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accounting and bookkeeping services singapore
September 28, 2022
Singapore is an attractive business hub to investors because of its policies. Unsurprisingly, many companies are incorporated in one of the world’s most eligible business landscapes. But progress means saturation of other businesses, making the economy dense and competitive. This makes considering professional business support solutions crucial to every business’s success, including affordable accounting and tax services.
This article will discuss the different tax and accounting services every corporation in Singapore must take advantage of. So, stick around and learn how business owners can focus on growing their companies through reliable business support services. Continue reading below!
Things You Must Learn About Corporate Tax in Singapore
Through tax, every business in Singapore can contribute to the country’s revenue. The government will manage all the collected taxes to pay for expenses and maintain common resources. That is why companies must pay tax on 17% of their income. Computing taxable income is an accountant’s job. As a result, it is essential to hire tax and accounting services for dependable management of business finances.
Here are some benefits of corporate tax services that a business owner and stakeholders should take into consideration when it comes to growing their enterprise:
Correct Calculation of Taxable Income
The business industry is ever-changing, along with laws and regulations. Of course, taxes are not exempted from the changes. It is vital to work with a qualified accountant in terms of handling your business’s taxation activities. A professional at the forefront of your enterprise ensures the correct calculation of taxable income. It also means that your company will comply with the guidelines ACRA set. There is no room for mistakes, especially when your resources are at stake.
Assistance on Advance Ruling in Taxation
A qualified tax professional, as well as service providers, can assist in the advance ruling in taxation. According to IRAS, the advance ruling is defined as a written interpretation of the Income Tax Act of 1947, wherein issues that arise from a proposed arrangement are to be treated for tax purposes. Moreover, a ruling request must require interpretation of the law, not seeking to understand what the law provides.
Smooth Filing of All Tax Forms
Filing tax forms is an accountant’s most commonly known task, despite other processes requiring their expertise. But that is quite true, though. If you ask someone in the corporate world about what they think an accountant does, it would probably be liaising with ACRA and complying with the rules and regulations of authorised offices. That said, a reliable accountant working for your company is an asset that can benefit your business more than you can think.
Reliable Foreign Exchange Transactions
Singapore allows foreign ownership to businesses, resulting in many foreign exchange transactions. With this, funds can freely go in and out of the country. However, the government implement a few restrictions on loaning Singapore dollars (SGD) to non-resident financial entities. On the other hand, lending SGD to individual and non-financial organisations is a different story. All this will be easier with a reliable tax agent that will put your business’s interest first.
Get to Know More About the Singapore Business Hub’s Accounting Services
Besides corporate tax, accounting is another thing that should be taken care of by business owners in Singapore. Dependable accounting significantly contributes to a company’s success, and that is not a made-up truth. So, here are some advantages of hiring accounting services that will change your mind about doing your accounting activities on your own.
Observing good accounting practices is crucial to business growth. Thus, engaging in excellent accounting services can help your company with:
- Creating and managing budgets
- Maintaining receipts and tracking expenses
- Strategizing the best time to make major purchases
- Keeping credible and accurate records for bankers, investors, and tax
- Forecasting future revenue and growth opportunities
- Guiding manpower and operation adjustment
- Tracking and reporting the financial health of the business
- Monitoring the growth rate of business
With proper management of business finances, small and seasoned businesses will have plenty of growth opportunities. A qualified accountant will oversee your corporate accounts and bookkeeping to keep the company’s cash flow undisrupted. As soon as you determine your tax and accounting requirements, don’t think twice about getting the most suitable professional to work for your company. Taking some responsibilities off your shoulder allows you to focus more on growing your business.
Trust the Experts: Reach Out to ContactOne for Your Corporate Tax and Accounting Requirements
Do not compromise when it comes to corporate tax and atax and accounting services. Only trust the experts that can provide your business with high-quality business solutions. Turn to ContactOne today and discover an array of professional supports your business can take advantage of. What are you waiting for? Call us on +65 6333 0633 or +65 8666 3633. You may also visit our website to learn more about us and the services we can offer your enterprise in Singapore.
May 16, 2022
Many people, especially those who have no actual experience with accounting and bookkeeping services, think that these services are the same. Some even use accounting and bookkeeping interchangeably, as they believe it is okay to replace either term with the other. Who could blame them when, in fact, many of us have fallen victim to the same circumstance before? Fret not because, in this article, we will meticulously break down the differences between accounting and bookkeeping services Singapore.
