Bookkeeping services in Singapore

Bookkeeping and accounting are closely connected, but they’re two different things. Bookkeeping takes care of tracking and sorting the documents. Any time you spend, lose or make money, your bookkeeper adds it to the books. Your accountant then builds reports using these numbers. The government requests these reports to calculate how much tax you owe and whether you are exempted from some of it.

Bookkeeping means literally making sure invoices and slips don’t get lost. In business, every time you move money or assets, like when you buy or sell something, there’s some sort of document tracking that action. It is bookkeepers job to collect, categorise, and reconcile them.

The bookkeeper is in charge of document organisation. If your docs are in chaos, you might miss an invoice, or assign a wrong account. If that mistake goes into your reports unnoticed, you might file taxes incorrectly: pay more, or worse, get fined. If the accountant finds the mistake, it will take time to go back and fix it, which might result in paying a hire fee.

Accounting professionals strive to provide accurate and reliable financial information to interested parties. Financial information, in the accounting industry, refers to information found on the financial statements of a company that tells how well or badly a company is performing. Users of financial information, generally creditors, investors, and potential creditors and investors, rely on the information included in the company's financial statements to make decisions about their interactions with it.

Creating reports that provide financial information can sometimes be problematic. Reporting errors are among the most common problems that occur during the reporting process. It occurs as a result of things such as miscalculations or transposing numbers.

Financial reporting has become more challenging in recent years due to the complex nature of business transactions, as well as greater investor, regulatory, and public scrutiny. A company's financial reporting should reflect economic and business reality according to which investment decisions are ultimately made, so hiding that reality can in turn affect investors themselves, as well as lenders, investors, customers, suppliers and employees. There is a widening concern that there is a detrimental effect on confidence in financial reporting systems due to the increasing complexity of financial reporting standards themselves, as well as the consequences of fraudulent inaccuracies in financial statements.

If you are a freelancer or run a home-based business there are compelling reasons to do your own bookkeeping. It saves you money, puts you in control, and you really get to understand your business’s finances. You can also make sure that your business is compliant when it’s time to pay tax as you know that your records are accurate and complete and you have all expenses recorded so you can make the most of tax deductions.

However when your business grows, and you’re working more on making more sales, and strategies to grow your business, this is when you need to outsource your small bookkeeping to a trusted partner who you can trust to make accurate and complete financial records at the end of each month.

You can set up a business account with a traditional bank or a digital bank. If you open a digital business account, you can run your business from anywhere using only mobile devices, tablets, or laptops. All you need is your name, address, and e-mail address to activate your account. No branch visit is required, no advisor interaction is needed, and even your identification shouldn't need to be checked physically.

It is entirely possible to open an online business account with a digital bank at any time of the day. Current traditional banks are open during hours which may not be friendly to all businesses. Company directors don’t have to plan their work with their banks around the usual operating hours of a bank or sneak out during working hours. No queue-ing up is needed too. Furthermore, with travel restrictions, digital banks enable you to open your account from anywhere in the world.

We collect all supporting documents and categorise them into corresponding accounts. Every day we connect to your banks to reconcile incoming documents with transactions. If a document is missing, we reach out to you on the same day. This way you won’t have to wait for the books to be ready at the end of the month: you can always rely on the data we provide.

Absolutely. We make the transition seamless on your end. We’ll get in touch directly with your current accounting service provider, take over all your financial documents, and audit them to make sure your company is compliant. We check for any loose ends with HMRC, organise historical data, and then prepare and file necessary reports. We offer up ongoing advice about relevant tax exemptions, helping you be smarter with your taxes. Now that your accounting is in good hands, you can focus on what you do best: running your business.