-
News & Updates
accounting services
June 15, 2023
What Kind of Accounting Services Does a Business Need?
Accounting services are essential parts of a company as they are needed for tracking all business expenses. Providing an accurate and comprehensive picture of a company’s financial health is impossible without efficient and affordable accounting services. Because of this need, many service providers in Singapore offer services to provide help to enterprises.
The Singaporean business hub is packed with numerous business solutions providers, which means more options. This is both a blessing and a curse. It is a blessing because the more service providers specialising in accounting services, the more alternatives to choose from. On the other hand, it is a curse because as the number of providers grows, it becomes polarising for companies, especially small businesses, to pick a partner to keep track of their finances.
In this article, we will tackle what accounting services a business needs and the different types of accounting services Singapore-registered companies can benefit from. Continue reading below!
Choosing Accounting Services in Singapore for Your Business
When selecting accounting services for a business, it’s essential to consider various factors impacting the company’s success. These factors include industry experience, range of services, technology, reputation, and cost. It’s also essential to choose an accounting firm that has experience working with businesses in your industry and provides the services you need. Additionally, look for an accounting firm that uses the latest accounting software and technology to ensure accuracy and real-time financial information.
Checking the accounting firm’s reputation and considering the cost of the services is also essential. Still, price should be one of many factors considered. By researching and evaluating potential accounting firms based on these factors, businesses can choose the right accounting services to meet their specific needs and support their long-term financial success.
Below is a list of the critical factors to consider when selecting accounting services in Singapore:
-
Industry Experience
Choosing an accounting firm with experience working with businesses in your industry is essential. This will ensure that they understand the unique financial challenges and opportunities that your business may face.
-
Range of Services
Consider the accounting firm’s range of services and whether they meet your business’s specific needs. You may want to work with an accounting firm that can provide a full range of services, including bookkeeping, tax preparation, financial statement preparation, and consulting.
-
Range of Services
Consider the accounting firm’s range of services and whether they meet your business’s specific needs. You may want to work with an accounting firm that can provide a full range of services, including bookkeeping, tax preparation, financial statement preparation, and consulting.
-
Technology
Look for an accounting firm that uses the latest accounting software and technology. This will help ensure that your financial data is accurate and up-to-date and that you can access real-time financial information.
-
Reputation
Evaluating an accounting firm’s reputation is an integral part of the selection process. By checking online reviews, testimonials, and references, businesses can gain insight into the quality of service, expertise, and level of client satisfaction of an accounting firm. A good reputation is a strong indicator of a firm’s ability to provide high-quality financial services and support the long-term financial success of a business.
-
Cost
Consider the cost of the accounting services and whether they fit within your budget. However, it’s important not to make cost the only factor in your decision, as high-quality accounting services can significantly impact your business’s financial health.
Various Types of Accounting Services Enterprises Can Benefit From
Accounting services are essential for businesses of all sizes, as they help manage finances, keep track of financial transactions, and ensure compliance with financial regulations. Here are some of the most common types of accounting services that businesses may need:
-
Bookkeeping
Bookkeeping involves recording all financial transactions, including sales, purchases, receipts, and payments. A bookkeeper can help ensure that all financial records are accurate and current, which is vital for financial planning and tax purposes.
-
Tax Preparation and Planning
Preparing and filing tax returns is necessary for running a business, but it can be complex and time-consuming. An accountant can help prepare tax returns and develop tax planning strategies to minimise tax liabilities.
-
Financial Statement Preparation
Financial statements are used to evaluate the financial health of a business and include income statements, balance sheets, and cash flow statements. An accountant can help prepare these statements and provide valuable insights into a business’s financial performance.
-
Payroll Processing
Managing payroll involves calculating employee salaries, deducting taxes and other withholdings, and issuing pay checks or direct deposits. An accountant can help manage payroll and ensure compliance with payroll regulations.
-
Auditing
Auditing involves reviewing a company’s financial records to ensure accuracy and compliance with accounting standards. An auditor can provide an objective assessment of a business’s financial health and identify areas for improvement.
-
Budgeting and Forecasting
Developing a budget and financial forecast is essential for planning and decision-making. An accountant can help create a budget and forecast that reflects a business’s financial goals and objectives.
-
Consulting
Accounting firms can also provide consulting services on a wide range of financial and accounting issues, such as mergers and acquisitions, financial analysis, and cost management. These services can help businesses make informed decisions and achieve their financial objectives.
Accounting services are essential to any business’s operations, as they help manage finances, track financial transactions, and ensure compliance with financial regulations. Many different types of accounting services are available, and the specific services a business may need will depend on its industry, size, and financial goals. Working with a qualified accountant or accounting firm can help ensure a business has the financial management support it needs to thrive.
