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News & Updates
Bookkeeping Services
February 27, 2023
The Relevance of Online Accounting and Bookkeeping Services in the Modern-Day Corporate World
If you take a closer look at history, today’s business industry is a product of everything that happened in the past, both good and bad. We cannot take away history’s contribution to shaping our future because, after all, there are fragments of the past in the present. For example, the previous three industrial revolutions have led to periods of political and institutional change. While the fourth industrial revolution is on its way, what does it mean to many businesses, especially in a progressive business hub like Singapore?
Even if experts have not considered this period of history, it is not hard to see the onset of an entirely new industrial revolution. The increasing number of automations has started integrating computers and machines into a vast spectrum of industries, not leaving accounting and bookkeeping behind. Apps and analytics have replaced piles of papers to help accountants and bookkeepers switch to modern-day financial advisers from task-oriented project coordinators.
All this impacted business operations, shifting terms of productivity and changing perspectives on innovations. Financial operations have become more efficient, organised, and productive with easy access to smart software programs, automated tools, and online accounting and bookkeeping services. Continue reading below to learn more about the relevance of technologies in the modern-day corporate world.
How Online Accounting and Bookkeeping Services Impact Businesses in Singapore
The impact of technology on accounting and bookkeeping diversified the role of an accountant because it has become so critical. Now that things can easily get done with just a few clicks of fingertips, like major accounting time-consuming tasks, accountants and bookkeepers can focus more on understanding data. It is then used to make better-educated business decisions and create strategies for clients. Since primarily everyone can view and interpret data remotely, industry analysis has become a smooth process. Also, innovations in accounting software and applications allow specialised work for accountants.
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Benefiting Non-Accounting Professionals
Even non-accounting professionals can now understand financial dealings and structures with consumer-friendly applications. There is no exemption to the main aspect of accounting, which is client and consultant interaction. It has also been changed by phasing out of the on-site consultation since the parties involved simultaneously have access to real-time data online. The result is easier business operations, and clients get to enjoy efficient services. It is indeed a win-win situation for all.
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Reshaping of Accounting and Bookkeeping Functions
Social media is the greatest technological innovation of this age. It is easy to understand the influence of this platform for personal gain and business. As the most prevalent technology, social media help reshape many functions in accounting and bookkeeping. It even went as far as catching the eye of major market players. Now they use social media to connect with existing and possible clients. Businesses in Singapore and constantly finding more ways to reach new markets. With social media added to their business development strategy, they can allocate aid to target their goals.
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Ensuring Accuracy, Reducing Errors
Without a doubt, the roles of online accounting and bookkeeping services have transformed the section with newer and more advanced applications and software. All this made it possible to ensure accuracy and lessen errors, preventing businesses from tax penalties and other problems caused by noncompliance with Singapore’s ever-changing business laws. With efficient accounting and bookkeeping services, organising audits in a highly efficient manner is also easier.
Not just accountants, but professionals in different industries, should embrace the changes that innovations bring to ensure knowledge is still relevant. Acquiring new knowledge can be achieved through expert courses, like online accounting and bookkeeping, provided by a reliable corporate firm.
Skills Future Accounting Professionals Must Acquire
It goes without saying that future accountancy should be tech savvies in order to keep up with the changes in the industry. As innovations become prevalent and many enterprises transfer their information to cloud-based systems, accountants and bookkeepers must be proficient in taking advantage of the cloud. This way, they can provide clients with updated financial analysis and stay competitive in a saturated economy like Singapore. Moreover, experts who want to leverage blockchain need to be familiar with essential software programs and how information transferred to ledgers, contracts, and records work.
Turn to ContactOne Today for Reliable Business Solutions Services and More!
If you want the latest business solutions that work, do not think twice about getting in touch with ContactOne today. For a more comprehensive look at who we are and what we do, please take time to explore our website at https://www.contactone.com.sg/. Your questions will be accommodated at +65 6333 0633 or +65 8666 3633. Call us today because we like to hear from you!
Are you searching for trusted company incorporation, business formation, corporate secretarial, compliance management, accounting and taxation, payroll management, and corporate administrative services for startups and small to medium enterprises? ContactOne is the right place for you.
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
The Convenience of Online Accounting & Bookkeeping Services Especially in the COVID-19 Pandemic
Companies have relied on manual records, spreadsheets, and accounting software to manage and monitor their financial resources for several years. However, the business industry is an ever-changing place. Thus, small- and medium-sized enterprises’ accounting and bookkeeping needs, too, are evolving. With this change at the forefront of every company in Singapore, innovative and more agile business support solutions must be in place. As COVID-19 remains a threat to everyone, how do online accounting and bookkeeping services fill the gap between business needs?
