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News & Updates
tax accounting services
September 28, 2022
Consequences of Not Hiring Tax Accounting Services
Are there consequences of not hiring tax accounting services? If you are one of the many business owners who thought about it, the answer is yes. Of course, every action leads to various outcomes. And your decisions make the difference between a successful business and an outright corporate fiasco. Learn more about accounting tax services and the effects on your business of overlooking professional corporate support.
Everything You Need to Know About Tax Accounting Services
Business finance management has many structures, and one of those is accounting tax services. According to Investopedia, tax accounting mainly involves business taxes rather than focusing on the appearance of public financial statements. Moreover, corporate tax accounting is Singaporean businesses’ most popular accounting service.
Accountants carrying out tax accounting services prepare tax returns and help people and businesses file forms and pay taxes. These experts know the laws and regulations related to Singapore’s taxes. With ever-changing business policies, working with a tax accountant is crucial for efficiently handling business finances. Moreover, a professional working on anything related to taxes allows your business to save resources, especially money.
Managing your business’s taxation activities totally works just as fine. But make sure that the person on top of it knows what they are doing and only focuses on corporate tax. Because the more things they have on their plates, the more they will not be able to do their jobs right.
Hiring Tax Professionals to Handle Your Business’s Finances
It can’t be stressed enough—every enterprise in Singapore is unique, meaning they have different needs. The same goes for tax and accounting requirements, each firm has a hodgepodge to comply with. That said, settling with a one-size-fits-all approach will not work and only leaves things undone, leading to repetitive work and a waste of resources. Avoid all this by hiring a qualified tax professional.
If you are hesitant to carry out the work yourself, worry no more because many service providers in Singapore offer business support solutions, including tax accounting services. The final thing you need to comply with is to find the right service provider. Take note that it is not easy, so here are some factors to consider when hiring a new tax accountant to be at the helm of your firm. Continue reading below.
Understanding Company Culture
But before going through the entire process of recruiting personnel in charge of business finances, understanding your company culture should be the first step to finding a new accountant. Do this by sparing some time learning your company’s culture, including daily operations, work environment, and types of team members.
When you are familiar with what goes around at the workplace, try categorising your firm, whether ultra-corporate or not. Is it an open and collaborative space? More than that, assess your needs because this will allow you to establish efficient solutions. You and your team are the people who can determine your business’s actual needs, so it is better to take this matter into your own hands.
Consideration and Work Style
Besides understanding company culture, consideration and work style are two things that you should look for in a tax expert. You can identify this by assisting your company’s multiple needs. You will add a new company member by hiring an accountant, which means you should be meticulous in what you are looking for in the newcomer. Do they need to fit perfectly into the existing standards or bring new efficiency into it?
Taxation Skills and Knowledge
The third consideration in this list is identifying the job requirements. Since no company is an exact company of another, job requirements are qualifications unique to your firm. Creating a job description is more manageable as soon as you identify all this. The job requirements should include what a professional tax accountant needs to do and has to work with.
Communication Skills
A part of a tax accountant’s job is to collaborate with other personnel inside and outside the firm. Hiring someone with the right skill set to communicate is only fitting. Although a high level of accounting skill is a major plus, it is not all it takes to handle business finances successfully. Accountants need to work closely with authorities come tax season, and they will have a hard time without good communication skills. After all, employees must reach out to address concerns, especially in an ever-changing industry like Singapore.
Only Reliable Tax Accounting Services at ContactOne
Reach out to ContactOne for reliable accounting tax services and more business support solutions. Our team would like to hear from you. Talk to us about your corporate needs, and we will find a way to address them efficiently and cost-effectively. We can walk you through more options if you turn to us today. Call us on +65 6333 0633 or +65 8666 3633 or visit our website.
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.