News & Updates
October 14, 2022
Business owners encounter many challenges in getting on top of their businesses—from outdated bank reconciliation and transactions to unbalanced accounts. You name it! Even though executives go above and beyond to avoid these scenarios, they occur more often than expected. The impacts of these uninvited guests include actual trading activity not reflecting on management reports, increasing risks of fraud, strained relationships between businesses, time-consuming workaround, and more!
The best solution is to hire the right workforce to work on your business, especially managing finances. If your business is a small- or medium-sized enterprise, SME accounting is an option worth considering. Either hiring an in-house accounting or outsourcing accounting services will work in your favour as long as you go through the extensive process of finding ideal partners to help grow your business.
Benefits of Good Accounting for SME in the Singaporean Business Landscape
Excellent accounting and bookkeeping are only the beginning. Your company can establish the foundation for accounting’s ultimate benefits when your accountant keeps accurate records. Suppose you want to reap what you sow. In that case, onboarding a competent corporate solutions provider or accountant is one thing you can utilise to make these things happen. Check out what you could take advantage of when working with qualified SME accounting services:
- Make informed decisions
- Manage your working capital
- Forecast accurately with built-in seasonal fluctuations
- Create budgets that are not just a wish list
- Compare current results with prior periods
- Perform strategic analysis with complete data
- Identify capital requirements for expansion with bank support justification
- Vastly improve the selling price of your business
Growing your business starts with essential record-keeping done by an experienced accountant. Although you have to spend for the services’ expenses, the value made in the long run will pay for the cost many times over. Singapore is a saturated market with competent businesses. If you want to achieve breakthroughs, make it a habit only to hire individuals who can work on the same phase as you. More than that, take time to undergo an extensive onboarding process and set out qualifications in the best interest of your enterprise.
Here are a few things to remember when hiring an accountant or accounting services.
What to Look for From Accountants/Accounting Services
Many references have covered what makes a good accountant. However, you should prioritise your business requirements when hiring an accountant or SME accounting services. Begin with determining your needs first and try to work your way around them. Having a full understanding of the essentials of your company will get you far in managing your enterprise. Continue reading below to learn more about the things to look out for when choosing accountants/accounting services:
Commercial experience is a good start when hiring an accountant or a service provider of accounting services. A long list of previous experience in handling commercial businesses ensures that your company is in the right hands. It can be challenging to hire an individual or firm with little to no business experience. The result is that they will learn as they progress in their work, and this can cause delays and is time-consuming. Get the best results by partnering with established individuals or firms.
Hire an accountant or accounting service provider with the right skills to get things done. They should know how to perform a complete and thorough review of your systems, people, as well as processes. Besides that, a corporate accountant should be knowledgeable about documenting your company’s processes so that other employees can follow them. Another vital skill is creating checklists and timetables to guide the business in doing things.
While accountants have many duties and responsibilities, they should pay more attention to one of the essential parts of the job. An accountant should know how to pay your company’s dues. When this is not properly addressed, the possibility of more serious problems is high. Don’t wait for this to happen by meticulously choosing who manages your business’s finances.
Knowledge of the Law
Some businesses in Singapore hire an accountant or accounting services to ensure they comply with ACRA and the laws and regulations set out by regulating bodies. That is why it is important to hire someone knowledgeable about the country’s ever-changing business laws. If an enterprise fails to submit all the requirements in the given period, penalties will be on the way. This is the last thing you want to happen to your firm. Get a reliable accountant or provider of accounting services to keep your business afloat.
Partner with ContactOne Today for Reliable SME Accounting Services in Singapore
Turn to ContactOne today and discover an array of corporate solutions that work. Our services are tailored to client’s needs, ensuring effective and straightforward problem-solving. Call us on +65 6333 0633 or +65 8666 3633. You may also visit our website to get to know us 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.