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Many companies all over the world prefer to open one branch in Singapore as this is a very business-friendly country in the Asia-pacific region. To register any business in Singapore is not too difficult a task. Also, there are few agencies available that can offer all kinds of support for incorporating your company in Singapore.
After you have successfully registered your Singapore Company with ACRA and after incorporating the company, the next thing that you would like to do is focus on your business operations. At the end of the day, it is your business operations that will drive in the profits for your company. You will not want unnecessary interruptions to your business operations.
Irrespective of the size of your business, it is very important that you must have a certain sound financial management in place to sustain your business. One of the essential building blocks for keeping your business financially sound is by implementing a perfect bookkeeping process.
It has generally been observed that many business companies often concentrate more on the nitty-gritty of their business and neglect their record-keeping activities. Often people do not pay enough attention to that as much as it is needed.
However, due to the absence of any well-maintained record-keeping process, many businesses often suffer from cash flow issues, audit risks, money problems, and many other non-compliance issues with the government.
Proper accounting and bookkeeping help in getting proper data on cash flow and profits. It will help in analysing and cutting down on unnecessary expenses that are eating into the profits. Moreover, it allows businesses to identify the areas that can help in increasing revenues and reaching short-term and long-term goals.
If you want to do your business successfully in Singapore, can you afford to miss your growth opportunities by neglecting your record-keeping? It is certainly not worth taking all such risks while you are running your business in Singapore. If you are simply not aware of how you can keep your bookkeeping efficiently then in this post we shall discuss briefly on this issue.
There are many companies in Singapore that can offer you support to maintain your bookkeeping in a proper manner, and we are a trusted book-keeping firm in Singapore.
What is bookkeeping?
This is nothing but recording all your daily financial details and all the transactions that you made. To ensure your business remains financially stable, you must take care of these tasks:
- Record all your financial transactions
- Post all your credits and debits
- Generate invoices
- Maintain all your current balance accounts, general ledger, historical accounts
- Complete payroll
Few tips for your efficient bookkeeping
- Implement a system
Bookkeeping is not merely keeping all receipts and invoices, but also one must remember all the key objectives for record-keeping so that one can help manage his business efficiently.
All these record-keepings will be necessary when any government agency ever tries to assess your business then they can get the real picture.
- Make it your habit
You must track your daily expenses regularly. At least some time must be devoted only to this activity at least once or twice a week. You must be fully committed to it and if you have accurate data about all your business transactions that can always help you to run your business efficiently.
- Keep your entire records
All companies operating in Singapore need to maintain all their records which is mandatory. If you fail to do then may invite penalties from the authorities. The following records must be maintained:
- All receipts in serial order
- All invoices
- All purchase and expense records
- All income records
- Account statements.
- Keep up with all compliance and obligations
Accounting information and bookkeeping will provide you with financial foresight as one of the benefits. You can discover whether there are any patterns in your expenses, any areas where your financials can be improved, and an overall picture of your total cash flow. This is also often known as a corporate secretary, which can be freelance or a company.
- Hire a professional
Most entrepreneurs may not have enough time or skills to maintain their book-keeping properly. Therefore, hiring a professional is the only way out. However, that may need an additional expense and most start-up companies may not even afford that.
Therefore, instead of hiring an accountant in Singapore to do that job, you can look for a certain company that can offer this service at a very reasonable cost.
Why should you hire a certain professional bookkeeper?
Many good reasons are there why you must hire a suitable professional bookkeeper. They can do the following:
- Can save lots of your time
- They can help you to understand the financial issues of your business
- They can help manage your cash flow
In Singapore, you will find many such professional companies that can efficiently maintain your bookkeeping. Make sure you choose the bookkeeping service provider who offers custom solutions to meet the specific requirements of your business.
Should you need help with more in-depth matters such as incorporation services, tax advisory, corporate recovery, GST filing or litigation support, find our team and we can best advise you on what to do next!
This article first appeared on https://www.morrisonconsultants.com.sg/blog/book-keeping-services-singapore. Find out more about bookkeeping and accounting at Morrison consultant website.
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