Why Small Businesses Need Assistance of Accounting Companies in Singapore?

Despite being aware of the benefits of outsourcing accounting services, most small businesses in Singapore avoid affording one. They keep juggling between completing productive activities and counting numbers of accounts of their businesses. Considering the ever-rising challenges small business owner face while handling day-to-day affairs of the business, it is apparent that they must seek the assistance of professional accounting services in Singapore.

Does hiring accounting companies in Singapore cost money? Yes, but not that an exorbitant amount. The misapprehension about the cost of outsourcing accounting is preventing small business owners from seeking their service. More often than not, businesses operating on a shoe-string budget most likely to spend a lot of time trying to identify the place where they can cut down the business costs. But, given the benefits it has to offer, small business should consider their services as an investment rather than an expense.

Why is Outsourcing Accounting Services Singapore Essential?

Both healthy cash flow management and compliance with law stand paramount when it comes to outsourcing of accounting in Singapore. The businesses in Singapore must strike a balance between sound record keeping of accounts and legal compliance.

The authority called ACRA (Accounting & Corporate Regulatory Authority), overseeing the law, is stringent about the law abidance. There is a set of compliance requirements laid down by the ACRA for companies, which must be fulfilled within the specified deadline. Failing to comply may result in legal penalties and fines. Preparation of financial statement, filing XBRL, filing Annual Returns (ARs) and hosting Annual General Meetings (AGMs) are some of such mandatory requirements, every Singaporean company (unless exempted) must adhere to.

It does not matter how small or big your company is; it must meet the statutory regulations put in forth by the authority. So, it is not an easy feat to maintain a healthy record of accounting while staying compliant with the law, for a novice business owner. The expertise of accounting and bookkeeping is highly needed in this concern. A professional accountant can accomplish a task less than double the time you required to get it done. Moreover, they keep themselves abreast of the ever-changing laws of the authorities. In a nutshell, they have the know-how and all the vital facts related to the accounting standards in Singapore.

Most importantly, the cost of hiring the accounting companies in Singapore is no longer a big deal for a small business like you. In a pursuit to thrive in a fiercely competitive market, the good and reliable Singapore accounting firms keep their fees competitive and affordable without compromising the quality of their services.

What Else You Get When Hiring an Accounting Firm in Singapore?

You are better off with outsourcing your accounting even if you know basic accounting because by doing so you save plenty of time which you can otherwise utilize in core competencies of the business. It indeed gives a boost to your productivity. On top of it, when you engage the services of accounting companies in Singapore, you can expect to get additional allied services such as specialized bookkeeping services, tax advice & planning and consulting services.

SBS Consulting is one of the leading corporate services provider in Singapore. It specializes in Company Incorporation, Accounting, Preparation of director's report, Taxation, GST, Payroll, XBRL, IT software development and maintenance, etc.