Closing out your business’ financial year can be a stressful endeavour, especially if you are not equipped with the necessary accounting know-how to settle your tax dues efficiently.
Picture this – you have to go through every single financial record for all transactions made that year, all the way down to the last cent of expense. This is a tedious process that will take much of your time and attention, resulting in a domino of negative implications to the rest of your business-related responsibilities. Save yourself from all the stress and read on to learn how you can better streamline your business’ finances.
Familiarise yourself with Singapore’s business tax schemes
Singapore, like most countries, has varying tax demands for different types of businesses. This means you have to be aware of its different regulations and laws so you know how much you have to pay, or to find out if you’re even required to pay in the first place!
As a small business owner, you will have to know that Singapore has a tax range of up to 22% for sole-proprietary businesses. But get this; if your business is relatively new, one that hasn’t been in its respective industry for more than 3 years, you’ll be glad to know that you are entitled for a tax exemption.
Reconcile your numbers
This task is a difficult one if you aren’t keen on organising your business finances well. All of your business’ balance sheets, transaction receipts, and various financial records should clearly stipulate its respective amount. Once you add it all up, the financial numbers should ensure that every transaction is accounted for.
Maintaining an accurate financial is essential as good business practice and to comply with local regulations. As such, you would need to ensure you iron out any discrepancies and inconsistencies.
Maintain good accounting and bookkeeping habits
Avoid stressing yourself when trying to rectify some calculation errors – make it a point to keep track of every financial transaction as soon as it happens. This will help make the entire reconciliation process a lot easier and quicker. Otherwise, leave it to the professionals!
If you are looking for the best audit firm in Singapore to help you out with the execution of this tip, look no further than the accounting and bookkeeping services provided by Ackenting Group! Our team of expert accountants will work closely with your business to ensure accurate financial reports down to every single expense and revenue and help you fulfil your tax obligations – so your financial numbers will be reconciled by the end of your business’ financial year!
Conclusion
Managing your business’ finances calls for much of your time and attention. That is why many entrepreneurs turn to corporate accounting services to help them stay on top of their financial transactions and ensure their cash flow is handled and managed well!
If you require any assistance on accounting services, feel free to drop us an email at johnwoo@ag-singapore.com or contact us at +65-66358767. At Ackenting Group, we offer a complimentary 30 minutes online consultation for us to better understand your business requirements.
