News & Updates
tax and accounting services
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.
April 22, 2022
Even if starting a company in a business hub like Singapore is easy, challenges do not end at business formation. A business that wants to succeed in a saturated and competitive market has more work than registration. Do not fret, though, because a corporate service provider can help with anything business-related. Tax and accounting services are some of the services they offer, essential to startups in Singapore. Continue reading this article to learn more.
Why Are Tax and Accounting Services Essential for Businesses in Singapore?
A business is not easy to set up. From developing a compelling business plan to implementing efficient marketing strategies, a business owner has to go through all this to ensure success from the get-go. Because of this, many business owners want to get involved in all activities related to their business. However, haphazardly handling things does not guarantee business success. If you think nothing gets done effectively without your intervention, think twice. And ask yourself if you are acting as a business owner or a business manager?
Many startup owners made the same mistake when they started doing business in Singapore. Most of them feel the need to be involved in everything. But, doing so does not result in excellence. The worse thing is that their business suffers, and the consequences of their actions are starting to show. This only shows that being too involved in daily business operations leads to unawareness of actual business health.
In a situation like this, business performance is the most affected area. Not just that, it also leads to a domino effect, resulting in stagnant growth and significantly impacting the business’s financial health. More than that, this problem could get out of hand if you do not take preventive actions. If you are too consumed with doing everyone else’s job, you might not know that the solution to your difficulty is just around the corner.
With many things happening in an office setup, you need someone else to look after your business’s finances. You need to find a professional who can handle this essential task. When you find one, you can expect them to report back to you about what needs to be done to improve business finances and other things, directly and indirectly, related to it.
When it comes to your business finances, it is crucial to understand the benefits of outsourcing tax and accounting services. Finances are the driving force of your business, and that is why they should be taken care of by someone who puts your financial health a top priority. Although it costs more to hire bookkeeping services, it will compensate you as time goes by. And do not even think about doing accounting and taxation services yourself because it will never work while you are too distracted by the ever-changing industry.
Below are five benefits of tax and accounting services. Read on to know more about why you should let an expert manage your business’s finances.
It Lets You Spend More Time on Your Business
It Helps You Save Money
It Offers Expert Consultations
It Provides Professional Accountants
It Gives Advice on How to Grow Your Business
As a business owner, you should know your priorities in running a business, and the one on top of your priority list should be business growth. Believe it or not, it is challenging to hit two birds with one stone. You can’t juggle business income-generating activities and manage your finances at once. It is easy to understand that you want to know how much money goes in and out of your business; however, this is very complex amidst its various flowing areas. With a professional accountant at the helm, you can focus on your business, knowing an expert is handling everything.
Every small business should only allocate its payroll to employees who bring in money, like sales and marketing professionals. Although an accountant plays a vital role in monitoring monetary resources and complying with tax laws and regulations, they are not a source of income. That being said, doing accounting and tax services in-house is not a practical move, and outsourcing a corporate service provider becomes more beneficial than ever.
Hiring another company to support your business ensures that you only pay for what is being performed. No one should sit on your payroll waiting for work assigned to them. When your business starts to expand, you can bring in accountants and bookkeepers.
A qualified tax and accounting service provider focuses on providing expert advice on financial needs and nothing else. You cannot expect them to engage in sales, marketing, and customer service because finance is what they do best. As much as you want to secure your business’s future, you must trust an expert to manage your financial information.
Choosing the right tax and accounting service provider is essential for your company. Hire a reliable provider who can properly deliver the effort you need to get things done on time. Working with them will help you stay up-to-date with new knowledge, follow the best practices, and look out for beneficial innovations within the industry you operate.
Finance is considered one of the most complex business aspects because of its moving parts. Because of this, it is only right to outsource this part of your business to an expert. Working with a solutions business provider that specialises in accounting will ensure high-quality services, including accounting, taxation, and bookkeeping. Moreover, you can also designate business functions effectively and align them all together for a more productive and cohesive business unit. Therefore, when tapping a company that offers tax and accounting services, you will be provided with a professional team that can accurately take on the job.
Whether you are a startup or an established business in Singapore, your main goal is to succeed in the industry, achieve short- and long-term goals, and continue growing amidst challenges and determined competitors. But there is no such thing as a formula to success. Successful businesses acquired advice from other companies they worked with. Hiring a tax and accounting service provider now means collaborating with another business with the same goal.
Having a Reliable Team Working on Your Tax and Accounting Tasks Will Greatly Help Your Business
Are you looking for a reliable tax and accounting service provider? Turn to ContactOne now. We know the importance of proper accounting. With this knowledge, we are able to provide strategic solutions to our client’s needs. Call us on +65 6333 0633 or +65 8666 3633.