ContactOne, Your Reliable Partner for Anything Related to Business Accounting
Discover ContactOne’s wide range of affordable accounting services by keeping in touch with us as early as today. Head to our website at www.contactone.com.sg to learn more about us and what we do. Call us on our communication channels for direct enquiries, feedback, or opinion. Call +65 6333 0633 and +65 8666 3633. We would like to hear from you!
October 14, 2022
SME Accounting Services, Creating Significant Change to Your Enterprise
Business owners encounter many challenges in getting on top of their businesses—from outdated bank reconciliation and transactions to unbalanced accounts. You name it! Even though executives go above and beyond to avoid these scenarios, they occur more often than expected. The impacts of these uninvited guests include actual trading activity not reflecting on management reports, increasing risks of fraud, strained relationships between businesses, time-consuming workaround, and more!
The best solution is to hire the right workforce to work on your business, especially managing finances. If your business is a small- or medium-sized enterprise, SME accounting is an option worth considering. Either hiring an in-house accounting or outsourcing accounting services will work in your favour as long as you go through the extensive process of finding ideal partners to help grow your business.
Benefits of Good Accounting for SME in the Singaporean Business Landscape
Excellent accounting and bookkeeping are only the beginning. Your company can establish the foundation for accounting’s ultimate benefits when your accountant keeps accurate records. Suppose you want to reap what you sow. In that case, onboarding a competent corporate solutions provider or accountant is one thing you can utilise to make these things happen. Check out what you could take advantage of when working with qualified SME accounting services:
- Make informed decisions
- Manage your working capital
- Forecast accurately with built-in seasonal fluctuations
- Create budgets that are not just a wish list
- Compare current results with prior periods
- Perform strategic analysis with complete data
- Identify capital requirements for expansion with bank support justification
- Vastly improve the selling price of your business
Growing your business starts with essential record-keeping done by an experienced accountant. Although you have to spend for the services’ expenses, the value made in the long run will pay for the cost many times over. Singapore is a saturated market with competent businesses. If you want to achieve breakthroughs, make it a habit only to hire individuals who can work on the same phase as you. More than that, take time to undergo an extensive onboarding process and set out qualifications in the best interest of your enterprise.
Here are a few things to remember when hiring an accountant or accounting services.
What to Look for From Accountants/Accounting Services
Many references have covered what makes a good accountant. However, you should prioritise your business requirements when hiring an accountant or SME accounting services. Begin with determining your needs first and try to work your way around them. Having a full understanding of the essentials of your company will get you far in managing your enterprise. Continue reading below to learn more about the things to look out for when choosing accountants/accounting services:
Previous Experience
Commercial experience is a good start when hiring an accountant or a service provider of accounting services. A long list of previous experience in handling commercial businesses ensures that your company is in the right hands. It can be challenging to hire an individual or firm with little to no business experience. The result is that they will learn as they progress in their work, and this can cause delays and is time-consuming. Get the best results by partnering with established individuals or firms.
Accounting Skills
Hire an accountant or accounting service provider with the right skills to get things done. They should know how to perform a complete and thorough review of your systems, people, as well as processes. Besides that, a corporate accountant should be knowledgeable about documenting your company’s processes so that other employees can follow them. Another vital skill is creating checklists and timetables to guide the business in doing things.
While accountants have many duties and responsibilities, they should pay more attention to one of the essential parts of the job. An accountant should know how to pay your company’s dues. When this is not properly addressed, the possibility of more serious problems is high. Don’t wait for this to happen by meticulously choosing who manages your business’s finances.
Knowledge of the Law
Some businesses in Singapore hire an accountant or accounting services to ensure they comply with ACRA and the laws and regulations set out by regulating bodies. That is why it is important to hire someone knowledgeable about the country’s ever-changing business laws. If an enterprise fails to submit all the requirements in the given period, penalties will be on the way. This is the last thing you want to happen to your firm. Get a reliable accountant or provider of accounting services to keep your business afloat.
Partner with ContactOne Today for Reliable SME Accounting Services in Singapore
Turn to ContactOne today and discover an array of corporate solutions that work. Our services are tailored to client’s needs, ensuring effective and straightforward problem-solving. Call us on +65 6333 0633 or +65 8666 3633. You may also visit our website to get to know us better!
October 14, 2022
Saving Time and Money Through Cheap Accounting and Tax Services
The thing about business growth that business owners should think about deeply is that it is crucial to the long-term survival of their companies. Suppose they settle for what the business has at the moment. In that case, it won’t be able to sustain future operations and transactions. A company that aims for growth acquires assets, attract new talents, and fund investments, which are vital in driving performance and profits.
