As a small business owner, you have alot of responsibilities from overseeing operations to meeting client expectations and everything in between. Plus, when you factor accounting into the mix, it’s easy to get overwhelmed especially when you have no prior background.
Despite the challenges, it poses however accounting is an essential part of your business for several reasons such as one, it will allows you to keep track of necessary payments and financial development to ensure your company’s financial stability, that said accounting would be a priority.
But if you’re worried about not being cut out for the job, you can always choose to outsource your accounting services from us.
However, many business owners still opt to handle their accounts in-house. This not only takes up their valuable time but also heightens the risk of compliance issues that could cost their business in the long run. 30% of Singapore start-ups fail within the first three years, and poor financial management is one of the principal causes.
Here are the list of some important services you need to get for your progress of your business:
Bookkeeping
The first service you’ll need to get is bookkeeping, as this is one of the basic accounting functions that involve tracking financial transactions and maintaining accurate records of income and expenses.
As a basic accounting requirement, bookkeeping forms the foundation of your financial health as such you must hire a professional who can ensure accurate and organized timely recorded data.
Monthly Accounting
Once data has been gathered through bookkeeping services, the next step is to analyse them as this is where monthly accounting comes to play.
Monthly accounting involves evaluating data from monthly transactions to gain valuable insights into your company’s financial performance, as in other words, this service could help you ascertain which areas of your business are the strongest and which that needs improvement.
With the help from our professionals, you can build budgets and analyse reports to make more profitable business decisions.
Cashflow forecasting
Another service which can help you make better decisions and plan for the future is cash flow forecasting.
Based on the cash inflow and outflow from monthly reviews, you and our professional can project how much money will come in and go out of your company in the future to avoid any unwarrented surprises or shifts in the flow that may lead to financial disaster.
A professional accounting service can set up a secure platform with advanced software for your company. Other aspects such as payroll and claims submission can also be integrated into the platform so that the company’s confidential information and records are kept electronically in a secure location.
They can also create digital analytical reports which help you identify the most profitable areas of your business to drive growth.
Financial Growth Monitoring
Besides cashflow forecasting, accountants also monitor financial growth overtime to give you a more accurate depiction of your company’s financial performance. Using monthly and yearly reviews, our professional can provide you with a statistical overview of your overall positioning.
Not only that but also based on the projection of future financial growth to help you visualise the potential of your company.
While staying compliant is of critical importance, outsourcing to a professional accounting service in Singapore allows you to enjoy tax breaks and exemptions that you might have been unaware of.
To claim these tax rebates and business expense deductions, you must meet a set of qualifying conditions. Many nuances are involved in obtaining these deductions successfully and legally.
Moreover, if you conduct business overseas, there are numerous tax treaties that you may be unfamiliar with. This could lead to double taxation, causing you to pay more taxes than you need to.
A professional accounting firm can advise you on all the tax benefits you are entitled to along with helping you obtain them so that you minimise costs and keep profits high.
Staying Compliant with Statutory Requirements & Regulations
Statutory compliance takes into account of your company’s legal obligations for instance, paying taxes late or forgetting to file financial reports can lead to severe penalties. To avoid acquiring fines, outsourced accounting services ensure that your company remains compliant and submits all the necessary documents on time.
Running a business itself is time-consuming and costly. The last thing you want to happen is to run afoul with the Singapore tax authority (IRAS) and be hit by a potential audit or even worse, suffer financial penalties.
As your company grows, organising the paperwork for tax reporting becomes increasingly complex and tedious as it encompasses many things including payroll and Profit & Loss Statement.
A professional accounting firm is well-versed in tax laws and procedures, helping you avoid potential pitfalls. They can quickly spot any irregularities and ensure your accounting records are faultless, allowing you to stay compliant and enjoy peace of mind.
Fosters Better Business Growth
When your accounting is done right, you will have a clearer picture of your company’s financial health. This allows you to make informed decisions to support your business growth. You will also gain greater insight into the feasibility of critical decisions. These include deciding if the time could be ripe for the opening of another local or overseas branch or maybe to hire a new employee.
A credible accounting firm helps you understand your receivables and collections and paints a clear picture of your company’s cash flow and business seasonality. When you engage a regional accounting firm, you gain access to their advisory services and market analysts.
Through sound accounting practices, you can begin to understand your company’s performance and start to make strategically sound decisions, setting your business up for success.
Conclusion
At Count On Me, we are a regional accounting firm in Singapore and are experts in helping companies, from corporations to fast-growing businesses, allowing them to focus on what matters – growing their business.
From handling tax accounting to managing statutory compliance reporting for companies across Asia-Pacific, we help companies with our full suite of accounting services, allowing them to stay compliant, maximise their tax benefits and stay organised for better decision making.
