Tax calculations and business accounting management can be risky and resource-intensive tasks, especially for business owners who might face difficulties managing their books and running their SMEs. Because of the struggles to work both ends of the business, many owners chose to either engage a freelancing or permanent accountant or professional accounting services for small businesses in Singapore for the essential task. However, it can be an additional obstacle should they not be aware of the extent of the cost of such services in Singapore.
On the one hand, business owners do not want to spend unnecessary resources on managing their business’s financial accounts. On the other hand, they also do not wish to stinge on what is needed, compromising compliance.
Hence, there while there is no straight answer to the appropriate value of affordable accounting services, it all depends on the extent of the service and professional solution your business needs in order to be compliant with regulations.
Bookkeeping cost
Bookkeeping is the recording of the business’s various financial transactions on a daily basis. It is a crucial aspect of the accounting process to ensure that your business records are kept up-to-date so that accurate financial reports can be generated to know the business’s performance. It is also crucial when it is time for tax audits.
If you need only assistance with basic bookkeeping, then you might not need to spare many resources as it is significantly affordable. You might consider hiring a part-time bookkeeper at an hourly rate rather than a full-timer. An accounting firm might charge you based on the volume of your monthly or yearly business financial transactions. For a clearer understanding of the cost involved at Ackenting, do contact us for further quotations.
Accounting cost
Accounting describes the consolidation of financial information to allow precise and easy-to-understand details for shareholders and stakeholders. The fundamental purpose of accounting is to record and report the business’s transactions, performance, and cash flows.
At a glance, accounting and bookkeeping may sound similar. However, they are distinctly different in ways that the focus of bookkeeping is to record and organise financial data, while accounting interprets and presents the derived data to the business owner and key investors, especially if you are considering merging with SPACs.
The cost involved with accounting differs according to accounting firms. Some might charge you on a flat rate or hour-by-hour, while others might request a small percentage of your business revenue as an engagement fee. Because accountants are aware of your business goals and how to grow your financial aspect, the more specific accounting services you require, the higher your accounting cost will be.
Note down your crucial accounting needs. You can easily find solutions to them by engaging either a bookkeeper, a CPA, a professional accounting and audit firm, or an accountant.
What do accounting services consist of?
Ackenting’s SME accounting services cover an extensive range of professional services to help your business grow, such as:
- Setting up an accounting system
- Bookkeeping
- Accounts receivables and payables
- Bank reconciliation
- Monthly to yearly financial reports:
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- Loss and profit account
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- Statement of changes in equity
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- Financial report preparation
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- General ledger
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- Balance sheet statement
- GST management
- Tax filing and planning
These are some of the accounting services that Ackenting provides. While you may not require every professional service for your business, it is highly recommended to get as much accounting help as you can, especially if you are a freshly started SME. Noting down what your crucial accounting needs certainly helps you to pay only for what you require.
Conclusion
Whether you are a seasoned or new business owner, engaging an all-in-one corporate service provider, such as Ackenting, is a key business strategy to grow your business, taking it to the next level. Should you want to experience such growth, then do contact Ackenting Group at +65 9383 2464.
As an all-in-one corporate service provider for many enterprises and businesses, we have provided a comprehensive and extensive range of professional services, such as branding, payroll, tax, and audit services, among others. Contact us today!
