Tips for efficient bookkeeping in Singapore?

Appointing one of the bookkeeping services companies in Singapore is the easiest way of dealing with your business' bookkeeping and accounting tasks. It is very accurate if you are not regular in updating your business' books of accounts. It is understandable.

Finding enough time for the task is a bit difficult for many multi-tasking small business owners. However, the due date for tax filing is set for 30 Nov 21. And it is fast approaching. It is one of those times when you rely on expert help rendered by one of the bookkeeping services companies in Singapore. Let the experts do their magic.

The best bookkeeping service provider employs expert bookkeepers and accountants who can take up your workload and streamline your books in no time. They know how to your compliance by sticking to Singapore financial reporting standards.

On the other hand, if you think hiring a bookkeeping service firm is an extra expense and intend to DIY your business' bookkeeping, first, read the bookkeeping tips listed below. They will make your task simple and bookkeeping efficient.

Key to Streamline Your Business' Bookkeeping

Know IRAS & Singapore Financial Reporting Standards

Use proper Bookkeeping processes to record keeping. File receipts systematically so that you can find them in future to reconcile. Execute your bookkeeping in accordance with Singapore Financial Reporting Standards.

Knowing the rules of the Inland Revenue Authority of Singapore (IRAS) will help you claim tax benefits, rebates, and exemptions. It will drastically reduce your tax amount.

Install Robust Accounting and Bookkeeping System

Start using the latest accounting software. It will simplify bookkeeping for small businesses. The digitised data is reusable, and you can use it to prepare various financial documents and management reports for decision making.

Regularly Update Your Books of Accounts

Spare some time for your business' bookkeeping. Schedule it on your to-do list as often as possible. It is the way to avoid dealing with a pile of receipts at the end of the month or a year or your accounting cycle. Ideally, doing your bookkeeping daily and recording the daily transaction is the way.

Record Each of Business' Financial Transactions

Neglecting to record all of your transactions creates a discrepancy in your records. It can affect your business' compliance adversely. A robust accounting system will help you in the proper classification of business' receipts and invoices, purchase and expenses, and income data, financial statements, and accounting records.

Open a Corporate Bank Account

Open a corporate bank account for your business. It will separate your personal and business transactions. You also deserve a salary for your efforts. Transfer it from the corporate bank account to your personal account.

Prefer Online Payments

Tracking online payments is easy. You do not have to fear losing a copy of any transaction. It means you do not have to maintain a pile of receipts for business' cash transactions. Or make a desperate effort, at the eleventh hour, to locate a high-cost transaction receipt.

Use your credit or debit card or net banking. They will be reflected in your corporate bank account statements. It will also serve to separate your personal and business expenses.

Yes, bookkeeping is a time-consuming task. And if you are having any problems with it, you should hire one of the best bookkeeping services companies in Singapore. Playing with the financial health of your business is like playing with fire.

I am a technical consultant & writer who loves to forge knowledge on software product & services.