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Avoid Penalties by Hiring Accounting Services for Small Businesses

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Accounting-ServicesIn 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 volume of transactions, then, the owner should look for one of the outsourced accounting services, such as SBS Consultancy. This firm specializes in small business accounting & bookkeeping services. Hiring an in-house accountant to manage the company’s accounts and ledger may prove, at this stage, costly for the business.

Professionals engaged by this well-known accounting firms in Singapore, take all the raw data and leave the client with the final product. SBS consultancy, a Singapore accounting service, takes charge of tasks related to bookkeeping, taxation, and financial statements.

Bookkeeping for Small Business Owner

Engaging a professional to do this service for your small business is an important decision, in putting the accounts straight. With the help of orderly bookkeeping, the business owner can scrutinize current as well as past transactions. Without it, accounting for a business is a doomed activity. Important tasks such as reconciliation of numbers or tax calculation cannot be done and any mistake in reporting to IRAS brings a penalty to the owner. Without it, it is hard to predict, whether the business is spending more than it is making, so corrective measures cannot be taken.

Calculation of Taxes for Small Business Owner

All businesses pay taxes mandated by the Inland Revenue Authority of Singapore (IRAS). The trick is in knowing how to save and when to claim tax rebates and exemptions. A well-drilled accounting team at the SBS Consultancy helps their clients in not getting penalized, by taking care of the tax returns that a business must file to IRAS.

Financial Statements for Small Business Owner

Singapore accounting laws are tough on any offender. Mistakes, intentional as well as unintentional ones, are penalized by IRAS. It takes a lot of practice and knowledge to prepare financial statements of a company. These statements are complex and an expert, dealing with them day-in-and-day-out is better prepared to tackle them. Laymen to the field of accounting are better off if they outsource their businesses accounting to expert. This will leave enough time for them to concentrate on business promotion and for rendering services.

Financial Advice for Small Business Owner

The major problem faced by these individuals is of separating personal and business finance. For some owners, these matters are so entangled that they need financial advice to sort them out. Not all of the professional accounting services extend help, in this direction, to their clients. SBS Consultancy takes care of this issue for their clients.