Accounting Services For Small Business in Singapore


Accounting Services For Small Business – Types, Importance And Benefits Of Outsourcing

As a small business, there are a multitude of verticals that the owners need to take care of simultaneously. There is a continuous pressure of building an exceptional product or service line without having to face issues of cash burnout. Small business owners are endlessly wary of striving to establish their credibility as a business while reducing expenditures. Among all these core business tasks, the added stress of bookkeeping, accounting and tax filing can consume significant work hours. 

Many companies are now leveraging the talent of accounting firms in Singapore to unburden them of the mundane and hefty job of business accounting. In this article, we are going to have a detailed discussion about accounting services for small businesses, the best accounting firms in Singapore and why accounting outsourcing is the new trend among small business owners.

Accounting Firm In Singapore: Outsourced Accounting Services

Accounting firms in Singapore like PikoHANA offer a holistic solution to small businesses by assisting in a variety of accounting, bookkeeping, and administrative tasks. Before we delve deep into the mode of business of accounting companies in Singapore, let us learn the intricacies of the most critical back-office task of businesses – Bookkeeping and Accounting.

Quick Links

  1. The Need for Accounting Services for Small Businesses
  2. Benefits of Outsourcing Accounting Services
  3. Types of Back-Office Services Provided by Accounting Firms in Singapore
  4. How to Choose the Best Accounting and Bookkeeping Services in Singapore
  5. PikoHANA – A Smart and Reliable Accounting Services Provider
  6. Pricing Packages of Back-Office Service Providers

The Purpose of Accounting Services for Small Business

Why is accounting important for small business?

The main purpose of bookkeeping and accounting services is to have a comprehensive record of all the financial transactions of the business so that owners can identify the sources of cash flow, measure revenue and profit generated and communicate the economic condition of the business to auditors and authorities. 

The Objectives of Accounting Services and Bookkeeping:

1. Maintain a Record of Business Transactions

Businesses should maintain bookkeeping and accounting services in order to have a complete record of their financial transactions over a period of time. The idea is to create a systematic approach to maintaining a file of accurate business finances as and when transactions occur. This enables business owners to look back and review the cash flow of the business when the need arises. 

2. Influence Business Budgeting and Planning

Small businesses wonder ‘Do we really need a bookkeeper’? Well, without accounting services, the business would have to blindly plan its future road map. Accounting services help business owners with a full record of their financial health. Depending on the data, they can allocate funds to the specific aspects of the business like – inventory, labor, equipment to accomplish the goals. Bookkeeping services and accounting services help business owners anticipate the future needs of the business and hence create a budget and plan ahead.

3. Makes Decision-making Easier

To answer the most commonly asked question – ‘How can accounting service help my business’, it is the most essential factor that influences business decision-making. Some of these major decisions include product pricing, recruitment, employee incentives, expenditures related to resources and inventory. Without accounting services and bookkeeping, business owners would not know where they stand and hence, may overestimate their cash reserves leading to burnouts. 

4. Understanding Business Performance 

Bookkeeping services offered by accounting firms in Singapore, help in measuring the performance of the business. Accurate financial reports are the main source of tracking and monitoring the key performance indicators of the business. These business KPIs help owners compare their current performance with past data. Wondering why should I hire a bookkeeper or an accountant? The reports they will create will go a long way in assessing and hence, improving the performance of the business going forward.

5. Legal Necessities and Taxes

Tax accounting services are important for businesses because it keeps the financial records ready for the tax season. With the help of business tax accounting services, small companies can ensure that their finances are on the right side of the law and that they are ready for filing taxes when the time approaches. Top audit firms in Singapore, help business owners get their audit reports ready. When shareholders or investors ask for proof about the business’s financial stand, these top audit firms in Singapore help with all the necessary documents required while also adhering to compliance requirements.

Benefits of Outsourcing Accounting Services

Poor management of finances and cash flow are some of the most important reasons why small businesses fail. Due to the lack of funds and the need for investments, many small businesses face the risk of failure especially during the first year of their establishment. So, how do small businesses manage their accounts? 

