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Basic Functions Performed By an Accounting Firm

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Accounting-FirmAccounting forms the bed rock of a company’s financial health and it is therefore highly essential for businesses to execute the accounts related tasks effectively. However, many companies off late prefer to outsource their accounting requirements to corporate accounting firms due to the difficulties associated with hiring an in-house full-time professional accountant. Also, the possibility of errors arising out of the accounting practices performed by an in-house accountant would have grave consequences for the company.

A Singapore accounting firm with its team of accomplished and highly experienced certified accountants can perform a variety of Singapore accounting functions which otherwise would have been a daunting task for an in-house accountant. Moreover, the exposure that such firms possess allows them to deliver professional accounting services in accordance with the Singapore accounting standards. Hence, this write-up has been aimed at the various functions which the accounting firms in Singapore perform so as to relieve the burden of such critical non-core task of a company.

a)      The accounting services for businesses offered by the accounting firms perform the most important function of maintaining and preparing the financial statements of a company.

b)      Such firms also record all the financial transactions of a company which include profit & loss statements, balance sheet, maintaining general ledger etc.

c)       The preparation of the director’s report of a company is also a key function of such firms.

d)      The process of conducting internal and external audits in order to review the operations & financial statements of an organization is a vital function among the host of accounting service for small business provided by the service firms.

e)      Accounting firms provide guidance and expertise on tax compliant matters. The accountants of such firms have substantial experience and knowledge about all the tax laws and thereby enable companies to avoid paying exorbitant taxes.

f)       Last but not the least, the business consulting services of such firms which include advisory on mergers, acquisitions, disposals, and expansions allows businesses to flourish and compete with the best.

No matter what your requirements are as a business entity, by employing such accounting firms Singapore for your non-core accounting needs, you are bound to benefit not just with regards to the financial status but also the overall profits which you generate in the process of focusing on your core activities of business.

If you are interested to make us your preferred partner to fulfill all your accounting needs, then kindly mail us at info@accountingservice.com.sg or call us on +65-6536 0036