Bookkeeping services singapore are essential for the survival of any business. They are a compass that guides companies through their financial journey from nascent startups to established enterprises. While some small business owners handle their own bookkeeping services singapore, others opt to hire professional bookkeeping services. But which bookkeeping service is the best? This article is a guide to help you find the right one for your needs.
Beyond Numbers: How Expert Accounting and Bookkeeping Services Propel Businesses in Singapore
Basically, bookkeeping involves the systematic recording and organization of your company’s financial transactions. It forms the foundation of the accounting process and includes transactions such as revenue & expenses, invoices & sales receipts, bank reconciliation statements, fixed assets, accounts payable & receivable, and payroll. Ultimately, it is the heart of your business’s financials, and a good bookkeeper will be able to keep your books up-to-date and accurate at all times.
When looking for a bookkeeping service, look for one that offers cloud-based software and specializes in accounting services for SMEs. This will enable you to access your financial data in real time. Furthermore, it will also facilitate easier decision-making and improved overall financial management.
Moreover, hiring a reputable bookkeeping service in Singapore will also ensure that you meet compliance requirements. As such, they will help you draft your financial statements in accordance with the Singapore Financial Reporting Standards (SFRS). This is critical for the submission of corporate income tax returns to IRAS and ACRA. Furthermore, the drafting of reliable financial statements will allow you to contrast your results from one period to the next, which is necessary for business planning purposes.