Various outsourced accounting services in Singapore provide businesses with professional, reliable, and in-depth bookkeeping service and auditing service to help ensure that companies meet the highest accounting standards.
Reliable accounting services understand that timely and accurate business financial reports will always be in demand. These are important factors for any business to thrive and gain advantage over competitors in a dynamic market, but not all companies can keep up with the cost of a bookkeeper. This leads to an important decision an entrepreneur has to make: how to find a good accounting service provider that the company can afford? Where to find a good auditor if you can’t afford to hire a full accounting staff in Singapore to keep proper record of invoices?
What Makes Up the Accounting Team
An accounting firm consists of a professional accountant, experienced auditor, and bookkeeper. An accountant compiles and analyzes information about the company’s financial status, while the bookkeeper ensures accuracy of the invoices, receipts, and other documents that will keep track of all the company’s financial transactions. An auditor on the other hand, ensures that the company complies with the procedures and has submitted verified documents of assets and liabilities. An auditor will also check the work of the accountant. Additionally, the certified public accountant also compiles and organizes the clients’ yearly accounts information to be submitted to Accounting and Corporate Regulatory Authority (ARCA) and IRAS.
They live by excellence and professionalism, guaranteeing companies that accounting reports are finished before deadlines or by the time they will need them. Even small companies will need specialists in accounting services for small business, but not all companies can afford to pay a certified auditor. To ensure accounting accuracy, a reliable auditing service must include an accountant, bookkeeper, and auditor in the team for the cost of one. This guarantees that both large corporations and small-time entrepreneurs will get the same accounting services for their money’s worth.
How the Accounting Partnership Works
When your company signs a contract with an accounting firm, an accounts manager will work closely with you. This is to ensure the output quality of the accounting tasks,and to make sure that your business accounting needs are all addressed properly. As a responsible client, you submit to your assigned accounts manager the important financial documents needed.
You need to submit these and other relevant documents to the accounting company on an agreed schedule to be able to complete monthly and annual financial reports. The accounting services company will then review and organize the information you submitted. The services of your personal accounts manager also cover assistance in drafting your company’s financial statements according to the Financial Reporting Standards (FRS) for statutory requirements. Accounting and business services also make use of the latest accounting and bookkeeping software in tabulating and formulating financial data. Thus, companies are ensured of error-free reports.
Bookkeeping and Accounting Solutions
Bookkeeping and accounting solutions provided by companies such as Singapore’s www.smartacc.com.sg can provide monthly, quarterly, to yearly period of services with a fixed professional fee and with no hidden costs. They can also provide the same financial management services to a company that prefers an outsourced accountant. This is beneficial to a company ifit wants to cut costs in hiring an accounting services provider and a full-time accounting staff.
The tasks covered by the accounting staff and certified public accountant are the following: financial statement, profit and loss account, income statement and balance sheet, debtors and creditors report. Additionally, the accounting company can also assist in processing payroll, bank and other reconciliation, audit schedule, and cash flow statements.