What Is Bookkeeping?
Bookkeeping is a process in accounting that ensures companies have a clear picture of their financial history and records. Simply put, bookkeeping involves recording, maintaining, and storing the transactions of an organization on a daily basis and in a systematic manner. The records are expected to be highly accurate as the slightest mistake could cost a company a fortune.
Types Of Bookkeeping
1. Accounting on Cash Basis
This is by far the easiest system of bookkeeping which requires one to record a single entry for every transaction. It is generally done on spreadsheets and accounting journals, where the daily cash flow is recorded. Cash bookkeeping is usually used by start-ups and sole traders for budget accounting services Singapore that fit their needs.
2. Accounting on Accrual Basis
This system is a little more advanced than the previous one, not only looking at the cash incoming and outgoing, accounting on accrual basis will capture all the income and expenses that are incurred during the financial period, by entering journal entries. The result of accounting on accrual basis will give a more accurate business performance and financial report to the management.
Benefits of bookkeeping
According to the Singapore Companies Act, all companies in Singapore need to have proper bookkeeping accounts. Failure to do so can result in strict disciplinary action. Businesses in Singapore have, therefore, started outsourcing their bookkeeping needs to third-party service providers who can keep track of their finances while they invest their attention in another crucial decision-making. Investing in accounting and bookkeeping service Singapore offers numerous benefits.
1. Increasing efficiency in business operations
Getting a trustworthy bookkeeping service Singapore can make your organisation efficient by providing you with time to focus on strategy, growth and expansion. Tedious managing and scrutinizing of financial records will not be a headache anymore.
2. Staying ahead of the curve
Companies often tend to ignore things like filing taxes, record keeping, and auditing, which are as important as the direction of the business itself. To avoid getting late penalties and to stay compliant with statutory bodies, you can collaborate with a reliable and Singaporean bookkeeping service that would ensure that you stay ahead of the curve in terms of tax and financial planning.
3. Getting business insights
Any good bookkeeping service Singapore would provide you with simple tips and tricks to manage your finances effectively. It’s a win-win situation as you get professional business advice along with regular account maintenance and management of financial statements. Whatever your financial situation, your firm will let you know how best to proceed.
4. Organisation of work
Keeping an updated record would facilitate better planning, and allocation of resources and budget. Managing the business won’t seem like a task once all your transactions are streamlined and recorded neatly.
Bookkeeping Services in Singapore
Bookkeeping requires help from trained professionals who have the deep technical knowledge required in accounting, bookkeeping, and taxation. Many businesses have, therefore, started considering outsourcing their operations to professional accounting and bookkeeping services in Singapore.
Numerous accounting and bookkeeping services like us at DNA Accounting have begun offering our services in Singapore in recent years, offering customised plans to suit the requirements of all your business needs, whether you’re an SME that needs accounting work done, or a large company needing a bookkeeper.
DNA Accounting can perform many services like preparing financial statements, filing tax on time, audits, expert opinion in financial matters, and many more. We are also a pocket-friendly solution if you are financially concerned.
Getting financial assistance adds value to your business, and could help increase productivity and efficiency as managing the records won’t be a bother for you anymore. This may lead to better planning, as you would get more time to focus your attention on the actual business instead of worrying about compiling financial statements and tax records.
How To Find The Right Bookkeeping Service In Singapore?
There are a lot of accounting and bookkeeping services Singapore who offer lucrative plans. Although many of these are reliable, it’s essential that you do a thorough background check before investing in any. Remember these tips while finding the right bookkeeping service in Singapore:
1. Expertise in business
As mentioned earlier, there are a handful of firms offering accounting services to SMEs and larger companies in Singapore. The only differentiating factor would be the level of expertise with which they function. While many of them provide similar accounting and bookkeeping services, not every firm can boast of experienced managers like DNA Accounting. So, remember to opt for a partner with experience and expertise in auditing, bookkeeping, and taxation.
2. Offering services within your budget
Similar packages from different accounting services in Singapore can come at very different costs. Ensure that you have chosen an accounting service that will offer you quality services that are within your budget—an important consideration especially for SMEs in need of accounting services.
Transparency and accountability are key factors when it comes to selecting the perfect candidate from a list of bookkeeping service providers in Singapore. We recommend that you consider a firm that has been hailed as trustworthy by their existing clients. You can also check if the firm has disclosed its system of operation on their website.