Accounting companies in Singapore provide accounting and bookkeeping services Singapore to small businesses to help them keep track of the cash flow and hence, avoid any chances of cash burnout. 

Simplify Back-Office Operations of your Business.

What are the advantages of accounting services and how effective is outsourcing? Let us find out!

What are the 5 Benefits of Outsourcing Bookkeeping Services and Accounting?

Outsourced accounting services Singapore can assist small businesses to manage their essential back-office tasks in a hassle-free manner. Benefits of outsourced Singapore accounting services:

1. Boosts Financial Savings

Outsourced accounting services Singapore and bookkeeping promote financial savings for the business. The main benefit of accounting outsourcing is the reduction of costs. Accounting outsourcing to accounting firms in Singapore means that the business is only paying for the services that they are using. Accounting companies in Singapore eliminate the need for businesses to pay for other employee expenses like benefits, insurance, payroll costs and paid leave. The overall operating cost of the business is reduced when businesses choose outsourced accounting services Singapore and bookkeeping services offered by accounting firms. 

2. Get Access to the Latest Accounting Software and Technology

How and why should we hire an accounting service? Accounting firms in Singapore deal with many clients and businesses in a day. To make their job easier and error-free, these accounting firms always have best-in-class accounting software. The availability of the latest accounting technology ensures that businesses will receive an up-to-date account of their finances. Additionally, it should be noted that small businesses are getting access to the latest technologies in the industry without having to spend the hefty accounting software Singapore price out of their own pockets.

3. Accounting companies in Singapore Host Finance Experts

By accounting outsourcing, businesses can get their bookkeeping and accounting services done by experts in the field. Accounting firms in Singapore like PikoHANA employ finance and accounting specialists who have rich experience in managing and handling complex business transactions, budgets, and taxes. Accounting outsourcing ensures that businesses meet all regulatory and compliance standards. Accounting companies in Singapore are guaranteed to get the work done on time and with appropriate accuracy. 

4.Outsourced accounting services Singapore Firms Allow Regular Monitoring

Most accounting firms in Singapore that provide accounting services and bookkeeping services empower business owners with the necessary technology and help they need to regularly monitor their finances. PikoHANA, one of the top outsourced accounting services Singapore provides its customers with the AO Dashboard. The Dashboard is exclusively designed to provide the business owners with a consolidated view of their operational and financial standpoint that they can access anytime. The dashboard dramatically enhances the visibility into the finances of the company.

5. Focus on Core Business Tasks

Accounting companies in Singapore aim to share the burden with the business owners when it comes to managing the daily grind of running a business. When businesses opt for accounting outsourcing to Accounting firms in Singapore they are saving a lot of time that would have been wasted in doing the mundane tasks of bookkeeping and accounting. By outsourcing back-office tasks, business owners can focus on the core operations of running a business. 

The 5 points above are just a handful of benefits that outsourced accounting services Singapore firms provide. Business owners do not set up shop to spend their time and expertise calculating complex numbers and figures. With accounting companies in Singapore, they can go back to managing the business without having to worry about their finances. 

Types of Back-Office Services Provided by Accounting Firms in Singapore

Bookkeeping & Accounting Services For Singapore Businesses – What are the various services provided by an accounting firm? 

PikoHANA helps businesses with a variety of financial and budgeting tasks that can help small companies turnaround their back-office needs.

1. Tax Accounting Services

The most common reason why small businesses tend to opt for accounting outsourcing is that firms provide tax accounting services. Accounting companies in Singapore help to simplify the process of tax paperwork, preparation, and filing of tax returns while keeping in mind all the regulations and compliance requirements. Tax accounting services offered by outsourced accounting services Singapore firms entail that businesses do not miss any important tax deadlines and submit all reports on time.

2. Bookkeeping Services 

Bookkeeping is a very essential aspect for small businesses as it is the basic record of all the financial transactions of the business that will be further used during audits and taxes. Bookkeeping services firms take into account every expense and income of the business including cash receipts.

3. Reconciliation of Bank Statements 

Accounting companies in Singapore like PikoHANA, help small businesses with crucial accounting services like bank statement reconciliation. A task that is often looked over is very essential for accounting and tax purposes. The job is to compare the bank balance, statements and transactions of the business with the accounting records that have been maintained for the same period of time. Accounting companies in Singapore ensure that this process helps to find out if there is any discrepancy between the financial statements.

4. Invoice Processing for External Vendors

Accounting firms in Singapore that offer small businesses with accounting and bookkeeping services Singapore also help companies manage their external payments. A business can have several vendors on both sides of the business. This means that businesses need to make payments to vendors they are buying from and also accept payments from external bodies that are employing them for a product or service. Accounting and tax firms that help with accounting and bookkeeping services Singapore take care of this entire process by processing invoices so that businesses do not miss to make or accept payments from external sources.

5. Preparation of Unaudited Financial Statements of the Business

Firms that offer accounting and bookkeeping services Singapore also help companies with the preparation of their financial statements. These accounting firms in Singapore provide all the financial reports that are needed to determine the financial health of the business. These reports also have to be shown to auditors and stakeholders as and when the needs arise. Along with accounting and tax, accounting firms in Singapore prepare income statements, cash flow statements, and balance sheets accurately and on time.

6. Accounting and Tax Compliance With Financial Reporting Standards

Accounting and bookkeeping services Singapore can be managed easily by Singapore accounting firms like PikoHANA. Accounting firms in Singapore that do all the bookkeeping, accounting and tax jobs for small businesses ensure that all the financial reports are created keeping in mind that they adhere to the internal and governmental regulatory compliance. 

7. Audit Support Services by Top Audit Firms in Singapore

During fundraising and in events of audits, businesses need to showcase their financial statements to the company stakeholders and auditors. Accounting and bookkeeping services Singapore firms that help with business bookkeeping, accounting and tax also support them with varieties of tasks that need to be done when getting ready for an audit. Top audit firms in Singapore assist businesses with the preparation of audit reports, management of statutory audit and responding to queries.

Accounting and tax are not the only jobs that outsourced accounting services Singapore firms help businesses with. Firms that deliver accounting and bookkeeping services Singapore are also experts in managing finances for sudden audits and tax returns filing.

How to Choose the Best Accounting and Bookkeeping Services in Singapore

How to Get Professional Bookkeeping Services And Where?

There are many accounting and tax service providers in Singapore but how to find a great outsourced accounting service provider in the haystack? With an increasing number of small businesses setting up shop in Singapore, the demand for accounting and bookkeeping services Singapore has risen. The best accounting firms in Singapore are those that charge an optimum amount for the range of services mentioned above and provides accurate and reliable financial help to businesses.

To decide which is the best accounting services in Singapore, business owners need to do their own research. Searching for the right Singapore accounting firms from the list of accounting and bookkeeping services Singapore can be a tough job for first-time entrepreneurs who have just started out. Which accounting companies are best for remote work depends on the expertise of the employees of the firm and the type of accounting software they use to get their job done. 

Outsource Accounting Services Singapore with PikoHANA.

Which is the Best Accounting Outsourcing Bookkeeping Company?

Looking for accounting and bookkeeping services Singapore? Here are the features businesses should look out for –

1. Understand your Needs and Objectives

From the list of accounting and bookkeeping services available on the internet, businesses need to figure out the goals that the accounting services for small business Singapore firms will be working toward. Does the business need an accountant to maintain and handle payroll tasks? Or is there a necessity for regular bookkeeping? Once the objectives are clear, business owners can filter out the outsourced accounting services Singapore company that is the best in the business. 

