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News & Updates
bookkeeping
September 19, 2023
The Advantages of Online Accounting and Bookkeeping Services
Online accounting and bookkeeping services are crucial in the modern business landscape. Their importance stems from several key factors, from providing businesses with a convenient and efficient way to manage their financial records to offering cost savings for enterprises. With convenience, accuracy, collaboration, and cost-effectiveness at the helm of your business, success is easy to achieve.
By offering businesses greater convenience, accuracy, collaboration, and cost-effectiveness, online accounting and bookkeeping services are essential components of modern financial management. Find out in this article the advantages of these services to businesses in the Singaporean business hub. Continue reading the article below.
Convenience and Flexibility
Online accounting and bookkeeping services in Singapore offer convenience and flexibility to businesses. With cloud-based platforms and software, companies can access financial data anytime, anywhere, using various devices like computers, laptops, or even smartphones. This accessibility allows business owners and their teams to manage their finances remotely, making it easier to stay on top of their financial records and track performance.
Moreover, online accounting and bookkeeping services eliminate the need for physical paperwork, resulting in several business benefits. By transitioning to a digital format, businesses can significantly reduce clutter and the physical storage space required for storing paper documents. This paperwork reduction creates a more organised and efficient working environment and minimises the risk of document loss or damage.
Businesses can enjoy the advantages of having information readily available at their fingertips by digitising financial records. Users can access their financial data with just a few clicks instead of sifting through stacks of paper or searching through filing cabinets. Online platforms provide centralised storage where all financial documents, such as invoices, receipts, and bank statements, can be securely organised.
Easy Retrieval and Sharing of Information
The shift to a digital format also facilitates easy retrieval and sharing of information. Instead of manually photocopying or mailing physical documents, businesses can quickly and securely share digital files with relevant stakeholders. Whether it’s collaborating with accountants, providing financial information to auditors, or sharing documents with business partners, the digital format simplifies the process and saves time.
Furthermore, the digital format enables businesses to implement robust backup and disaster recovery strategies. Cloud-based accounting platforms often have built-in data backup mechanisms, ensuring financial information is stored and protected against data loss. In a hardware failure, natural disaster, or other unforeseen circumstances, businesses can restore their financial data quickly, minimising downtime and potential disruptions.
Timesaving and Efficiency
Online accounting and bookkeeping services in Singapore save time and improve efficiency by automating various processes. Tasks such as data entry, invoice generation, and expense tracking can be streamlined through digital systems. Automated features help minimise manual efforts, reducing the chances of errors and speeding up tasks that would otherwise be time-consuming.
By leveraging online tools, businesses can significantly reduce administrative workloads, enabling owners and employees to allocate more time and attention to core business operations. Online accounting and small bookkeeping services offer a range of features and functionalities that streamline administrative tasks, resulting in increased efficiency and productivity.
One key advantage is the automation of repetitive tasks. Online tools have the capacity to automate tasks such as entering data, generating invoices, tracking expenses, and producing financial reports. This automation minimises manual intervention, reducing the time and effort required for these tasks.
Accuracy and Compliance
Professional online accounting and bookkeeping services in Singapore possess local accounting regulations and standards expertise. They are well-versed in the specific requirements of the Singaporean financial landscape. By leveraging their knowledge and experience, these services ensure accuracy in financial record-keeping and reporting, minimising the risk of errors, inconsistencies, and omissions that can lead to financial discrepancies or non-compliance with tax laws and reporting obligations.
Regular updates and compliance checks play a crucial role in helping businesses maintain accurate financial statements and meet regulatory requirements on time. Businesses can ensure their financial records are accurate, up-to-date, and compliant with applicable laws and regulations by implementing these practices.
Regular updates refer to the frequent review and revision of financial data and records. Online accounting and bookkeeping services often provide features that enable businesses to keep their financial information current. This includes regularly recording transactions, updating income and expense data, reconciling accounts, and ensuring that all financial records are accurate and reflect the latest information. Businesses can make informed decisions based on accurate and reliable data with well-maintained and up-to-date financial statements.
Cost-Effectiveness
Outsourcing bookkeeping functions to online services provides practical solutions for businesses, particularly small businesses, in terms of cost savings and access to professional expertise. Rather than hiring in-house accounting staff, which entails expenses such as salaries, benefits, and training, businesses can opt for small bookkeeping services online that offer a more cost-effective alternative.
Businesses can significantly reduce their financial burden by outsourcing bookkeeping tasks to online service providers. In-house accounting staff require regular salaries, benefits packages, and ongoing training, which can be substantial costs for small businesses with limited budgets.
On the other hand, online bookkeeping services in Singapore typically offer flexible pricing models tailored to small businesses’ specific needs and budgets. This means startups only pay for the required small business bookkeeping services without the additional overhead costs associated with hiring and maintaining in-house staff.
The flexible pricing models provided by online service providers make professional expertise accessible at affordable rates. Small businesses can benefit from this and the expertise of qualified accountants and bookkeepers who specialise in their respective fields without incurring hefty fees. Online bookkeeping services often have experienced professionals knowledgeable about local accounting regulations and requirements, ensuring accuracy and compliance in financial management.
Make the Most Out of ContactOne’s Online Accounting and Bookkeeping Services
Hiring a reliable service provider like ContactOne for online accounting and bookkeeping services is essential for businesses. At ContactOne, we have a professional team of experts in accounting regulations and standards, ensuring accuracy in financial record-keeping, reporting, and compliance. Their expertise minimises the risk of errors, inconsistencies, and non-compliance with tax laws and reporting obligations.
Besides that, we prioritise data security more than anything else, with robust security measures to protect sensitive financial information from unauthorised access to ensure confidentiality and data integrity. To learn more about us and what we do, call +65 6333 0633 and +65 8666 3633. You may also explore our official website at www.contactone.com.sg.
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.