Any organisation is surely incomplete without its numbers department. This is why it’s essential to maintain the accounting and bookkeeping services on a daily basis for the healthier financial health of the company. In terms of small and medium-scale business, it can become highly taxing to keep up with a highly qualified team of individuals to handle the accounting and bookkeeping for the organisation. In this type of scenario, the best solution is to outsource the accounting services to an agency in order to get your work done.
Bookkeeping is a systematic approach to record each and every transaction that occurs in a company as per the prevalent accounting rules. When a business outsource their accounting services in Singapore, such businesses are led by cost-saving assistance in terms of filing, updating as well as maintaining financial data to prepare Financial Reports in accordance with the Singapore Financial Reporting Standards. Moreover, such outsourcing agencies have strict rules to safeguard your confidentiality to maximise the efficiency and minimise the risk. This article will further articulate various favourable outcomes of hiring an accounting and bookkeeping service provider through outsourcing in order to strengthen financial growth of the company.
1. Timely Taxation Assessment:
- A highly efficient accounting service provider is essential to track all the existing financial information of a company. An outsourcing service agency like Bestar will also be responsible to compile all the existing data of the organisation under one umbrella in order to annually file a company’s taxes on time and without error.
- Moreover, it will save the business from encountering any hindrances with the Inland Revenue Authority of Singapore. Additionally, companies can be benefited with relevant tax advice after the thorough assessment of their organisation. Next time when you dream bigger we’ll ensure your bureaucratic dreams are fulfilled faster with sole determination.
2. Reduction of Overhead Cost:
- It is expensive to handle an in-house accounting department. Moreover, an additional cost is incurred in terms of not only hiring them but also in terms of training them as well in terms of payroll management. However, with Bestar you can definitely keep all these problems at bay. Bestar offers one of the best outsourced accounting and bookkeeping services in the field which goes hand in hand with Singapore Tax Compliance and Statutory Accounting Compliance.
- Moreover, when an organisation saves up on such overhead costs, they can go on and invest the amount in the expansion of their business. In addition to that, Bestar doesn’t believe in any sort of hidden fee so with a transparent policy, you pay only the functioning fee for the charges so incurred.
3. Know ACRA and IRAS:
- When your business is based in Singapore, knowledge of ACRA (Accounting and Corporate Regulatory Authority), as well as IRAS (Inland Revenue Authority of Singapore), is very important. In addition to that, a bookkeeper should be well versed with the straight line depreciation method as well as the accelerated depreciation method. Furthermore, the bookkeeper should use it in accordance with the organisation.
- With Bestar, a professional finance personnel service provider in Singapore, you can yield the benefit of the best bookkeeping as well as accounting services. In addition to that with their deep insights on IRAS regulations along with licensed experts, it is essential to acquire tax credit as and where applicable.
4. Balance together with Government and Banks:
- Any company requires coordination with its managerial staff, government agencies that regulate ACRA and IRAS as well as the banks before taking any financial decision. This management can become complicated and if one decision turns out to be incorrect, it can cost an organisation heftily.
- The best option is to outsource your accounting services to a trustworthy service provider. Bestar with their team of experts from accountants to bookkeepers, management accountants, auditors, tax experts and corporate secretaries offer personalised audit reports after evaluating the company’s data.
- This essential data is very useful for both banks as well as the government record. Moreover, this financial report will be essential for investors before making their investment decisions. In addition to that, the company whose data is being evaluated can take timely decisions pertaining to loans by simply looking at their financial statement, taxes, assets, and their liabilities to their creditors.
- In fact, with a fluctuating economy, it is vital for domestic along with foreign entrepreneurs to be led by experts in the field of taxation, legal, marketing, and corporate support services to sail through the highs and lows of the economy while harvesting higher levels of productivity at all times.
Every business has their own needs and requirements. So, it is very important to find the right outsourcing accounting firm that understands your personalised organisation goals. This is where Bestar comes into picture. Bestar, which is the brainchild of Roger, is the founder as well as the director of this accounting firm. Bestar has been in business for the past 8+ years and in these productive years, has provided strategic solutions with respect to business acquisitions and restructuring. Roger, with his personal accounting experience of over 29 years, has been providing business advisory services to a wide range of clients from technology, food, and beverages to construction, manufacturing as well as trading companies. With a trusted partner firm like Bestar, you can avail strategic planning, reorganisation, and operations improvement projects for your company at any point of the day. So, let us talk business now!