It is usual for business owners to find ways to improve their systems, increase profit, and reduce spending. Otherwise, they won’t hit the goals they set up for their enterprise. One of the best options to consider when it comes to growing a business in Singapore is to hire an accountant or service provider of cheap accounting and tax services. Both can help with saving time and money.
Other than that, here are some of the benefits you will enjoy:
Updated Business Spending
Catching up on neglected financial reports can take a lot of time and effort. Hopefully, your company doesn’t have to go through all this hassle. This happens to quite a few small businesses because the business owner is too occupied with other aspects of handling the company. Hence, they don’t have time to partake in monthly accounting. If you find it hard to stay updated with business transactions, don’t wait for the worst to come. Hire an in-house accountant or avail of cheap accounting and tax services from one of Singapore’s reliable corporate solutions providers.
It is a good idea not to procrastinate and let everything pile up. Staying consistent with tracking financial information, whether weekly or monthly, removes the burden from accumulated accounting and taxation tasks. Thickened paperwork on the table causes delays to any transaction or operation in which the documents are needed. More than that, business owners will feel obliged to take care of pending documents as the highest-positioned officer in the enterprise. When this happens, focusing on critical elements for business growth becomes divided, which should not be the case for emerging firms in a competitive business hub.
Keeping on Track of Business Write-Offs
Tax season, if not the most, is one of the most restless times of the year for the finance department. When it is time to file business taxes, having good documentation of expenses that covers the period of business write-offs makes things easier and more straightforward. The results of not keeping an updated record of write-offs slow down the company’s ability to comply with taxes on time and correctly. Avoid this by hiring an accountant to track company expenses. The more comprehensive financial information you have, the nearer you are to ending another fiscal year.
When your company is a step ahead of any business operation, getting things done becomes less time-consuming. The same goes for accounting and taxation activities. If you are on top of your finances, managing them does not take too much of your time, and this gives you more to spend on growing your business. And most importantly, efficient management of business finances saves operations costs.
Outsource Payroll
Did you know that payroll can be an expense that adds up? It is especially true if you are paying the salary of an in-house employee to manage the processing of payroll. In this case, it is best to take a look at the real cost of internal payroll management. Assess what you have seen and work your way around it. You will likely realise that outsourcing payroll is much less expensive. Besides saving money, you can also designate the employee to work on other tasks within the company.
Note that many streamlined systems can be utilised to make outsourcing payroll easier. Make sure to identify your company’s needs because these systems cater to the various payroll requirements. Only trust the experts when looking for a qualified accountant or service provider of cheap accounting services in Singapore. Weigh all your options before working with an individual or firm because their presence in your company will make or break it.
To Save Both Money and Time, Only Get Accounting and Tax Services from a Reliable Service Provider
Cheap accounting and tax services will bring another level of advantages and rewards to small businesses and established companies in Singapore. These services provide companies with suitable solutions for their organisation. Most small companies are torn between cutting costs to save on what they believe are pointless expenditures. But the truth is that each expense the business makes is crucial. You have to make money to pay money.
Hence, the first thing you must do to keep your business afloat is to find accounting and tax services provided by professionals like ContactOne. We have an array of business solutions and services to choose from. Talk to us and let us know about your concerns on +65 6333 0633 or +65 8666 3633. Or explore our website to get to know us and what we do better.
May 25, 2022
3 Ways a Small Business Can Benefit from Bookkeeping Services
Business owner, you don’t want to be thrown under the bus because of unfinished financial paperwork and incomplete transaction documents. To keep the business running and ensure that every venture leads to the best results, you need to engage with a business support service offered by experts. One of the best things you can do is consider small business bookkeeping services.
Suppose you are having a hard time determining the current financial standing of your company, running financial reports, reviewing information with confidence, and knowing all transactions are up-to-date. In that case, bookkeeping services will bridge these gaps. Not just that, it also helps streamline your cash flow so that you get a better picture of the true cash position of your business.
Not convinced yet? This article lists the top 3 benefits of bookkeeping services to small businesses. Read through below as we take a closer look at each of them, and don’t miss out on a single item. Take this opportunity to learn more about how you can strengthen financial growth through professional business support services like bookkeeping.
-
-
Provides a Professional Software Solution
-
Because digital tools are now easily accessible to improve business efforts, company owners no longer do business manually. The same goes for accountants and bookkeepers as they use software to calculate taxes, manage projects, and store financial data, among other things. It is easier to show the financial details of your business with these tools at arm’s reach.
