Accounting Services Singapore
Accounting is crucial for business owners that wish to expand their business, as the management will benefit from the valuable financial data generated during the process. Our accounting service will thus help to convert raw data into useful information that will assist the management in making future business decisions. The use of analytical tools like financial ratios and variance analysis can give a deeper meaning to the seemingly superficial financial information.
With us providing the accounting services for your business, you will no longer have to worry about the tedious process of accounting. Instead, you can focus on other business objectives like increasing sales or expanding your business. Having a better understanding of your business’s financial situation will help you to develop more strategic business plans that have higher chances of succeeding.
Our dedicated team has the required skills to identify any accounting mistakes, helping you to have a financial report free from material error. That will be particularly useful if you need to provide documents for your investors to peruse. Having a comprehensive set of financial records will also attract more potential investors that value transparency. As hiring an internal accountant may be too costly, hiring us for our accounting services in Singapore will be your next best option.
Here at Back Office Consulting, we value our clients and strive to produce the best results that will be of value to them. Thus, we offer customised reports that will answer the management’s questions. For example, if the management wishes to check if its customers are paying them on time, an accounts receivable ageing report will be sent.
The scope for our Accounting services in Singapore is as below:
- Keying in the transactions into the accounting system based on the documents and information provided
- Preparation of General ledgers
- Preparation of Trial Balance
- Preparation of Profit and Loss Accounts
- Preparation of Balance Sheet
- Preparing the bank reconciliation statement
- Preparation of schedules for audit purposes
- Liaise with and address the queries from auditors
- Free access of a MYOB data file
Do fill in the contact form or call us if you have any enquiries that you will like to have answered. We will do our best to provide you with the accounting services that you need.
Read more to understand what we can do for you:
As mentioned in the Bookkeeping services page, bookkeeping involves only the recording of daily business transactions and activities while accounting also involves interpreting, classifying, analyzing, summarizing and reporting the financial information in order to better assist the management in making financial decision.
With the schedules provided that shows the breakdown of the major accounts, the financial statements users, especially the management will have better insight of the company’s financial performance and position.
In spite of the fact that Inland Revenue Authority of Singapore (IRAS) and Accounting and Corporate Regulatory Authority (ACRA) make it mandatory for all business entities in Singapore to keep proper accounting records and documentation, not all companies need accounting services when bookkeeping services can do the job.
For business owners who care for their business or those who strive to grow their business, accounting services will be one of the most crucial services they would require. Also, for certain investors who wants to know how the companies they invested in perform, accounting services will be an aid to keep them financially well informed.
Unlike bookkeeping that only record the business transactions and activities, accounting encompass interpreting, classifying, analyzing, summarizing as mentioned above. These processes will turn the raw information into valuable financial data that provides important inputs to the management.
For instance, knowing only how much sales was made alone does not really tell how the business is performing. However, the incorporation of financial analytical tools like variance analysis, financial ratios helps provide meaningful insights to the management and in some occasion, assist the management to devise strategy to improve the company’s performance.
Separately, certain companies with sky high potential might need some equity funding to expand their business. Yet, it will be extremely difficult for these companies to invite any equity fund without having a proper accounts in place. In addition, the act of maintain accounts demonstrates to the investors that the transparency never an issue and make them feel more comfortable parking their fund in the company.
Back Office Consulting offers its clients customized reports that met the management’s requirement. For illustration, the receivable aging report might give an idea of the credibility of the company’s customers and can acts as an alarm alerting the management of the late payer.
Another example would be reports we draw up for construction companies. It is very critical for any construction company to know their performance and position for each projects they have on hand. Back Office Consulting can provide you the project based profit and loss accounts and balance sheet and hence gives you a clue if there is cost overrun for any project or which project is able to fetch the highest margin.
On the other hand, our dedicated team will be able to detect unusual situation or even error during the course of the accounting processes and that will no doubt enhance the quality of the final product. This also means that the audit process will not be that “traumatic” as most management thought when things has been straighten up before the audit process even started.
Most importantly, it only costs you a fraction of a full time professional accountant’s salary to get all these useful information and with such powerful support, you are almost assured that you, as the business owner, can make informed operational and strategical decisions to grow your business.
Let’s not wait any longer! Contact us via the contact form now to get a free quotation!