Accounting is Basic Requirement for all Businesses

Shaping up a new venture demands all your time and energy. You find yourself juggling between different tasks. You sit on a number of positions such as the CEO of the company, marketing manager, the sales person, the HR, the accountant and many more. You are responsible for the critical decision making process for the growth of your company at the same time you have to look into the production or services improvement strategies. Sometimes you find yourself managing resources for the company the other times building clients. In the process, it becomes a major task to keep the accurate tracking of the financial transactions of your company. It is a time consuming process and involves complex rules and regulations. A majority of individual entrepreneurs and companies outsource accounting services in Singapore.

Bookkeeping services in Singapore are also outsourced to qualified firms and accountants. It is a wise decision to take assistance of an accounting services provider to make life easier.

Singapore government has divided the companies into two categories MNC and SME, which stands for multinational companies and small and medium enterprise respectively. It is mandatory for the companies to maintain a record of the finances irrespective of their size. There are numerous benefits involved in keeping accounting records updated. Let’s discuss a few of them.

• Clear Financial Picture:

By maintaining the record of accounts book, a company keeps updated about its financial status. The tracking of money coming in and the money going out becomes an easy task to handle. It assists in preparing the balance sheets and statements of profits and loss.

•  Decision Making becomes easier:

Important decisions can be taken based on up-to-date records. If a clear and accurate picture of the financial records is present, it assists in deciding further investments. It also assists in deciding where to hold the money. Rectifying previous decisions are also possible with an updated financial record in front.

• Ease in Obtaining Loans:

Expansion is always one of the action plans if a business is doing well. If there is a requirement of obtaining loan for expansion, there are great possibilities of a positive result for your loan application, if your company shows its transaction records well maintained. A healthy financial record is the report card of your company’s performance and makes you eligible for procuring loans.

• Hassle Free Tax Filing:

Business owners save themselves from chaos and confusion during the tax filing season, if the account records are well maintained and in healthy condition.