Most of the time, software implementation is done through a DIY approach, especially when business owners are trying to save money. They implement programs that are found online. If you do a quick Google search, many options can be used for business tracking and financial management. It can be tempting to utilise them because they don’t require financial obligations. But there is nothing much you can do about it because of its limited features.
The lack of professional experience makes it difficult to understand how accounting software programs work and affect your company’s financial health. Instead of trying your luck in setting up an ineffective system, consult an expert who can help assess your business and give recommendations to optimise your efforts.
When you have figured out what areas of your financial management strategy need to improve, it will be easy to find the right software program that will work in your favour. With efficient software, you can easily track bills and invoices, and all this will organise and keep your finances up to date.
-
-
Gives a Head Start Over the Daunting Tax Season
-
Whether you like it or not, tax is and will always be part of managing a company. If you don’t take care of the legal obligations mandated by the Inland Revenue Authority of Singapore (IRAS), you will be held accountable for the consequences and other penalties. That is the last thing you would want to happen as a business thriving in a competitive market. Fret not because dependable bookkeeping services in Singapore can save you from all the hassle brought by the tax season.
As a small business owner, it is only right that you focus on growing your business and looking into more ways to expand your market. Having your finances managed by a qualified bookkeeper means you don’t have to take time trying to learn tax laws and other state revenue obligations. With a reliable accountant and bookkeeper at the helm of your business, ensure that everything related to your finances will be taken care of.
Rather than an expense, getting accounting and bookkeeping services is indeed an investment. Although you have to allot a budget for this, it will double-compensate you in the long run. Think of how much time and resources you will save without having to calculate taxes or record business transactions on your own. Partner with an experienced provider to make peace with yourself when it comes to securing your accounting and bookkeeping requirements.
-
-
Helps Grow Your Business
-
Recording financial transactions and providing financial insights take up a lot of work hours per week. And if you get yourself into handling these tasks, you won’t have enough time to strategize your business efforts. Remember that your time as a business owner is valuable. Therefore, you should spend it wisely on crucial tasks that lead to business growth, like building sales funnels, improving customer management, and identifying more opportunities.
Hiring bookkeeping services in Singaporeallows you to focus on growing your business more. With a professional bookkeeper taking care of your financial transactions, you can allocate your time and energy to expanding your search and position your business in the Singaporean market. Singapore is a saturated business hub, and it is not easy to achieve breakthroughs here. This makes availing of both accounting and bookkeeping services a practical move.
Instead of getting fixated on your finances’ health, focus more on money-making tasks. Don’t miss out on any opportunity that will help your business expand. If you get all this sorted, only time will tell how much growth your business can achieve in a short span of time. Leave your finances to individuals who have the right experience and skills because they know what to do and what’s best for your financial resources.
Searching for Dependable Bookkeeping Services That Are Worth Every Penny You Spent on Them?
If you are looking for dependable business solutions, ContactOne is here to help. Our wide array of services includes bookkeeping, accounting, business incorporation, and secretarial services. Working with us means partnering with a reliable firm on a mission to provide efficient business solutions and make it easier for every business owner to manage their businesses. Talk to us now, and we will present to you your options. You can reach us on +65 6333 0633 or +65 8666 3633. You may also visit our website to learn more about us and what we can do to help you.
May 25, 2022
A Guide to Accounting Services Costs for a Small Business
From large businesses to SMEs, entrepreneurship comes with different accounting needs. Each company in the Singaporean business landscape requires help in filing taxes, issuing payroll, managing business transactions, and a lot more. Because of this, we have been asked unfailingly about how much accounting services cost. To tell you honestly, that is not an easy question to answer because every company has different accounting requirements. Therefore, the services offered to them will depend on their needs.
Although there is no one way to tell how much accounting services cost, it is crucial to have an overview of how to allocate the budget for accounting services and how they are priced. As a small business owner, it is also essential to know what to expect from outsourced accounting services in Singapore and other things related to handling business finances.
The good thing is that you don’t have to look far because this article will cover it all. Read through below and learn more about accounting services in Singapore.
Allocating Budget for Accounting Services
Costs are and will always be a deciding factor when it comes to getting business support services. Above all, accounting services costs must be allowed in the budget, and it should guarantee an appropriate return on expense. However, it becomes challenging when this question is taken out of context, and we fail to address the issues at hand. As much as we want to present a pricing matrix to you, it is not possible to create one that is one-size fits-all. Because, once again, accounting requirements differ from one company to another.
