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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.

  • 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.

  • 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.

  • 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 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.

  1. CSpecialised Business Solution

  2. 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:

    • Financial planning
    • Financial assistance
    • Forensic accounting
    • Managerial accounting
    • IT auditing
    • Non-profit accounting
    • Tax preparation
  3. Cost-Effectiveness

  4. 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.

  5. On-Time Reporting

  6. 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:

    • Losses
    • Profits
    • Tax Information
    • Personnel information
    • Payroll data
    • Insurance payment
    • Procurement

    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.

  7. Personalised Business Support

  8. 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.