Accounting Services For Small Business Singapore

Accounting Services Singapore

accounting services for small business Singapore

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 accounting services in Singapore 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.

As a provider of accounting services in Singapore, 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.

Expert Accounting Services for Small Businesses in Singapore

At EnterpriseBizpal, we understand that reliable accounting services are crucial for the success of small businesses. Our team of seasoned accountants plays a pivotal role in ensuring the highest quality of financial management. Here’s why you should choose us:

Experienced Professionals: All our accountants boast over 10 years of experience in the accounting field. They are well-versed in setting proper accounting standards and providing seamless services tailored to your company’s needs.
Strategic Advisors: Our accountants don’t just crunch numbers; they become your trusted advisors. They’ll guide you in establishing robust accounting practices that align with your business goals.
Tax Professionals: Beyond accounting, our tax experts offer valuable advice and consultancy. We ensure your business complies with tax regulations while maximising efficiency.

Partner with us for reliable, efficient, and growth-oriented accounting services in Singapore. Let’s pave the way for your company’s success!

List of Accounting Services

Our accounting services for small business in Singapore are done using 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 accounting services in Singapore.

The following are some of the 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 services and software support
Quickbooks Online accounting software support

Benefits of outsourcing accounting services Singapore

Free-up management from administrative tasks to concentrate on higher-level finance decision-making.

Accounting provides valuable insights into the performance of different business lines. By analysing financial records, you can identify which areas are thriving and which ones need improvement. This strategic analysis enables you to capitalise on your company’s strengths while addressing any weaknesses

Access to established external accounting expertise anytime.

By engaging an outsource accounting services firm on retainer basis, you do not have to worry about not being able to access accounting expertise who can advise you. Furthermore, outsource accounting services company also have expertise on taxation and company secretary matters.

Accounting staff turnover is no longer an issue anymore.

One of the more common issues with small business is staff retention, especially experienced accounting staff. By outsourcing your company's accounting, you can tap on a pool of experienced accounting personnel.

Financial information will be more confidential to internal staff

Confidential financial information such as company profitability, payroll etc are kept to managment. This usually helps reduce staff tensions due to different remunerations packages for employees.

Better performance through use of professional accounting firm.

As you can focus more on your company's core strength when the back-end administrative work like accounting are outsourced, your company performance will improve.

Keen to find out how we can assist you? Call +65 67219390 or hit the right button

Types of accounting services for small businesses in Singapore

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. Not to mention, availing of accounting services for small business in Singapore 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 in Singapore 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

Arguably the most important of all accounting services for small business in Singapore, or for all business types for that matter, is the analysis and interpretation of financial statement and other pertinent financial reports. Without proper understanding of the data in the reports, there will have been no point to all other accounting processes. With the assistance of an expert, you will be properly guided into determining the current status and performance of your business aka the financial health of your business.

Payroll and Tax Assistance

Accountants also cover the role of maintaining payroll records and preparing payroll vouchers for payments and disbursements. They compute payroll and deductions such as healthcare, payroll tax, etc. Moreover, they also assist in the computation of income tax due and preparation of tax forms for filing and payment.

Audit

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 basic understanding of some of the most essential accounting services for small business in Singapore available 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.

Accounting Services Fees

EnterpriseBizpal offers accounting services to small businesses in Singapore for more than a decade. Our accounting services fees are tailored for small busineses in Singapore and are highly competitive.

Our fees starts from only $100 for monthly bookkeeping, or from $185 per month for cloud accounting services. Or if your company's transactions are low and you prefer accounting services on annual basis to fulfill the statutory requirement for taxation and annual returns, please also check out our highly popular annual accounting packages.

View all Bookkeeping Services Prices

Check out our Annual Accounting Packages

See our monthly Xero Accounting Services Pricing

Frequently Asked Questions About Accounting Services

Who is responsible for the accuracy of the company accounts?

All directors of your company share the responsibility for maintaining accurate accounting records. Whether directly involved in business operations or not, their oversight ensures the integrity of financial data.

Do I Need an Accountant?

Regardless of your company’s size, having an accountant is essential. Beyond basic tasks like payroll and bookkeeping, an accountant provides strategic value. They can assist with:
-Crafting a business plan
-Advising on business structure
-Obtaining necessary licenses
-Ensuring compliance with tax regulations
-Establishing a reliable bookkeeping system
By delegating financial tasks to an accountant, you can focus on business growth.

What are Unaudited Financial Statements?

Companies meeting specific criteria can file unaudited accounts. These criteria include:
- Fewer than 20 shareholders
- Annual revenue below S$10 million
-Total assets value below S$10 million
-Fewer than 50 employees
Unaudited financial statements include various components such as Directors’ Statements, Compilation Reports, and more. They adhere to Companies Acts and Singapore Financial Reporting Standards (SFRS). Company directors sign these statements and present them at the Annual General Meeting (AGM). Additionally, companies submit unaudited financial statements to ACRA for annual return filing and to IRAS (with Form C or Form C-S) for tax purposes.

Do I lose control of accounting records bu outsourcing accounting services?

Contrary to concerns, outsourcing accounting services doesn’t mean losing control. Instead, it provides you with more oversight and expertise. You’ll have a dedicated team managing your financial records while you focus on core business activities.

When should I consider accounting or bookkeeping services?

Bookkeeping and accounting are closely intertwined, working in tandem to ensure the financial health of your business.
Here’s why both are essential:
Bookkeeping Accuracy: Without accurate entries in your business books, financial statements lose their meaning.
Bookkeepers meticulously record transactions, ensuring the foundation is solid.
Strategic Accounting: Accountants take those well-organised pieces and create a comprehensive picture. They analyse data, prepare tax returns, and offer strategic advice.
As a business owner planning for long-term growth, both services are crucial. By leveraging both accounting and bookkeeping services, you position your small business for success.

Why and when should one prepare group accounts?

Group accounts become essential when you manage multiple businesses. Let’s delve into why and when you should consider them:
Multiple Businesses: If you have several businesses under your purview, group accounts come into play. They allow the parent company and subsidiaries to function as a cohesive unit.
Insights and Consolidation: While individual accounts provide insights into each business, the bigger picture emerges when you consolidate all individual accounts. Group accounts reveal the collective financial position of your entire business portfolio.
Comparative Insights: Despite varying legal structures among your businesses, group accounts enable meaningful comparisons. By analysing data across entities, you gain valuable insights to enhance your overall business strategies.
In summary, group accounts empower you to see the forest for the trees, aligning your financial position with your broader business goals.