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14 December, 2016
Do the businesses really need to hire accounting services Singapore to look after their statutory compliance?
The incorporated companies in Singapore exist as the legal persons. They, like naturally born persons, cannot talk, but, they have their own language to communicate the important events of their daily activities. They exchange information in the language of accounting.
Only the qualified accountants appointed or accounting services Singapore hired by the businesses get to understand their intimate secrets. And only the most initiated can understand the ebb and tide of their finances and the rise and fall of business conglomerates and empires.
“You have to know accounting. It’s the language of practical business life. It was a very useful thing to deliver to civilization. I’ve heard it came to civilization through Venice which of course was once the great commercial power in the Mediterranean. However, double entry bookkeeping was a hell of an invention.” Charlie Munger.
For every business, small or big, the updating of books of accounts as per its monthly accounting or quarterly accounting schedule is a necessary activity. In Singapore, it is an obligation dictated by the regulatory authorities. During the process trained accountants hired from experienced accounting services Singapore can reveal vital information about the business' financial health for the benefit of its business owners.
Types of Bookkeeping System Practiced by the Accounting Services
The bookkeepers assigned by the accounting firms in Singapore offer monthly or quarterly bookkeeping services. They go through the company's daily financial transactions and record it accurately in the appropriate books of accounts.
The companies employ either single-entry bookkeeping system or double-entry bookkeeping system for the recording of their transactions. The accounting services adjust their services to their clients' requirements.
Single-entry Bookkeeping System
The single-entry bookkeeping system is used by the companies having a low volume of transactions. Many of the owners of these companies try to do the task on their own. However, it may affect their focus on core functions, and the job requires a bit of technical knowledge. That is why many of them prefer hiring of qualified accounting services Singapore for their small businesses.
Double-entry Bookkeeping System
The double-entry bookkeeping system gives a clear understanding of a business' financial transactions. What the business pays, is recorded on the ‘Credit’ side and what it receives is recorded on the ‘Debit’ side. Thus every transaction is entered twice. This system is not easy to use with a high volume of business transaction.
Hire an Accounting Services Singapore for your SME
These firms also render a monthly accounting or quarterly accounting services and use the recorded data to prepare the financial statements for the business. The properly done financial statements depict the true financial standing of the client's company. It is a valuable feedback to the owners and management of the company.
The feedback enables the decision makers to take firm decisions about their company's future course of action. The accounting firms prepare cash flow statement, profit and loss statement, and balance sheet for them. They also offer services for the preparation of Compilation Report/ Director's Report and unaudited financial statements.
Services Offered by the Accounting Firms in Singapore
Not only established businesses like MNC's and SME's need to hire experienced accounting companies in Singapore. The startups and small businesses also benefit from doing so. For the small businesses, these firms can point out where they are spending beyond their needs. They can also offer their advice on the business plans, etc. The essential services provided by accounting firms:
Singapore Accounting Software Assistance
Singapore Professional Accounting Service
Recording Full Set of Account Transactions
Preparation of Cash Flow Statements
Singapore Group Consolidation
Singapore Bank and Other Accounts Reconciliation
Accounts Payable (AP)
Financial Statements Preparation
Preparation of Compilation Report/ Director's Report
Compilation of Accounts
XBRL Statement Preparation
What ACRA Expects from the Directors of the Company
The mandates of Accounting & Corporate Regulatory Authority (ACRA) are binding on the Singapore companies. The accounting services Singapore assists their clients with it. Their accountants are aware of the latest and even the minute changes in the rules and regulations. These certified professionals follow Singapore Financial Reporting Standards (SFRS) during the execution of their client's accounting needs.
The directors of the Singapore companies are responsible for their business's annual filing. They are expected to honor the due dates of the filing. The accounting services Singapore prepare their financial statement on time and even help them with the filing in XBRL format.
The financial wizards serving in accounting services Singapore assist their clients in preparing a workable budget. A sound budget, based on the detailed knowledge of cash flow, helps the owners in conducting their business activities within their means. It serves them as a roadmap for the future endeavors their business.
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