Accounting and bookkeeping services singapore is the of measuring a company’s financial status through recording, organizing, compiling, analyzing, reporting and summarizing the business’s data. Bookkeeping is the foundation of accounting and involves recording financial transactions such as revenue and expenses, invoices and sales receipts, inventory, petty cash, fixed assets, accounts payable and receivable and payroll.
Navigating Financial Success: The Essential Guide to Accounting and Bookkeeping Services in Singapore
The importance of accurate, consistent financial records cannot be overstated for small businesses. However, many small business owners struggle with managing bookkeeping and accounting in-house. This is because of the time-consuming nature of manual data entry, which requires individuals to be well-rested, 100% focused, and highly proficient at keyboarding in order to achieve accuracy. Furthermore, the errors inherent in manual data entry can prove costly to a business.
A professional bookkeeping firm can help you streamline your accounting and record keeping processes. They will provide you with an online platform that allows you to view your records at any time, from anywhere in the world. This allows you to take control of your finances, while allowing you to save on costs related to having internal accounting staff.
In addition to the above, professional bookkeeping firms will ensure that all transactions are properly recorded according to the stipulated Singapore Financial Reporting Standards (SFRS). This includes ensuring that revenue and expenses are properly classified, reconciled and accounted for. They will also assist in calculating your business’s taxable income, which is important for the calculation of your business tax allowance.