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News & Updates
bookkeeping services Singapore
June 15, 2023
Accounting and Bookkeeping Services in Singapore: Which One Should You Get?
Do businesses have to choose between accounting and bookkeeping services Singapore?
Businesses in Singapore do not necessarily have to choose between accounting and bookkeeping services. Even if these services are different from each other, they are most of the time interrelated, and the same service provider can provide them. It is only right to find a reliable partner when outsourcing business solutions services.
In this article, we will differentiate accounting and bookkeeping services Singapore and break down both services’ business benefits. Learn more if you continue reading below!
Accounting vs. Bookkeeping Services
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What You Need to Know About Bookkeeping Services
Bookkeeping is the fundamental process of recording all the financial transactions of a business or organisation, whether a small enterprise or a large corporation. The transactions recorded in bookkeeping include every financial activity the business undertakes, such as sales, purchases, receipts, and payments.
Bookkeeping aims to ensure that all financial records are maintained and updated accurately and in a timely manner. Maintaining accurate and up-to-date financial records is important because they form the basis of financial reporting and analysis. Only accurate or complete financial records can lead to correct financial reports, which can ultimately impact the decision-making process of the business.
Moreover, bookkeeping services may include tasks such as maintaining a general ledger, which is a record of all financial transactions, including categorised transactions into appropriate accounts, reconciled bank statements to ensure that the transactions recorded in the ledger match with bank records, and produced financial reports, like income statements and balance sheets.
Bookkeeping also involves ensuring compliance with various financial regulations and tax laws. This includes maintaining records of sales and purchases, tracking expenses and income, and ensuring that all financial records are appropriately categorised and reported.
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All About Accounting Services in Singapore
While bookkeeping focuses on recording and categorising financial transactions, accounting involves using that financial data to analyse and interpret a company’s financial performance. Accounting services help businesses make informed decisions by providing an accurate and comprehensive picture of their financial situation.
One of the key tasks of accounting is to prepare financial statements, such as balance sheets, income statements, and cash flow statements. These statements provide a summary of a company’s financial activities. They are used to assess the financial health of the business.
Another vital task of accounting is analysing financial ratios. Financial ratios are used to compare different aspects of a company’s financial performance, such as profitability, liquidity, and solvency. By analysing financial ratios, accountants can identify areas where a company may be underperforming and recommend improvement.
Accounting also plays a crucial role in tax compliance. Accountants can help businesses prepare and file their tax returns, ensuring they comply with tax laws and regulations. They can also provide tax planning advice, assisting businesses in minimising their tax liability and maximising their tax savings.
Furthermore, accounting services may include budgeting, forecasting, and financial analysis. These services help businesses plan for the future and make strategic decisions based on their financial situation.
Why Choose When You Can Do Both?
Accurate and up-to-date financial records are critical for effective financial management and decision-making. Proper bookkeeping makes producing factual financial statements or conducting meaningful financial analyses possible.
Because of the close relationship between bookkeeping and accounting, many businesses outsource services in Singapore to a single provider. This can be a cost-effective and convenient way to ensure that all financial activities are properly recorded, analysed, and reported.
However, some businesses may separate accounting and bookkeeping services in Singapore and work with different providers. For example, a business may choose to outsource bookkeeping to a specialised bookkeeping firm and accounting to a separate accounting firm. This may be beneficial if the business requires more specialised accounting services, such as tax planning or financial analysis.
Deciding Whether to Outsource Bookkeeping and Accounting to a Single Provider or Not
Businesses should consider their specific needs and preferences when deciding whether to outsource bookkeeping and accounting services to a single provider or separate them into two different service providers.
Outsourcing both services to a single provider can be cost-effective and convenient. Businesses can benefit from streamlined communication and more efficient workflow by working with a single provider. In addition, a single provider may offer a more comprehensive suite of services, including bookkeeping, accounting, tax preparation, and financial planning.
However, there may be better options than outsourcing to a single provider for some businesses. Suppose a business has more specialised accounting needs. In that case, working with a different accounting firm that can provide more advanced services, such as financial analysis, forecasting, or tax planning, may be beneficial. Working with multiple service providers can also cause redundancies and reduce the risk of a single point of failure.
In evaluating potential service providers, carefully considering their qualifications, experience, and reputation is important. Look for providers with a track record of delivering high-quality services to businesses in your industry. Consider their pricing, as well as their availability and responsiveness to your needs. Finally, take the time to review contracts and service level agreements to ensure that the provider can meet your specific requirements.
Ultimately, outsourcing bookkeeping and accounting services should be based on thoroughly analysing your business needs and evaluating potential service providers. With the right partner, outsourcing these services can help businesses save time, reduce costs, and improve their financial management capabilities.
Consult ContactOne Now to Help You Make Sound Decisions
Are you looking for reliable and professional accounting and bookkeeping services in Singapore? Partner with ContactOne. Our experienced team of accounting professionals can help you manage your financial records, prepare financial statements, and provide valuable insights into your business’s financial performance. Contact us today to learn more about our services and how we can help your business succeed.
Call +65 6333 0633 and +65 8666 3633 or visit our website at www.contactone.com.sg. Grab this chance to learn more about us and what we do. We have a bunch of services in store to assist you in growing and managing your business. With the right people and strategies, you can stand out in a market full of competent businesses like Singapore.
September 28, 2022
Corporate Tax and Accounting Services Every Enterprise in Singapore Should Take Advantage Of
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 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.
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Provides a Professional Software Solution
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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.
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Gives a Head Start Over the Daunting Tax Season
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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.
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Helps Grow Your Business
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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.
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Business Needs
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Long-Term Professional Relationship
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Company Selection Process
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Service Agreement
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Constant Communication
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Business Growth
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.
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.
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.
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.
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.
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.