Whether it is a small or a large business, employees are bombarded with work to meet daily expectations in terms of productivity and goals. All this is no joke to handle, from marketing to customer relationship management and everything in between. While you try to keep up with these activities, you unintentionally ignore your core business and administrative functions.
Although managing your own accounts might have made more sense when you started your enterprise because it saves money, outsourcing from another company to get things done could be more beneficial, especially as the economy is experiencing several challenges brought by a health crisis.
But why not rely on dependable online accounting and bookkeeping services? It will not only take some weight off your shoulders by reducing tasks on your plate but also keeps you away from the risk of COVID-19. If you hire a provider to handle your finances, you hit two birds with one stone.
Typically, businesses employ in-house accountants and bookkeepers to take care of their income and expenditure. But this setup is not for all as it is expensive and a long process. Because of that, it is practical to work with a service provider to perform accounting and bookkeeping activities.
Because the Traditional Approach to Accounting and Bookkeeping Is Changing, You Should Keep Up!
Because of the changes in the traditional approach to accounting and bookkeeping, it is even more challenging to keep up in a competitive market. There were manual records, ledgers, accounting books, and spreadsheets to cater to accounting needs before. Accountants also needed to keep up with the evolving bookkeeping and accounting requirements of small- and medium-sized businesses.
The ongoing coronavirus crisis forced many business owners to work remotely. But more than that, it also changed how many industries work in many significant ways. Therefore, having flexible access to your financial resources should not be an option but a must.
Additionally, the increasing pressure on small businesses to adapt digitised accounting and tax reporting is not helping any company owner grow their businesses. Instead, it forces them to engage in a whole new level of function they are unfamiliar with.
4 Advantage of Online Accounting and Bookkeeping Services in the Middle of a Pandemic
The list below will tell you more about the benefits of online accounting services. Let us get in-depth with each one of them.
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CSpecialised Business Solution
- Financial planning
- Financial assistance
- Forensic accounting
- Managerial accounting
- IT auditing
- Non-profit accounting
- Tax preparation
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Cost-Effectiveness
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On-Time Reporting
- Losses
- Profits
- Tax Information
- Personnel information
- Payroll data
- Insurance payment
- Procurement
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Personalised Business Support
Managing a business is not an easy task, as it requires several years of experience and a skilled workforce to achieve short- and long-term business goals. Sometimes, mistakes are even part of the process that leads to growth. But if you ask a successful business owner, success does not happen overnight—it takes time and constant learning. There is no shortcut to everything related to starting, managing, and growing a business. Thus, every step should be taken to ensure no stone is left unturned.
Business is a challenging venture, so it is safe to say that it requires specialists. The ever-changing business laws and regulations in Singapore should be handled by someone who has a specialised set of skills. Getting online accounting and bookkeeping services ensures your business will get to experience the following:
The average salary of a full-time CPA is more than $100,000 annually, based on the Journal of Accountancy. Meanwhile, an in-house full-time bookkeeper is cheaper which you only need to pay over $40,000 every year. But it is vital to note that this range is only starting salaries. Employing an in-house talent also demands employment benefits. On top of that, you have to increase their pay every year depending on the arrangement.
But it does not end there. You also need to hire a recruitment team that will hire your employees. You don’t need to get through all this, though. With reliable online accounting and bookkeeping services in Singapore, you can save money.
Staying on top of your business functions is one way to ensure that you are on track to achieve your goals. However, you do not always have to manage and monitor your financial resources all by yourself. When you hire a service provider to manage your accounts, it ensures that you will easily access the following:
Knowing this information, you can have an idea of what areas of your business need the utmost attention. You and your team can improve these areas with that knowledge. Also, with comprehensive account reporting, you will make educated decisions. It would be better to work with a professional team to look after your monetary resources. With them taking care of accounting and taxation functions, you can focus more on growing your enterprise as much as possible.
Every business has different accounting and bookkeeping needs. In order to meet these expectations, service providers offer personalised services made specifically for clients. Doing this ensures that the desired results are met efficiently and within the target timeframe. That said, selecting the right online accounting and bookkeeping services provider is essential, especially in an uncertain time. The pandemic is an anxiety-laden period, and it is when you need trustworthy people more than ever working for your business.
No Need to Look Far Because ContactOne Has the Experience and Expertise to Help Manage and Monitor Your Financial Resources
The pressure of adapting to businesses’ digitised accounting and bookkeeping functions forces them to engage with the unfamiliar. The result is they don’t get it right on their first attempt. Only a strategic approach and personalised services will free enterprises from this burden.
ContactOne provides innovative online accounting and booking services designed to help businesses stay on top of their expenses and income. Want to learn more? Call us on +65 6333 0633 or +65 8666 3633.