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Avoid Penalties by Hiring Accounting Services for Small Businesses

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Accounting-ServicesIn the initial days, it is easy for you as an owner to record every financial transaction of your small business. As the number of complex transactions increases, you may try to manage it by asking knowledgeable friends or relatives to look into the matter. Beyond that, you must look for professional help.

Hiring an in-house accountant to manage your accounts and ledgers may prove, at this stage, costly. Alternatively, you can appoint one of the outsourced accounting services providers.

The experts engaged by these accounting firms in Singapore, take all the raw data and leave the client with the final product. You can expect their expert assistance for bookkeeping, taxation, and preparing financial statements for your small business.

 

Timely Bookkeeping for Your Small Business

Engaging a professional accounting service for your SME is important in putting the accounts straight. With the help of orderly bookkeeper, you can scrutinise business’ current as well as past transactions.

Without an expert, accounting for your business may turn out to be a doomed activity. It may hamper the reconciliation accounts or tax calculations. Without proper accounting, it is hard to predict whether your business is spending more than it is making and corrective measures cannot be taken.

 

Calculating Taxes for a Business in Singapore

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 to minimise the impact.

A well-drilled accounting team at the SBS Consulting helps you in taking care of the annual returns and tax returns that you must file to ACRA and IRAS, respectively.

 

Preparing Accurate Financial Statements for SME

Singapore accounting laws are tough on any offender. Mistakes, even unintentional ones, are penalised by IRAS.

It takes a lot of practice and knowledge to prepare faultless financial statements of a company. These statements are complex, and an accountant, 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 experts. This will leave enough time for them to concentrate on business promotion and for rendering services.

 

Rely on Your Accounting Firm for Sound Financial Advice

Maybe you, as a small business owner, are looking for the solutions for 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. However, we, at SBS Consulting, assist you in taking care of the issue.