News & Updates
October 14, 2022
The thing about business growth that business owners should think about deeply is that it is crucial to the long-term survival of their companies. Suppose they settle for what the business has at the moment. In that case, it won’t be able to sustain future operations and transactions. A company that aims for growth acquires assets, attract new talents, and fund investments, which are vital in driving performance and profits.
It is usual for business owners to find ways to improve their systems, increase profit, and reduce spending. Otherwise, they won’t hit the goals they set up for their enterprise. One of the best options to consider when it comes to growing a business in Singapore is to hire an accountant or service provider of cheap accounting and tax services. Both can help with saving time and money.
Other than that, here are some of the benefits you will enjoy:
Updated Business Spending
Catching up on neglected financial reports can take a lot of time and effort. Hopefully, your company doesn’t have to go through all this hassle. This happens to quite a few small businesses because the business owner is too occupied with other aspects of handling the company. Hence, they don’t have time to partake in monthly accounting. If you find it hard to stay updated with business transactions, don’t wait for the worst to come. Hire an in-house accountant or avail of cheap accounting and tax services from one of Singapore’s reliable corporate solutions providers.
It is a good idea not to procrastinate and let everything pile up. Staying consistent with tracking financial information, whether weekly or monthly, removes the burden from accumulated accounting and taxation tasks. Thickened paperwork on the table causes delays to any transaction or operation in which the documents are needed. More than that, business owners will feel obliged to take care of pending documents as the highest-positioned officer in the enterprise. When this happens, focusing on critical elements for business growth becomes divided, which should not be the case for emerging firms in a competitive business hub.
Keeping on Track of Business Write-Offs
Tax season, if not the most, is one of the most restless times of the year for the finance department. When it is time to file business taxes, having good documentation of expenses that covers the period of business write-offs makes things easier and more straightforward. The results of not keeping an updated record of write-offs slow down the company’s ability to comply with taxes on time and correctly. Avoid this by hiring an accountant to track company expenses. The more comprehensive financial information you have, the nearer you are to ending another fiscal year.
When your company is a step ahead of any business operation, getting things done becomes less time-consuming. The same goes for accounting and taxation activities. If you are on top of your finances, managing them does not take too much of your time, and this gives you more to spend on growing your business. And most importantly, efficient management of business finances saves operations costs.
Did you know that payroll can be an expense that adds up? It is especially true if you are paying the salary of an in-house employee to manage the processing of payroll. In this case, it is best to take a look at the real cost of internal payroll management. Assess what you have seen and work your way around it. You will likely realise that outsourcing payroll is much less expensive. Besides saving money, you can also designate the employee to work on other tasks within the company.
Note that many streamlined systems can be utilised to make outsourcing payroll easier. Make sure to identify your company’s needs because these systems cater to the various payroll requirements. Only trust the experts when looking for a qualified accountant or service provider of cheap accounting services in Singapore. Weigh all your options before working with an individual or firm because their presence in your company will make or break it.
To Save Both Money and Time, Only Get Accounting and Tax Services from a Reliable Service Provider
Cheap accounting and tax services will bring another level of advantages and rewards to small businesses and established companies in Singapore. These services provide companies with suitable solutions for their organisation. Most small companies are torn between cutting costs to save on what they believe are pointless expenditures. But the truth is that each expense the business makes is crucial. You have to make money to pay money.
Hence, the first thing you must do to keep your business afloat is to find accounting and tax services provided by professionals like ContactOne. We have an array of business solutions and services to choose from. Talk to us and let us know about your concerns on +65 6333 0633 or +65 8666 3633. Or explore our website to get to know us and what we do better.
September 28, 2022
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.