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Basic Functions Performed By an Accounting Firm

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Accounting-FirmAccounting forms the bedrock of a company’s financial record keeping. It is also a valuable tool to measure its financial health and performance. It is therefore highly essential for you to execute company’s accounting-related tasks effectively.
 

Directors are Responsible for Updating Accounting Books

ACRA, the agency that governs all companies in Singapore, holds company directors responsible for the filing of their accounts. It is a time consuming and resources intensive task. Many directors of small companies prefer to outsource their accounting needs to competent corporate accounting firms.

 

SME Accounting Services in Singapore is Cost-Effective

Outsourcing to accounting services enables Singaporean SMEs to avoid many problems and save money. They do not have to hire in-house accountants and bear their expenses throughout the year. It also means they do not have to deal with the accounting errors or mistakes arising out of their work.

Singapore accounting firms employ a team of highly experienced accountants. They work for different clients from all sorts of industries. Their work enables them to perform a variety of Singapore accounting functions which otherwise would be a daunting task for an in-house accountant.

Moreover, the exposure the Singapore accounting companies possess allows them to deliver professional accounting services in accordance with the Singapore Financial Reporting Standards. Depending on your accounting needs, they update your books using Single-Entry or Double-Entry accounting systems.

 

Functions Accounting Firms in Singapore Perform for Your Small Business

Let us see the various functions the accounting firms in Singapore perform for you. Appointing them is a sure-short way of relieving the burden of the non-core but critical task of managing your company’s books of accounts.

A) As per the law, every company need to update its books of accounts regularly. The bookkeepers working for your monthly accounting services in Singapore go through your financial transactions meticulously and digitise every invoice and receipt.

B) Accounting services for small businesses digitised financial records to perform the most important function of maintaining and preparing financial statements like Profit & Loss statements, Balance Sheet, Cash Flow statement, etc.

C) Accounting service providers prepare the director’s report that you need to submit with your financial statements to ACRA.

D) The accountants working for the SME accounting services conduct internal and external audits in order to review the operations & financial statements of your company. An audit report prepared by a third-party firm is valuable to the investors and management in making financial decisions.

E) Accounting firms provide guidance and expertise on tax-compliance matters. Their accountants use their substantial experience and knowledge minimise your tax amount.

F) Last but not least, the accounting & bookkeeping services provide you with advisory on mergers, acquisitions, disposals, and expansions of your business when the need arises.

No matter what your accounting need is, you can efficiently take care of it by employing an experienced accounting firm in Singapore. When you outsource your business’ non-core function, you benefit by saving time and human resources.

It allows you to pay more attention to the core activities of your business. In the long run, it is wise to pay affordable accounting services fees and reduce the stress associated with the accomplishing the compliance flawlessly.

Are you looking for accounting services in Singapore? Call us on +65-6536 0036 or kindly mail us at info@accountingservice.com.sg to discuss your accounting requirements.