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4 Types of Professional Accounting Services for Your Small Business

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accountingIs appointing a Singapore accounting firm essential? Being a small business owner is not easy when it comes to mastering their compliance. As the fact of the matter, they have to bear the brunt of the ever-changing laws and the constant tug of war between controlling costs and still trying to improve efficiency.

The owners believe that since their business is small, they’ll be able to smoothly handle the accounting of their business on their own. While some of them can do it, but for the majority of them, hiring an accounting firm in Singapore should be the preferred option.

These accounting firms work for your benefit. They ensure that you are paying minimum taxes while deriving the maximum profit. Their services are as per 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 – A monthly accounting firm in Singapore will see to it that your books are updated promptly, and 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 – The experts from your appointed 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 files. 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 your goodwill and brand image.
  • 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. You feel easy when you that your data will be safe and available to present if demanded by authorities.

Apart from the ones mentioned above, the accounting services in Singapore takes care of a few other minor needs like to cross-check bank transactions against books or keeping personal and business funds in separate accounts. This attention to details keeps you out of a difficult situation at the time of annual filing. It is the reason why it is highly recommended that you take help of the accounting firms Singapore.

You can directly call us on +65-6536 0036 or send mail at info@accountingservice.com.sg if you are interested in knowing more about our accounting services and costs.