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    bookkeeping services Singapore

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 16, 2022

What to Know Before Getting Bookkeeping Services in Singapore

Although many aspects contribute to business success, uninterrupted cash flow is unarguably the driving force of all companies. If a business mismanages its monetary assets, covering liabilities and paying debts and expenses will be challenging. Because of this, proper financial management and monitoring are crucial for thriving businesses, whether small or large. This reason is primarily the catalyst for considering efficient business support solutions like bookkeeping services in Singapore.

In Singapore, there are many corporate service providers to choose from. All of them vie for new clients and claim to be the best at what they do. Their claims might be true, but outsourcing professional accounting and bookkeeping services should not be solely influenced by persuasive sales talks and compelling marketing strategies. The truth is that getting bookkeeping services in Singapore is a process that consists of various considerations.

Singapore-registered businesses have two options—hire in-house accountants or outsource to another company to manage their accounts. However, employing in-house accountants and bookkeepers isn’t the best option, especially for a startup, because it can be an arduous process and costs more than you imagine. That is why outsourcing providers to manage your business’s finances is the best way to care of your financial health.

Knowing these things and keeping them in mind will make selecting the right provider an easy task. Here are some things every business owner should consider before outsourcing bookkeeping services in Singapore.

6 Considerations Before Getting Bookkeeping Services in Singapore

Singapore is a renowned world-class destination for tourists because of its impressive developments and entertainment destinations. But the country can offer more than that. In fact, it is considered one of the most business-friendly places globally.

That said, starting a business in the Singaporean business hub is easier than in other places. Yet, the challenge of entrepreneurship does not end at business registration. For an enterprise to grow, it needs support from different entities. Below are the things that you should not miss.

  1. Business Needs
  2. Accounting and bookkeeping requirements come in various forms. As a result, no business needs are identical. Make sure you spend a reasonable amount of time determining particular business needs. Otherwise, finding the right provider will be difficult.

    Accounting and bookkeeping requirements can be easy to identify for a small business. But a large enterprise may find this task daunting because of various operations. The best way around this is consulting a corporate service provider on your radar. It is also best if you commit to working with this provider to help you with your financial resources. That will lead us to the next point.

  3. Long-Term Professional Relationship
  4. Be ready for a long-term professional relationship when you have successfully identified your business needs and realised you have to outsource to another company to manage some of your business functions. This opportunity is the best one that you could get when it comes to engaging with another enterprise and forging a good relationship.

    Having a connection with experts and professionals who are competent and the best people in their respective fields is an advantage in a competitive and saturated market like Singapore. You can exchange ideas and learn from them. And if you are lucky, they might be there to stick with you through every phase of your business.

  5. Company Selection Process
  6. While everyone is looking into more ways to establish connections, it can be easy to fall victim to false promises. This risk is very tricky to avoid, given that a lot of businesses are on the hunt for paths that lead to business growth.

    Whether you partner with a business or hire employees to work for your company, make it a habit to assess track records. You’ll know an excellent track record when it obtains positive reviews, good feedback, and commendations from people or organisations where your prospect partner has worked before.

    Moreover, only collaborate with an entity with diverse experience and expertise in a wide range of accounting and bookkeeping practices. Mastering various disciplines of financial management and monitoring are essential for business development. Additionally, do not look past a service provider’s regard to strict data security and financial confidentiality. This is a critical point that should be taken seriously to protect your financial information.

  7. Service Agreement
  8. To better understand what you need, walk your service providers through your business’s products, services, structure, daily operations, short- and long-term plans, and overall future projections. After this, both of you can sit and discuss your expectations and requirements. The best time to do this is at an early stage of your collaborative effort to prevent misunderstanding, conflicts, and disputes from the get-go.

  9. Constant Communication
  10. You can establish a communication system and regular check-in based on the scope of accounting and bookkeeping services you outsource from a provider. Nonetheless, the best way around this is to create specific task parameters or key performance indicators (KPIs). It will serve as guidelines for meeting accounting tasks with accuracy, efficiency, and integrity.

  11. Business Growth
  12. The last consideration in our list may be the most essential one. The business industry is ever-changing, and keeping up with changes can be difficult. A reliable provider of accounting and bookkeeping services will be there for you in every stage of your business development. With them at the forefront of your enterprise, it ensures that everything related to your finances is well taken care of.

    Now that you have dependable people managing your business monetary resources, you can focus on key elements of business growth. More than that, with fewer things on your plate, you can venture into new income-generating activities. Corporate business providers offer various business solutions that will cater to business needs outside accounting and bookkeeping, including company registration, corporate secretarial, and more.

ContactOne Is Fully-Equipped with Expertise and the Right Knowledge to Help Your Business Become Its Best Version

Business Become Its Best Version

When your business starts to grow, you will realise that haphazardly handling business functions does not get things done as you want them to. ContactOne is ready to take on some of your business requirements, particularly accounting and bookkeeping. Talk to our professional team today to learn more about your options. Call us on +65 6333 0633 or +65 8666 3633.