4. Appropriate certification
It’s absolutely necessary that the accounting service you are looking to partner with is credible. Just like every other profession, there are certifications in bookkeeping and accounting recognised by regulatory bodies like The Association of Chartered Certified Accountants (ACCA), Institute of Singapore Chartered Accountants (ISCA), and Chartered Accountants Worldwide (CAW). Ensure that your prospective accounting partner has some or all of these accreditations.
Apart from this, you can also check if the firm is registered with the Accounting and Corporate Regulatory Authority (ACRA), a statutory board under the Government of Singapore. DNA Accounting has the necessary accreditations to offer you the best service that your business needs.
Singapore is a global business hub and the market is flooded with competitors who provide accounting and bookkeeping services Singapore. Businesses based in Singapore should preferably opt for a local accounting firm who are well versed with the finance market, taxation regulations, and laws in the country.
SME Accounting Services Singapore
Companies who are looking for a budget-friendly firm who can maintain financial records without compromising their safety and the privacy should opt for DNA Accounting for maximum peace of mind. These budget accounting services Singapore are effective in ensuring timely tax returns and getting accurate financial statements. We can help reduce the costs involved in your business. We understand that looking after the flow of money is a troublesome business, and this is where you could rely on a budget accounting service Singapore like us as we offer guidance in all financial matters at affordable prices.
Accounting Service Singapore
Striking the right balance between operational and financial efficiency is a struggle for many small businesses in Singapore. While maintaining your own accounting department in-house is a costly affair, outsourcing your accounting services will allow you to save precious time and resources, making it easier to reach your business goals.
Our team at Accounting DNA offer professional accounting services at affordable prices to help SMEs and small business owners in Singapore increase their efficiency, and cut unnecessary costs involved in having an in-house accountant. To help you understand what you should expect from your accounting services providers, we’ve outlined some factors of the accounting process you need to address as a business.
Firstly, all companies incorporated in Singapore are required to prepare their accounts by filing with ACRA as well as carrying out tax filing with IRAS. But we understand that it can be a complicated and tedious process to reflect the financial position of your company accurately. Not only does it require professional expertise, it also needs significant time and effort to be done as well.
We are able to provide you with an in-depth financial analysis on your company’s financial report to better help you understand your company’s current financial position. In doing so, we can help you achieve smart, profitable business decisions.
Our Bookkeeping Services and Accounting Services include:
- Preparation of unaudited Financial Statement / Compilation service
- Preparation of management accounts (Balance Sheets, Profit or Loss, Trial Balance)
- Preparation of Fixed Assets Register
- Reconciliation of Bank Statements
- Provision of Statement of Cash Flow
- Generate accounts receivables/payables aging report
- Other schedules require by the clients for their analysis purpose
We will constantly keep our clients posted on the relevant processes with regards to the steps we have taken from the beginning till date.
Our staff are well-trained and equipped with the relevant technical skills to provide our clients with the best accounting and booking services at affordable prices.
Quality of Work
With years of experience in the field of accounting, accompanied with professional certificates, we guarantee that clients receive expert advice and service to provide you with a seamless and hassle-free experience.
No Hidden Cost
What we quote is what you pay--no hidden extra fees!
Accounting services for small business Singapore
Most SMEs in Singapore do not have their own accounting departments and choose to outsource their accounting or bookkeeping services. At Accounting DNA, we are dedicated to providing you with professional services to ensure that your accounts are prepared in the most cost-effective manner, without compromising quality and accuracy.
Our directors are qualified professionals who guide our clients to apply the correct principles to accounting services in accordance with the latest Companies Act regulations. We also provide services such as preparation of sales invoices, sending monthly SOA to your customers, preparation of payroll for your staff, preparation of payment to suppliers, and so on.
YES! You need to have proper accounting records to compile into a financial statement for submission to meet relevant deadlines set by relevant government agencies.
NO! Every company is required to file the actual earnings / loss incurred. Any error, omission or discrepancy made on the tax returns can result in a fine/penalty or imprisonment, even if you had no intention to evade taxes.
I realised that the accounting firm also provides services to one of my competitors, will my information be leaked to them?
NO! We are bound by the Code of Ethics set by ISCA, hence, we will definitely keep your business information private and will not disclose confidential information to third parties without proper authorisation.
I don’t really understand how to read the financial statement/accounts of my company, will an accounting firm explain it to me?
YES! We will definitely brief our clients when we present them with the relevant financial statements. In addition, we will provide our clients with our expert advice so that they can have a point of reference.