Accounting is a key function in any organization be it a small, medium or large firm. Accounting plays a key role in ensuring that that the firm’s limited resources are used prudently for to generate the required returns. The task involving accounting can be laborious and complex, especially to a non-professional. However, outsourcing the right accounting firms in Singapore can help you to not only meet the reporting requirements but also minimize the cost of retaining an in-house accountant. Here is a quick look at the services offered by accounting firms in Singapore:
• Processing all the accounts for any type of business
• Provision of periodic accounting services
• Offering customized accounting services for both Sole-proprietors, Partnerships, SMEs, incorporated firms and multinationals
• Reviewing of the accounting software, selection and implementation of accounting systems
• Provision of payroll services with custom-made pay slips
• Conducting management reporting
• Offering expert accounting services when planning for dissolution, winding up or a merger. This is a sophisticated job that can only be handled by reputable accounting firms in Singapore
Here are some of the services to expect
Bookkeeping: Under bookkeeping services, professional accounting firms deal with all your accounts payable and receivable, payroll, and tax returns.Additionally, they will perform bank reconciliation, handle general ledger entries, prepare monthly trial balances, as well as preparing other financial statements.
Accounting: They will prepare faultless budgets, financial statements, tax returns, and perform accounting audits. Properly done accounting
can help determine your expected cash flow needs and other business forecasts. If need be, they can help in setting up computerized accounting systems for your business.
Audit: Professional accounting firms will examine your financial records and financial practices. They will also check the processes and controls ensuring that the records and internal controls are properly in place and are being adhered to as per the firm’s policies. What’s more, they will ensure accuracy of your financial statements as per Singapore’s accounting standards.
Filing of Tax Returns and Planning: Accounting firms in Singapore are always updated on the changes in tax codes. Therefore, they will ensure that your financial reporting complies with the IRA regulations. Some of the services include determining your tax liability and ensuring that statutory filing adhere to the requirements.
Choose the Best Accounting Firm in Singapore
Remember that accounting is not a core task for any business. It can be time-consuming. What’s more it does not earn the business any revenues. Therefore,you need to retain a trusted accounting firm in Singapore to handle your accounting needs to allow you focus on core business activities.
