In running your business, you need to direct all the energy you can muster at your foremost priority: improving your product/services and growing your business through sales. But in every business, there are important aspects like financial management, which require competent, well-trained, and technical hands to handle, and you may not be well skilled in such areas.
You can easily hire an accountant from an accounting firm to run these aspects of your business for you. Accountants are professionals specifically trained to offer special financial services to companies and individuals. There are certain services better left in the hands of an accountant, and the following are the key services provided by accounting firms in Singapore.
Bookkeeping is a basic yet highly important financial service often offered by accounting firms. It involves business valuation and recording all transactions which take place within the business. As there may be several accounts owned by the company, it is also essential to determine which account each transaction affects. The accountant or bookkeeper valuates these transactions while making records.
Bookkeeping is crucial to every business as none can operate successfully without keeping a record of all its financial transactions. Nevertheless, not every bookkeeper needs to be an accountant by profession.
2. Accounting services
As with bookkeeping, accounting deals with a business valuation, identifying, and recording every financial transaction carried out by the company. The main difference between the two is that while bookkeeping stops at recording, accounting deals with interpreting these records to form a financial statement for the company.
These financial statements compiled by the accountant are very important as they tell whether the business is progressing or not and the reason behind it, and this could be used for deciding your next move.
3. Audit services
There is a need for financial records to be examined from time to time, checking for errors, and if the business is running in compliance with regulations — this is what auditing entails. The auditor is a specialized accountant who works independently and not within the company, and so can form an unbiased opinion about the financial statements of the company, whether it was done fairly, accurately, and in compliance with accounting regulations. An audit firm in Singapore is a specialized accounting firm and should be hired periodically to audit your business. If there is any error or issue which needs to be addressed, the company will be duly alerted.
4. Tax planning and preparation
This is a very common service offered by accounting firms in Singapore. As almost every business is affected by tax, there is a need to determine your company’s tax liability. You also have to follow up with the ever-changing tax laws and ensure that you comply with the current IRAS regulations. As you likely would be busy selling your products, you may lack time to prepare your tax return, and submitting your tax return after the deadline may cost you a huge fine. Fortunately, hiring an accountant would help you avoid tax issues, and they would even help you find ways to minimize your tax.
5. Consulting services
Often, you may find your business in a situation that makes you uneasy and at a loss about what to do. It becomes imperative to consult professional advice from a learned personality or entity that knows all about your business environment and situation.
Accounting firms are known for acting as financial consultants, and they use their knowledge to evaluate your current situation, determine the next best step to take, notify you of changes in business regulations within your environment, and advise you on what to do to make your business more efficient and successful.
Accounting firms in Singapore are known for offering consultancy services for insurance and tax planning, advising you on what decision to make and the right time to make it, all serving to move your business forward.
6. Special advisory services
Finances are a core aspect of every business, and having your finances handled by a professional can mean the difference between your company’s success or failure. This is where Chief Financial Officers (CFOs) come in. The accounting firm can act as an outsourced CFO, creating important operational and financial policies for the company. They make financial decisions by evaluating the financial statements of the company.
In a Nutshell
For efficiency, there is a need to assign the right tasks to the right persons. While managing your product design, sales, and services delivery, you should leave record-keeping and other financial matters in the competent hands of the financial professionals for all-round business efficiency. Hire an accounting firm in Singapore for your accounting services. For more information, get in touch with us.