One of the best things about running your own business is being in control of every aspect of the operation. Just like many other entrepreneurs, you too could have had some experience handling financial statements during your studies or your working life. It gives you confidence when handling your books and you’ve never thoughts of engaging any of Singapore’s bookkeeping services
However, as the business grows, you’ll find out that it can be a bit daunting to juggle multiple roles. But this is where accounting firms in singapore come in. Read on and find out why every entrepreneur should hire an accounting firm to handle his or her financial statements.
Your Books Will Meet the Singapore Accounting Standards
Accounting is more than merely knowing what is going in or out – the debits and credits. You need to know, recognise and categorise transactions correctly. An accounting firm will take care of details such as categorising and recording various types of income, such as operating revenue or dividends. They will also know how to account for assets that were written off. Your books will meet the bar set by the Singapore Accounting Standard, and avoid unwanted fines.
You’ll get a Different Perspective
Entrepreneurs often see themselves as maestros in their trade. But when you are so caught up in the day to day running of the business, you could miss seeing the entire picture. Accounting firms in Singapore can give you a different perspective that is refreshing and insightful. They can help you come up with different ways to maximise your revenues. All it takes is for you to take a step back and allow an accounting firm to give you a fresh new perspective.
They Will Guide You on Taxes and Help you Avoid Hefty Fines and Penalties
The Inland Revenue Authority of Singapore is known for changing and upgrading tax rules frequently. When you focus on growing your business, most likely you will not keep up with these changes.
Tracking tax rules as well as ensuring that your business adheres to these rules is crucial to your company, but can be a huge headache to manage. You can circumvent this by engaging any of singapore’s bookkeeping services and ensure your business stays tax compliant. Accounting services in singapore will also help you with other regulatory requirements.
You are Supported by an Entire Team and get Professional Business Advise
You could choose to hire an accountant. That would be a great addition to your business. However, accounting firms in Singapore give you the benefit of having a whole team looking at your books. Accounting firms in Singapore will not only meticulously scrutinise your books, but they will also make a comprehensive appraisal of your business and use their vast experience to advise you on strategic decisions.
You will Look More Credible When Dealing with Investors, Lenders or even the Government
Many accounting firms in Singapore have built their brand on a good reputation. When you engage accounting services in Singapore, your business also benefits from the reputation of the accounting firm. Such a reputation comes in handy when you are seeking additional capital or credit. Also, when you are dealing with government agencies, such as the IRAS, they will handle you differently because they have confidence that your books are professionally done.
In conclusion, the reasons above are just a tip of the iceberg on why an entrepreneur should hire an accounting firm. Take a step back and consider these benefits and take action.