What are the types of accounting services for small business enterprise in Singapore?
Book keeping/ Accounting and Yearly Tax Filing Pricing For Newly opened sole proprietor run Mini Mart
March 3, 2019What are the types of accounting services for small business enterprise in Singapore?
Accounting Services for Small Business Enterprise in Singapore includes Accounting System Setup and Bookkeeping, Analysis of the financial statement, Tax and Payroll Assistance and, Regular Audit and Accounting, Corporate Secretarial Services. It is critical for small enterprises and startups to outsource all types of accounting and audit services to an expert Public Accountant in Singapore.
It is going to cost you lot of time when you are working with an in-house accountant who have had formal training. You should be saving your time on accounting and making all the efforts as well as the time on the areas which can bring revenue to your business, simply by outsourcing all types of accounting and audit needs to a public accountant.
If you want to increase the productivity and want to reduce the cost of account for a transaction then you should go for outsourcing the accounting services. Moreover, they will not be any need of training the staff to manage your accounts.
All the business owners in Singapore, it is quite essential to know about the financial health of your business. You can do it easily by updating the account books regularly and checking them time to time. If you want to avail the best accounting services in town then Outsourcing the accounting services is one of the smartest choice you can ever make. It is the vital decision for your small business that you should also the accounting services in order to improve the account book of your business.
You might be thinking that from where you can get these outsourced accounting services? Then here we are to help you with it! We have you covered for each and everything that comes under the ACRA Audit, ACRA Accounting, IRAS Tax Services and Corporate Secretary Services tab!
We are providing you with all types of accounting services for small business enterprises in Singapore. Even if you are a built up business we have you covered for accounting services. We can maintain the books to account for all types of transactions such as reconcile, Payroll, GST, receivables and payables. We are using different reliable software’s in order to keep all the accounting data. We will provide you with computerized accounting service for your business depending on your needs. Even if your company is exempt from the audit, in that we can provide you with financial statements or compilation reports.
Benefits of using outsourced accounting services
- You can get better performance when you are using the professional services
- All of your financial information will be kept discreet
- The turnover of your accounting staff will not be an issue anymore
- You have access to the external accounting expertise which is established already
- You are going to get free up management from the administrative tasks
- You will be able to give all of your concentration to the higher level finance decision making
There are rules in Singapore so that all the operations of businesses and companies that a registered in the country are following the requirement and the accounting standards are being met.
If you want to avail the accounting services for the small business then you can ensure the success of the company. You probably have a existing full time accounting personnel who is working for you, but if you want to get the perfect bookkeeping services in order to manage each and everything then you should outsource the expert public accountant.
If there are less than 15 employees in your company and you want to enjoy more advantages with outsourcing the bookkeeping company then you should go for it. You will see that there is employment management with less hassle, moreover, they will not be any burden upon you of updating or training the staff.
Accounting System Setup and Bookkeeping
Small Enterprises in Singapore should be aware of the fact that the accounting starts with maintaining and documenting the records of all the transactions going on. SMEs will be able to take the right decision about your business when you have all the necessary and relevant accounting information about your business.
We can say that accounting is able to cover everything from preparation of the financial statements to the Record Keeping.
When we talk about Outsourcing accounting services, we come to know that accounting services are virtually paperless and more efficient. At Audit Express, we offer a full range of technology enabled accounting and bookkeeping services for companies
The accounting services provided by Audit Express is unbiased, fast, and accurate, suitable for small companies in Singapore who require a proper and complete set of financial statements.
Analysis of the financial statement
The most imperative meaning of all the accounting services is interpretation and analysis of financial statement and all other important financial reports. If your accountant is not having proper understanding of the data in the reports then there is no point of all the accounting processes that are kept by him.
Rather if you are taking assistance from an expert then you will see that how much this understanding is important for the performance of your business.
The following are examples of what is included in an financial statement analysis:
- Statement of Comprehensive Income (Profit & Loss account)
- Statement of Financial Position (Balance Sheet)
- Objectives of Financial Statements
- Users of Financial Statements
- Liquidity Ratios
- Profitability Ratios
- Efficiency Ratios
- Investment Ratios
- Analysing the Performance of a Company
- Interpretation of Financial Statements
- Interpretation of Auditors’ Reports
- Presentation of Financial Statements
Tax and Payroll assistance
Your accountant is also responsible of preparing the payroll vouchers and maintaining the payroll records, for disbursements and payments. He will be responsible for computing the deductions and payrolls, such as payroll tax, Healthcare, etc.
With the professional accounting services Audit Express can assist you in all these matters, we will also compute the taxes due and prepare the text form for payment and filing upon your request.
Regular Audit Service
Regular audit is the thing that every business in Singapore is undergoing. The major accounting service, audit, maybe independent or internal, will cover the checking of the company’s accounting system, management, and all the other operations. If there is a positive result of the audit then we can say that the value and credibility of the company will be increased.
Now you know that what are the basic accounting services available in the market, you will be able to make the decision that what the main needs of the company are. You should go for outsourcing the accounting services in order to enhance the overall accounts and management of your business.
If you are a small business and need help with your Accounting in Singapore then you can rely on our amazing accounting services. You will be assured that our team is going to provide with Top Notch, straight forward, simple accounting services in Singapore. We are having the latest software’s with the backs practices and recent updates of accounting in Singapore. Talk to the trained and expert consultant right away!
More information on Accounting and Audit in Singapore
Who is Public Accountant or CPA?
Public Accountant has the authority and power to sign statutory audited financial statement. A Certified Public Accountant (CPA) which is an older version or older words used) is the same as Public Accountants (PA). Both words can be used interchangeably.
Why Audit services are required in Singapore ?
A new company or any company which require audit will need to produce their current year management accounts and their supporting document to a Public Accountant (PA) or Certified Public Accountant (CPA) within a reasonable time frame for audit so that they have enough time to held their Annual General meeting or AGM in order to submit their annual audited accounts or annual return to ACRA within the required deadlines.
Which companies needs a PA or CPA?
A new company who satisfied any two of the 3 conditions A) with a turnover of over S$10 million, B )assets more than S$10 million or C)more than 50 employees will require to has their accounts audited by a CPA or PA and held an Annual General Meeting within 6 months from the date of their financial year end. Late submission of accounts or late filing of annual return to ACRA will result in penalty.
We are not GST registered. You save on GST charges for clients’ companies who are not GST registered.
Contact information: kindly call Wilson Yeoh
Phone:+65 9862 1860
or home based office:+65 6296 8436
Email address: wilsonyeoh@hotmail.com
Useful links to understand Accounting and Audit for Singapore small business:
