As a business owner for SMEs, you are going to be multitasking most of the time. Running a business is not easy especially when you’re just starting out. It’s best to get all the help you need so you can keep your focus to grow your business.

After successful incorporation, the next key action for your business is to ensure smooth business operation. If you’re an SME or startup, you will need to establish a strong financial system to sustain your business growth in the long run, particularly with your accounts.

You can consider outsourcing an accountant or bookkeeper for your business. Although both seemed like they are performing similar functions, they serve different responsibilities.

Bookkeepers can take charge of a wide range of tasks within a small business, from reporting financial transactions, recording daily entries, to pay attention to errors in the business’ accounts. Currently, bookkeepers even extended the range of their duties. They are able to conduct training to use accounting software, implement document management, and develop internal business processes.

3 simple steps to have an efficient bookkeeping system in any business

Set a structure

A bookkeeper is responsible for maintaining financial reports by helping you to set a budget for your company, organize your financial records, generate financial statements to track cash flow, analyse the company’s strengths and weaknesses, and plan out initiatives for you to take in the future.

To simplify it, bookkeeping involves recording, maintaining and storing financial transactions on daily basis with a high level of accuracy. Set a proper structure for your bookkeeping, which can include templatised documents and accurately labelled folders. This can help you save a lot of time every time you need to manage files, keep track of information, audit or file taxes.

Keep track of your financial obligation and compliance

More often than not, companies tend to overlook filing taxes and record keeping. These are crucial parts to keep the company running smoothly. Other than planning your cash flow, as a business owner, it’s important to keep track of other financial obligations and compliances.

Many businesses overlook the importance of bookkeeping which leads to financial challenges in the business. A trusted bookkeeping service in Singapore can bring significant efficiencies to your business operations. Reduce the likelihood of missing bill payments, overpaying vendors, more accurate in tracking account receivables, and with a qualified person to file the annual tax return or GST return will minimise the error. With an accurate bookkeeping record, you can spot trends and opportunities in future investments, as you will have all the important information ready all the time.

A better understanding of your cash flow will also allow you to find better ways to improve it. Having a dedicated bookkeeper, you can reprioritise your time and effort into growing the company, expansion, and long-term business strategies without neglecting your financials.

Therefore, good bookkeeping can let your business stay ahead of the curve and strive amongst competitors.

Hire a professional accounting firm

New startups are often faced with manpower challenges, lack of knowledge, and time to maintain proper financial records. From the onset, it’s a good practice to keep financial transactions and calculate profit margins to track your business. A professional accounting firm, such as DNA Accounting, might help you greatly by providing the necessary services you need to set a good bookkeeping habit. If you are looking for accounting services for small businesses in Singapore, look no further.

Aside from having less worry about your books, hiring a professional bookkeeper can save you money. Accounting firms are experienced in handling many clients’ businesses, which makes them the perfect finance managers to always be one step ahead, avoiding common mistakes that may happen. Not to mention, they also provide the best financial advice that fits your business models.

Next Steps

Bookkeeping is crucial to business operations for many reasons. There are many accounting and bookkeeping services available, however, if you’re looking for an excellent accountant/bookkeeper or SME accounting services in Singapore, DNA Accounting has got you covered.

We offer customized financial services which suit your business types, from SMEs to MNCs. We provide services that cater to your needs within your budget, while always keeping you updated on the relevant process we take for you.

On top of that, our company consists of accounting experts with qualified accreditations in Singapore who have been working for years in this field. Drop us an enquiry at https://accountingdna.com.sg/contact/ to see what we can do for you!