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4 Types of Professional Accounting Services for Your Small Business

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accountingBeing 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 services Singapore, should be the preferred option.

These accounting firms ensure that you are paying minimum taxes while deriving the maximum profit. All the accountant services are provided keeping in mind the Singapore accounting standards. This takes away your major concern of keeping abreast with the constant updates in the policies and law. Given below are a few services that accounting firms in Singapore provide to small businesses.

  • Bookkeeping – An accounting firm in Singapore will see to it that you get a timely and accurate analysis of your day to day transactions. The services covered under small business accounting & bookkeeping include generating profit and loss statements, budgeting cash flow statements, preparing year-end tax forecasts, financial dashboards and more. This data compilation will help you stay on track.
  •  Tax and Compliance – An accountant service will help you deal with all the complexities of tax requirements. It will bring to the table an ample amount of research on tax planning and compliance laws, which eventually would save your considerable amount of time. Always keep in mind one point to ask before hiring an accounting firm, that is, if they specialize in your type of taxation needs or not?
  • Handling Business Credit – A few Singapore accounting firms can help you manage your credit file. They will monitor your business credit history and keep your business credit score updated by reporting to the business credit bureaus. This is an important process, as it helps you maintain good credit.
  • Keeping Data Updated – Services related to accounting in Singapore are highly reliable. An accounting firm Singapore will not only give you workable solutions for your daily dealings but also keep backup files of all your important data so that you don’t lose any of it. This service gives you the much sought after peace of mind because you know that the information will never be lost.

Apart from the ones mentioned above, there are a few minor requirements that you may ignore, and come compilation or tax time, and you are in a fix. Therefore, to avoid inconveniences and moreover loss of revenue, due to petty reasons, like forgetting to cross-check bank transactions against books or clubbing personal and business funds in one account, it is highly recommended that you take help of the accounting firms Singapore.

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