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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.

    1. 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.

    1. 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.

    1. 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.