Instead of having these costs fixed, it is better to consult a provider and let them create a custom quote based on the scope and complexity of work required. Below are the costs considerations, typically included for small businesses in Singapore, that you should get familiar with. They can help you with pricing concerns regarding accounting services.
- About $10 to $20 per employee for payroll service
- About $400 per year for tax service
- About $100 per month for general bookkeeping
Note that these rates are only approximations, and they might change depending on what work needs to get done. Some companies need to go beyond the basic services, resulting in additional expenses. To cater to this, other providers in Singapore offer service bundles priced from $400 to $900. These package deals are highly recommended to small businesses because they have everything you would need to take care of your business’s finances.
Scope and Complexity of Work
Undoubtedly, all accounting and bookkeeping tasks are not the same. Some companies require extensive reporting and complex financial management from skilled professionals, while others don’t. The same professionals may also be monitoring and managing more common bookkeeping tasks, which, in this case, need to be charged with an additional rate. However, imposing this may put a company at risk of paying non-essential rates to deliver a service. It is practical to identify the approximate time required to perform an accounting task and request a fixed rate in line with the scope and complexity of the work. This way creates a more likely fair price.
Outsourcing Accounting Services in Singapore: What to Expect?
Before we go in-depth with your expectations, let us ensure that we have sorted out this one thing. Many business owners get torn between doing the accounting task themselves or outsourcing from a third party. But how should you decide when crossing the same dilemma?
The first thing you should do is identify how much your hourly value is, or the amount you earn per hour. According to Indeed.com, a full-time accountant’s salary is around $4,300 a month. Now, if you earn beyond this rate, it is only right to turn over accounting tasks to the expert. And this makes getting accounting services better than doing them yourself.
So, what to expect from outsourced accounting services in Singapore? Let us start with the fees. The rates of accounting service highly rely on the kind of tasks your company needs, including analysing financial statements, collecting past-due invoices, calculating taxes, reviewing accounts, and more. Other aspects like the accountant’s years of experience and technologies used to execute account tasks also dictate the price.
Firms that offer accounting services can also increase their base rate when government bodies in Singapore recognise their accountants. If they are a member of the Institute of Singapore Chartered Accountants (ISCA), firms are obligated to a membership fee. Being a part of these organisations adds expertise to these accounting firms’ services which they provide to small businesses.
Determine Your Priorities and Know Your Options
You must know your company’s current needs to prioritise what accounting services to avail of from which firm. Also, observe the industry you operate in and use that knowledge to select a provider that can handle critical points based on industry standards. In addition to that, work with a reliable firm that can easily adapt to Singapore’s ever-changing business laws to stay on top of your accounting activities. Lastly, never forget that you have many options in selecting accounting services for your business. From adjusting service frequency to adding services, you are the one who gets to decide what is best for your company.
Be on Top of Your Accounting Tasks with ContactOne at the Helm of Your Business
Choosing the right firm to take care of your finances can be a challenge, given that there are many firms in Singapore. But only some of them could cater to your accounting requirements. And that is why you have to choose wisely.
With ContactOne, you no longer need to file taxes or track business transactions on your own. Our helpful team will be in charge of everything related to your business accounts. If you are on the fence about working with a firm, we can present you with your options and walk you through more possibilities of working with us. Call us on +65 6333 0633 or +65 8666 3633 to discuss your requirements today.
November 29, 2017
ContactOne Receives Recognition From IRAS For The THIRD Straight Year
ContactOne has been recognized by IRAS, the Inland Revenue Authority of Singapore, as one of the top 15 tax agents with the most number of Form CS e-filing done for our accounting and tax clients for the Year of Assessment YA2014, YA2015 and YA2016. We are happy to have achieved this accolade for 3 consecutive years since the inaugural recognition 3 years ago.
We would like to thank IRAS for this recognition which represents a significant milestone achieved by the entire ContactOne Family. The online filing platform for Form CS has many advantages ranging from better accuracy, reduced errors and wastage. We are glad that the online filing platform will be extended for Form C filing for the coming YA and we definitely will be looking forward to its implementation this year.
The management would like to take this opportunity to thank all of the lovely and dedicated staff of ContactOne for this would not have been possible without your dedication and hard work. We are extremely grateful to have all of you here with us.
Lastly, the ContactOne Family would like to promise our clients that we will continue to uphold our level of commitment towards assisting you to meet your compliance deadlines on time. Process tweaks and improvements are currently underway to enhance your experience with us. We target to continually improve on our service delivery (as well as continue with our multi-pronged reminder system to enable you to remember and meet your deadlines :).
To find out more about our Accounting and Tax services, click HERE.
To visit the IRAS source page, click HERE.