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Avoid Penalties by Hiring Accounting Services for Small Businesses

In the beginning, it is easy for a small business owner to record transactions carried out for the business. As the number and complexity of the transactions increases, the owner tries to manage it by asking knowledgeable friends, relatives or someone he knows, to look into the matter.When the business grows beyond this level of transactions, then, the owner should look for one of the accounting firms, such as SBS Consultancy. This firm specializes in small business accounting & bookkeeping services. Hiring an in-house accountant to manage company’s accounts and ledger may prove, at this...

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Outsourcing of Payroll Services Proves to be Godsend for SMEs

Payroll is one of the challenging and tiresome functions of a business organization. It requires a lot of concentration, effort, and involvement of a manual resource. SMEs are especially the ones to bear the brunt. They have to devote a big part of their already limited time and resources, in this function. For them, it is profitable to outsource the entire payroll related function. It helps the business owners to concentrate more in shaping their business ideas on growth and development. Given below is a list of difficulties faced by small size business in managing payroll services –...

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8 Mistakes to Avoid When Filing Self-Employed Income

Being self-employed has its own charm. The benefits are many, starting from being your own boss to flexible work timings, there are no limits to what self-employment can bring to the table. However, this independence comes at a cost. Self-employed people usually have to face more of record keeping and have to remain on top of the Singapore tax filing deadlines. They have to wear more number of hats; in simple words, they are their business. The only aspect that they need to remember is to avoid becoming ‘penny wise dollar poor’, when dealing with Singapore taxation rules. The Singapore tax...

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4 Types of Professional Accounting Services for Your Small Business

Being a small business owner is not easy. As the fact of the matter, it is the small businesses that bear the brunt of the ever changing laws, and the constant tug of war between controlling costs and still trying to improve efficiency.  They believe that since their business is small scale, they’ll be able to handle the accounting processes smoothly on their own. While some of them can do it, but for the others, hiring a Singapore accounting firm, to handle the accounting business services, should be the preferred option. These accounting firms ensure that you are paying minimum taxes while...

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How to Differentiate Account Receivable and Account Payable of a Company

Account receivable and account payable are the two crucial aspects of a business, which have to be maintained in an effective manner in order to reap benefits of maximum ROI. While account payables are the amounts a company owes when it purchase goods and services on credit from a vendor, accounts receivable are amounts a company has right to get or collect as it has sold goods or services to a customer on credit. A sale of a company is a purchase for another company and thus, account payable of a company is account receivable for another company. Essentially, on the balance sheet of a...

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Basic Functions Performed By an Accounting Firm

Accounting 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...

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