For a strong financial management, accounting is an essential function of your business. Many business owners choose to keep their accounts in house. It not only takes away valuable time, but it also increases the risk of compliance problems that could lead to a loss in their business. 30% fail in the first three years of a Singapore start-up. Poor financial management is one reason.
Professional accountants do more than just bookkeeping. A professional accountant can help you plan and manage your finances, which will result in better cash flow and management.
When looking to outsource accounting in Singapore make sure that you have a team certified Chartered accountants who are experienced in serving small and medium-sized businesses. They can also provide a dedicated account manager to assist your account.
This article will discuss the top 5 reasons you need accounting services and why outsourcing is better. ).
Reason 1 – Save Time & Money
You could pay thousands of dollars per month to hire an experienced accountant. There may also be significant training costs and time required to get them up-to-speed.
Engaging a professional Accounting firm can help you eliminate these worries. You can access the expertise of an entire team of accountants by paying a monthly fee. This will allow you to cut down on hiring costs and reduce training time. You will also be able avoid costly mistakes and employee turnover.
Reason 2 – Fosters Better Business Development
You will be able to see the financial health of your company if your accounting is done correctly. This will allow you to make informed business decisions that support your company’s growth. This will allow you to make more informed decisions and gain greater insight into the feasibility. You will be able to determine if it is time for another branch, either locally or internationally, or to hire a new employee.
An accounting firm that is reliable will help you understand your receivables, collections, and give you a clear picture about your cash flow and seasonality. You can access their market analysis and advisory services when you hire a regional accounting company.
Sound accounting practices will help you understand the performance of your company and make strategic sound decisions that will set your business up for success.
Reason 3 – Keeping Compliant with Statutory Requirements and Regulations
It is expensive and time-consuming to run a business. You don’t want to be in trouble with the Singapore Tax Authority (IRAS), and face a possible audit or worse, financial penalties.
Organising tax reporting paperwork becomes more complicated and time-consuming as your company grows. This includes payroll and Profit and Loss Statement.
Professional accounting firms are well-versed with tax laws and procedures. This will help you avoid potential pitfalls. They will quickly spot potential pitfalls and make sure your records are error-free, so you can stay compliant and have peace of mind.
Reason 4 – Maximize Your Savings and Deductions
Although compliance is important, outsourcing to an accounting firm in Singapore can help you enjoy tax exemptions and other benefits that you may not have known about.
You must meet certain conditions to be eligible for these tax deductions and tax rebates. These deductions can be obtained legally and successfully.
You may not be familiar with the tax treaties if your business is conducted overseas. Double taxation could result in you paying more taxes than you should.
An accounting firm that is experienced can help you understand all tax benefits and assist you in obtaining them. This will ensure that your costs are minimized and profits are high.
Reason 5 – Establish an automated and organized accounting flow
It is essential that accounting records be stored digitally as we move to a technological age. This will allow you to easily access them for financial analysis or reference.
Professional accounting services can help you set up a secure platform that includes advanced software. The platform can also include claims submission and payroll. This ensures that confidential records and information are protected electronically.
They can also produce digital analytic reports that help you to identify profitable areas in your business and drive growth.
Looking For A Trusted Accounting Firm In Singapore?
BoardRoom is a Singapore-based regional accounting firm. We specialize in helping corporations and fast-growing SMEs. This allows them to concentrate on what really matters – growing their businesses.
We offer a full range of Accounting services to assist companies in Asia-Pacific. These include managing tax accounting and statutory compliance reporting. This allows them to be compliant, maximize their tax benefits, and keep themselves organised for better decision-making.