Singapore registered companies are required to keep proper books of accounts. This bookkeeping process not just helps in facilitating the day-to-day account maintenance but also helps in financial statement drafting. It is because of it that a business gets a complete insight into sound decision-making and efficient financial management.
There are many accounting service providers in Singapore. One can always choose Bestar for their bookkeeping services, but before we move ahead, it is important to know what bookkeeping is.
Bookkeeping refers to the process conducted daily for recording all financial transactions and details. It also includes posting debits and credits, generation of the invoice, completing the payroll, and balancing the current account and general ledgers.
So, if anyone is looking for quality accounting bookkeeping services in Singapore they should remain aware of the below-mentioned.
Information for quotation- what to provide?
Business details are to be provided for receiving a reasonable and final quotation. One needs to give,
• Name and nature of the company and business
• Financial year-end
• Schedule for monitoring the sales and purchases of the company
• Bank account private use
• Monthly revenue and sales transactions number
• Whether or not GST is registered
• Number of debtors, creditors, and bank accounts
• Currency involved during purchase or sale
• Any kind of investment made
• Is there a requirement for the account to be audited?
• Staff number and existing accounting personnel
• Is there any internal accounting software being used by the company, etc.?
In specific, for the existing company, one will also need to provide some additional information, including last year’s financial statement, tax fee, corporate secretarial fee, accounting fee, GST return filed, management account, and detailed income statement. All this information is used by accounting services provider Singapore to evaluate the work required within the business and then provide a better quotation.
Working in Accounting service in Singapore
Once the business engages in accounting bookkeeping services, they are assigned with an accountant who is responsible for taking care of the work personally. Within his/her professional accounting services, they are meant to review and organize all of the information for creating/maintaining the ledger accounts. The accountant herein will also be responsible for drafting the financial statements as per Financial Reporting Standards.
Some of the information required for professional accounting services Singapore include,
• Sales/purchases orders and invoices
• Expense notes and Payment vouchers
• Payroll summary
• Inventory listing
• Debtor and creditor control
• Any tenancy agreement or invoices
• Bank statements, etc.
In case one wants to obtain other accounting services in Singapore, they can connect and know what other accounting functions (cash flow, financial analysis, bank reconciliation, general ledger maintenance, management reporting, etc.) are provided here accounting service provider.
As a part of accounting bookkeeping services Singapore, the dedicated accountant will be helping to take care of the statutory compliance concerns and will ensure that one understands the accounts and reports completely.
Bookkeeping services Singapore
There are many benefits associated with hiring accounting solutions Singapore. At Bestar Services, they help reduce costs and optimize time management. Apart from it, one also gets experienced and expert services, which in turn reduces the stress level and also helps in keeping oneself updated.
There are different services provided by accounting solutions providers, and some of them are,
• Preparation of fixed assets ledger
• XBRL statement preparation
• Preparation of profit and loss and balance sheets
• Preparation of directors’ report
• Cash flow statements, etc.
No matter it is a periodic analysis of financial statements or to get the GST services, Bestar services are there to fulfill it all. They are completely transparent with their fees and ensure to provide timely updates in regards to any changes being brought in by the regulatory bodies. Getting their services, one would never regret and will avoid any penalties and punishments. Connect today to know more.
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