No matter how small or big your business is, keeping your financial aspects healthy, safe and sound is paramount. A smart entrepreneur is well aware of the fact that an organized and smooth financial operation is needed to keep the business alive. So, they try to keep their accounting and bookkeeping records in order.
It is very apparent that when you do not have a proper system and process in place, unpleasant surprises can pop up, the focus can be distracted, the business objective can easily be missed, and mandatory paperwork can go unnoticed.
Getting help from professional accounting services Singapore to handle your financial matter better can help you set long-term goals and focus on the core competencies of the business to increase productivity. Most importantly, outsourcing bookkeeping and accounting can help you stay out of trouble with the local authorities of Singapore like ACRA and IRAS.
This blog excerpt will outline few tips on accounting and bookkeeping for your small businesses:
Set up a System and Follow the Mechanism:
To keep the every single record of your financial system in order, be sure to set up a system and follow it strictly. A good record keeping is vital for every business. Allocate some time from your busy schedule and devote it to your books. You must make it a part of your daily routine. Make sure to review it regularly on a weekly basis. It will let you know how your business is running. You will be able to control your cash flow as well.
Plan for Major Expenses and Open a Business Account:
It is always a wise idea to plan for the major expenses of business well in advance. When you plan for the expenses, you are likely to get an overall idea of your cash flow which eventually helps in keeping control at your expense. Similarly, be sure to keep your business transactions separate from you personal expenses. You can open a business account or apply for business credit card.
Keep a Close Tabs on Your Receipts and Invoices:
Late payment and the unpaid bill may affect your cash flow adversely. So, you must make sure to keep a constant eye on the invoices. Appoint a dedicated resource to handle and track the billing.
In addition, you must keep every single record of your invoices, receipts, records of expenses, credit cards in your accounting system. Failing to do so may result in legal penalties from the governing authorities.
Get Assistance of Accounting Firm:
Getting help from the professional accounting services Singapore is always a good idea rather than Doing-it- Yourself. It helps you save time, money and resources to be used in crunching the numbers. The professional accountants of these firms keep themselves abreast of the ever-changing laws of the authorities and ensure to keep your data updated. A good and reliable accounting firm in Singapore appoints experienced and qualified accountants who have industry-wide knowledge. Their services are superior in quality and competitive in price.
Meet All Your Tax and Compliance Obligations on Time:
When you are running a business in Singapore, you should be mindful of meeting the tax and compliance obligations of ACRA and IRAS on or before the specified deadline. At the time of filing Annual Returns with ACRA and tax return with IRAS, your bookkeeping and accounting records will play the vital roles. A fair, organized and transparent record will help you keep the penalties of the local authorities at bay.
Unless you are a qualified accountant or have good knowledge of crunching number, the task of accounting and bookkeeping is not suitable for you. You better outsource it to a good and trusted accounting firm in Singapore like SBS Consulting. These firms ensure to provide compliant-friendly services while keeping the quality unmatched in the industry.