2. Look for Accounting Firms in Singapore That Employ Finance Experts

Business finances are sensitive data. When looking for accounting firms in Singapore, the most important aspect to consider is the employees. The firm that offers accounting services for small business Singapore should host seasoned employees who can be trusted with confidential financial information and also have the qualification and experience required to handle complex business transactions. 

3. Look into the Existing Clients of the Accounting Firms in Singapore Under Consideration

The existing clients and work that is being done for them by the list of accounting and bookkeeping services under consideration should be looked into. It is imperative for businesses to evaluate the credibility of the customers that the Singapore accounting firm already has and look into customer testimonials to make an informed decision about whether or not to hire the services of the firm. 

4. Do not Settle for Cheap Pricing Packages

If the amount charged by the accounting firms in Singapore under consideration is way too cheap as compared to the market price, it does not necessarily mean that it is the best deal. A good Singapore accounting firm that provides accounting services for small business Singapore know that their work has value and will always charge their customers the appropriate amount. A higher value of pricing may mean that the accounting services for small business Singapore firms are employing the best finance experts and using the best accounting software to get their work done more efficiently. 

PikoHANA – A Smart and Reliable Accounting Services Provider

As a small business owner looking to get their business accounting in order, PikoHANA is a great choice. Businesses are booming in Singapore due to its welcoming startup climate. As the pressure to sort out all the back-office tasks increases, businesses should look for accounting firms in Singapore. 

List of Accounting and Bookkeeping Services Offered by PikoHANA – 

1. Accounting System Support

PikoHANA provides comprehensive accounting system support to businesses using advanced cloud accounting software to ensure timely delivery of accounting services and bookkeeping services Singapore

2. Monthly bookkeeping and accounting support for small business

With the help of seasoned financial experts, PikoHANA takes care and keeps note of the daily transactions of the business, records amounts payable and receivable and keeps a constant check on the cash flow of the business. With PikoHANA, get the best accounting services for small business Singapore. Make informed business decisions with PikoHANA’s reliable accounting services Singapore

3. Bank statement reconciliation

Merge all your corporate financial data and get consolidated, proof checked bank statement ready for fund-raising events, tax filing, and audits.

4. Preparation of financial statements and reports

Small businesses are exempted from audits in Singapore. This means that most businesses do not take up the preparation of financial statements with priority. Which is the best auditing firm in Singapore? The best auditing firms are those that proactively help with the drafting of financial reports so that you can have them ready at any time for investors and creditors. Accounting firms in Singapore, like PikoHANA helps you gain control over your fiscal data, giving you power over your finances. 

5. Creation and submission of tax returns

Which are the top taxation services provider in Singapore? The top taxation service providers ensure that business owners have full information about the tax regulations and compliance standards of Singapore and can hence be informed about tax deductions and exemptions. 

6. End-to-end audit support

From the management of statutory financial audit to liaising with auditors and responding to inquiries by them, the top audit firms in Singapore like PikoHANA takes care of the entire process. Mundane but essential tasks like coordination of documentation and formalizing audit reports as well as preparing them, the outsourced accounting services Singapore helps you manage auditing as a whole while you can get back to tackling the core business functions. 

Accounting Services For Small Business Singapore – Pricing Packages

How Much do Outsourced Accounting Services Cost? 

PikoHANA, one of the top accounting firms in Singapore, charges reasonable accounting firm fees that are inclusive of a number of accounting services. PikoHANA offers to help businesses with a wide list of accounting and bookkeeping services to help them focus on the core administrative tasks. Starting as low as 99 SGD per month with options to add additional services, the accounting firm fees charged by PikoHANA promise an excellent cost-to-benefit ratio for new businesses in Singapore. 

The Bottomline

The back-office of your business may demand a lot of time from your crucial work hours. Most small business owners do have a process of managing their finances which adds to the burden later when the time comes to take stock of the fiscal situation. With the help of accounting services Singapore, business owners can go back to their core tasks while having their back-office under control.

Optimize Your Business Accounting Operations with PikoHANA.

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