Simple Analogy of the Difference Between Accounting and Bookkeeping Services
Bookkeeping and accounting may look similar to an outsider’s point of view since they only see the surface of what bookkeepers and accountants do on a daily basis. However, if they go deeper than the surface, they can quickly point out the difference between these business support solutions.
Although accountants and bookkeepers may have varying functions and areas of responsibility, both of them will be working towards the same goals. The most straightforward analogy of bookkeeping and accounting services can be compared to a nurse and a doctor’s roles. Even if their tasks overlap, they only have the same objective—to provide quality health care to patients in need.
The interconnected relation of bookkeeping and accounting services in Singapore might be the reason many see them as one thing. Both services commonly cover financial data, require basic accounting knowledge, and deal with periodical reporting. Albeit these processes may be different at their cores, each one of them has its unique set of benefits.
For a business owner, understanding the difference between accounting and bookkeeping services is undoubtedly helpful in growing a company. There is no time like the present to begin learning how business support services, like accounting and bookkeeping, differ from each other. Other than that, understanding the similar areas these services cover will also be beneficial in managing an enterprise.
Know More About Accounting and Bookkeeping Services Below
Without a doubt, accounting and bookkeeping services are both crucial in managing your finances, specifically business assets, income, profit, and loss. Despite the similarities of these two services, you will spot some main differences if you take a good look at them. The best way to fully understand the distinction between accounting and bookkeeping services is by learning their real nature. We will get to know more about each of them below.
What Is Bookkeeping?
At its simplest form, besides focusing more on recording and organising financial data, bookkeeping also covers the process in which financial transactions are identified, measured, and ordered strategically in a consistent manner. Moreover, bookkeeping is considered the first step of accounting, as it involves the preparation of payroll and invoices. Posting debits and credits and reconciling company credit cards are part of the bookkeeping process as well.
Even if bookkeeping services provide data that is not significant in making important business decisions, bookkeepers are still required to be accurate in their tasks. Aside from that, a qualified corporate bookkeeper should be knowledgeable about subjects related to finances and their roles and responsibilities in your company.
If you hire a bookkeeper to work in your enterprise, ensure they are well-educated in accounting fundamentals. With that qualification at the forefront of your company, balancing ledgers, subsidiaries, and historical accounts of sales and expenses records will be much easier.
What Is Accounting?
Because bookkeeping is the first step of the accounting process, it cannot proceed without efficient bookkeeping services. That being said, one could not thrive without the other in an ever-changing business environment. By managing and monitoring your business’s financial situation as well as extensively communicating information related to your financial health, accounting services are the best tools for summarising, analysing, and interpreting financial transactions in the ledger account.
But a corporate accountant’s duties do not end there. Indeed, being a certified public accountant (CPA) in Singapore is both challenging and fulfilling. The challenge may come from the tasks a CPA must take on with expertise and knowledge, such as ensuring the accuracy of financial documents, preparing and maintaining financial reports, complying with tax obligations, assessing financial operations, and partaking to reduce costs and forecasting financial trends.
Many corporate service providers of accounting and bookkeeping services Singapore claim that they offer the best services. Despite all their claims, it is necessary to critically assess whether to hire an in-house accountant or outsource services from another company. Whichever option you choose, it has its own set of benefits.
Functions in line with accounting require special skills because of the complexity and analytical nature of the job. The lack of those things could lead to underperformance. Also, an accountant will not be able to create charts of business accounts, outline your company’s budget, or write a winning loan proposal if they don’t acquire the particular skill set required to do their jobs right.
The Ever-Changing Business Landscape in Singapore
Singapore is known as one of the most business-friendly places globally. All this is due to the country’s tax policies and smooth business incorporation process. It is also the reason why many foreign investors are enticed to start a business in Singapore. Because of the growing number of businesses being registered in the country every year, it is not surprising that the existing policies, laws, and regulations every business used to comply with are constantly changing.
Bookkeeping and accounting have witnessed drastic changes the Singaporean business hub underwent over the years. With the advent of new technology and innovation, like accounting software, the line that separates both practices is fading. The modern way of bookkeeping is slowly absorbing some accounting functions. For example, generating financial statements, which was previously part of the accounting process, is now easily undertaken using bookkeeping software.
Turn to ContactOne to Focus on Growing Your Business More Than Ever
Bookkeeping software easily takes on various bookkeeping tasks. With that, the task inclined with keeping the business accounts books in Singapore seems obsolete. But only time will tell when it will happen. Let ContactOne provide you with accounting and bookkeeping services in Singapore so that you can focus on growing your enterprise. We will get things done in the best interest of your business. Call us now on +65 6333 0633 or +65 8666 3633.