Companies registered in Singapore are asked to keep proper books, but keeping accurate accounting records can be difficult and takes time to do. This is why you need a financial expert to do your accounts.
Our qualified accountants and trained accounts officers abide by appropriate filing procedures and keep the entries in books of accounts compliant with statutory accounting standards. Proper accounting gives directors and shareholders access to detailed financial information and provide transparency on the current state of affairs of a company.
We provide a comprehensive range of accounting services, including bookkeeping, the compilation of financial statements, account consolidation, financial statement reports and analysis, and more.
These are crucial for business planning. SIG helps you steer towards success while avoid common risks.
Why Outsource Your Accounting and Bookkeeping Functions?
Early stage of the companies need to prioritise their plans for business expansion, growth, training, and research and development over administrative costs.
Rather than hire a team of experienced accountants, or rely on one overworked employee who may be performing multiple duties, companies often find that it is more beneficial to outsource their accounting functions and benefit from having the assistance of an entire team of professionally accredited accountants.
• Temporary shortfall in manpower
When there is a sudden drop in manpower in the company’s accounting department, which may be due to retrenchment, maternity leave, temporary leave of absence, or resignation of employees. As these circumstances are usually temporary, companies may not necessarily want to hire a new employee immediately. SIG could offer secondment services during this interim period.
• Effective Time Management
Business owners, in general, have to multi-task, including business decision-making. Outsourcing unprofitable tasks give them the time to plan, improve strategies, get new customers, face competitors, and grow their business.
• Reduce Stress
You will need to spend valuable time on searching, interviewing, hiring of accounting staff. It may save your time on sorting through the invoices or getting the financial statements ready for annual filing.
However, you may have to face issues like assessing their performance, incentive, promotion, leaves, & human errors. You can reduce stress by outsourcing the whole activity to a trustable accounting firm. Stop worrying about the timeliness or accuracy of statutory compliance of your small business.
Once a company is established, you may have to deal with issues such as assessing accounting performance, incentives, promotions, departures, and human error. You can reduce stress by outsourcing the entire accounting job to a trusted accounting firm without having to spend time and energy in searching, interviewing, hiring accountants, or even filing invoices or preparing annual financial statements. You also do not need to worry about whether your business is complying with the law.
Accountants, like other professionals, come with varying degree of expertise. Those employed by SIG have the industry-wide knowledge can easily simplify your compliance.
• Stay Stress-Free of ACRA’s Compliance Requirements & Changes
SIG employs pro-active CPAs. They keep abreast of changes in the rules and regulations related to accounting and financial reporting standards. It means you do not have to worry about the accuracy of your filings.
• General Accounting Problems
It may be the case that subsequent to a transition of several employees, the company’s accounting team may require some assistance to look through the records and reconstruct past accounts, clear backlog accounts, resolve general accounting related problems or even forensic accounting, in situations where fraud may be suspected.
Given that the team has to continue with their day-to-day functions, the company may wish to seek additional assistance to resolve these issues quickly, particularly if the company is at risk of being late to comply with the annual requirement to submit its accounts to ACRA.
Indeed, the penalties for non-compliance are significant. The Companies’ Act provides that the company and every officer of the company (including its directors and company secretary) who are in default shall be liable on conviction to a fine. Hence, it would be prudent for companies to ensure that bookkeeping records are in order and accounts are prepared on a timely basis.
Why Choose SIG?
Our CPAs and the accounts managers are well-versed with the Singapore accounting functions. They,
• Work with you on a one-to-one basis and meet your accounting needs.
• Review & organise sales orders, purchase orders, or bank statements for the accounts ledger creation & maintenance.
• Assist in the drafting of financial statements for statutory submissions.