Starting a business regardless of its size, whether small or big, is not easy. There are a lot of things that require your attention such as scheduling a business meeting, marketing every brand and service, and selling a product. Not to mention the accounting and book keeping aspects of the business. With all of these responsibilities, it takes great courage to forge ahead with your dream of setting up a business. Another thing is it would seem daunting if you may not be quite knowledgeable about accounting and book keeping. However, this should not discourage you since there are always many top accounting services in Singapore to provide the accounting services that your company needs.
In every firm the presence of an accounting service provider is vital to its existence. Accounting functions are essential in your business as they guide you in knowing whether the business is gaining or losing. Its functions are not only limited to this however. The accounting service provider systematizes your employees’ payrolls, bank reporting and sales tax. In matters related to bank reporting, the accounting service provider helps you with these; it checks any bank loans you have and makes sure that you possess base certificates. Doing every financial statement and filing income tax returns may also be performed by the accounting team on your behalf. Imagine the time you will save and you will be free from doing all the tedious accounting tasks when you hire the services of an accounting service provider.
It is indeed no joke to establish a company and it may even take time to make it a success, but it is always possible to reach your goals as well as objectives with the help of your accounting staff that can act as your partner in reaching your goals since it prepares financial statements to keep track of the progress of your business. By having all these organized by a certified public accountant (CPA), it is a big help for your business to move forward and with your books all organized, you can make better business decisions.
All accounting firms promise support as well as services to address your business issues but the truth of the matter is some of them may not be able to keep such promises and may fall short in some aspects. Thus, it is of great value to your company to do thorough research before choosing the accounting firm to provide your company with the best accounting service. It is a must to see their track record and credentials before hiring them. It is but wise to know the services the firm provides. By visiting the firm rapport can be established as well. It is vital that you trust the firm as it is in charge of the financial well being of your company.
How to choose accounting services that would click with your company then? How would you know the accounting firm is the right one for your company? Here is a list of the things to consider as your requirements while making your search:
It must provide most of the services mentioned below:
- Competent and professional accounting services
- Record keeping and accounting which involves income, track of assets, expenses and liabilities
- Tax advice along with tax compliance and tax planning
- Auditing that includes actual auditing, bank and account reconciliation and audit schedules, preparing business financial statements and management of financial statements
- Business planning that involves tax situations advices, accounting system selection, review and implementation, establishing effective accounting system, internal control, financial plans as well as cash flow statements, inventory pricing, etc.
- Payroll services
- Complete set of accounts
- Annual reports as well as group consolidation
It must consist and possess the following mentioned below:
- Accounts manager: The accounting firm must have an Accounts Manager who handles your business accounting needs. He must have extensive experience to organize as well as review submitted information, thus being able to develop as well as maintain your business accounts ledger. He must have the skill to draft the business financial statements based on Financial Reporting Standards (FRS).
- Registered auditors and accountants: Their office is essential in your company since your business needs professional auditing as well as accounting services. They must have the capacity to provide reports at the right time and the compilation of the yearly account data.