Bookkeeping In Singapore
Planning to have a company incorporated in Singapore? Or are you already a business owner in Singapore. Regardless of the stage of company incorporation that you are in, there is one thing that you need to secure – bookkeeping.
What is bookkeeping? By definition, bookkeeping is the process of keeping account books or systematic records of business transactions.
Unfortunately, bookkeeping is one area most small business owners do not provide complete focus to when running a business. While it is not necessarily the main business process, it is essential to implement not only for the financial health of the business but also in complying with statutory requirements. More so, neglecting may only result in mad scrambling for receipts and pulling together financial information when the time to file taxes at the close of the fiscal year.
As a matter of fact, bookkeeping is something that cannot be ignored without any major financial repercussions. On the contrary, if bookkeeping is done well, the accountants can easily able to perform reporting, classifying, and analyzing a company’s financial data as well as these other tax related activities.
With accurate and detailed bookkeeping efforts, it will no longer be hard to know what kind of financial shape a business is in. Owners of companies incorporated in Singapore can devise long-term plans or set goals with the sense of the direction that things are going financially. Those are just some of the reasons why accurate bookkeeping is essential to a company.
The people who do bookkeeping are bookkeepers. They have many responsibilities, some of which may vary depending on the situation. Some companies hire bookkeeping professionals to do the basic things which consist of organizing and tracking receipts and making sure expenses are properly noted as soon as the purchases or any other business transactions are made.
To sum up, bookkeeping is the very first step in the whole accounting terms, and you do not want to miss it.