and bookkeeping operations to independent accounting firms who are experts in this area. If you’re a small company with less than 15 employees, you’re probably going to enjoy more advantages with outsourcing accounting services. There’s less hassle with employment management, and you get access to expert assistance without the burden of training and updating.
Either way you choose, you have to first be well-informed of the various accounting and bookkeeping services available to you.
Bookkeeping and System Set-up
Everything in accounting starts with documenting and maintaining records of transactions and events. A good bookkeeping system will provide you, the owner or the management, relevant and necessary information to help you make the right decisions about your business. Bookkeeping covers everything from records keeping to preparation of monthly, quarterly or annual financial statements.
With the emergence of various accounting software, bookkeeping is now virtually paperless. Bookkeepers in Singapore have the assistance of programs like, Quickbooks, Xero or MYOB to do accurate, fast and unbiased records keeping. The setting-up and application of these systems to your company’s operations is also part of the business accounting services offered.
Financial Statement Analysis
Payroll and Tax Assistance
Singapore laws mandate certain types of businesses to undergo regular audit (checking). A major accounting service, audit, maybe internal or independent, covers the checking of the company’s operations, management and accounting system. A positive result of audit will add to the company’s credibility and value.
Now that you have the basics of some of the most essential accounting services available now in the market, you can make the decision on which of these your company mainly needs. Bottom line, hire an accountant and enhance overall management of your business.