Outsourcing Your Payroll Services as a Small Business Owner

Payroll service is one of the challenging and tiresome functions of a business organization. Payroll processing requires lot more concentration, effort, and involvement of a manual resource. Small-size Company often faces challenges to devote more time and resource in this function. For them, it is profitable to make use of outsourcing services upon which a company can rely and hand over the entire payroll related works. It helps the business owners to concentrate more in shaping their business ideas on growth and development.

At present, payroll service is becoming a popular trend for small and medium sized business owners. Understanding the advantages of hiring a payroll vendor, large business conglomerates are also making their move to outsourcing payroll services.

The difficulties faced by small size business in managing payroll services are
• Struggling to cope up with the ever-changing payroll regulation
• Facing problem to keep the record updated on a timely manner, which is very crucial.
• It is costing you too much for your business.
• Problem of accuracy
• Facing problems in allotting job to your employees
• Lack of satisfaction level among employees
• Chances of less ROI for the investors
• Risk of losing records in case of unforeseen, if there is no any provision of back up facility
• Finds problem in carrying out regular monitoring and reporting of the data

More and more business owners are taking the assistance of outsourcing services to avoid these hassles and to remove the burden of payroll task from their in-house employees. By doing so, they are not only able to pay attention towards productive work but can manage a hassle free business organization.  Peace of mind and security are the additional advantages that a small business owner can enjoy if they appoint a payroll vendor for outsourcing. These are the key two factors that help the business owners to explore more business opportunity and productivity, which can leads to flourish their business consistently in today’s competitive market.

Large organizations tend to have their own payroll departments but a small company cannot afford the cost for the same. Thus taking help of an outsourcing service could be a better option for a small size business company. Utilizing outsource service could help the small companies become more productive, profitable and progressive and set them apart from their competitors. 

Starting Your Own Business Empire in Singapore

Starting your own business empire in Singapore can be very rewarding as this country provides a perfect platform for the establishment of new business services. This island country is counted as one of the leading business hubs in the world for having highly developed economical structure, impeccable government policies, low taxation system, political stability, and many more factors that are advantageous for a business set up. Owing to pro business law that prevails in the country, many of foreigner business owners prefer to rush to Singapore to set up their own business empire over there. If you are one of them then it is wise to have good knowledge on the basic requirements to set up a company, incorporation procedure, company registration and time- line and statutory compliance and other related requirement to own a Singapore based company.

When it comes to set up business formation in Singapore, it is much easier and convenient than any other country in the world. Being a start-up friendly country, Singapore provides a simple and easy process. Nevertheless, authorities implement some guidelines and legal ethics to maintain its reputation across the globe. The basic requirement is to have a local business address from where you intended to run your business activities. The address should be proper and not simply PO Box no.

While setting up your business entity of your dream, you also need to consider few other major requirements such as:  

• The main requirement to set up a company in Singapore is that the director of the company should be a Singapore resident or from Singapore. 
• Engagement of a local Company Secretary is mandatory. You must employ him/her within six months of your company incorporation. 
• As per Singapore Company Law, in any case it is mandatory for foreign business owner to employ local incorporation services for business formation. 
• There should be one shareholder, who can be from anywhere in the world. 
• One should bear minimum paid up capital of S$1. 

You should learn about the mandatory structural requirements of a Singapore company.  You may choose from following types:

• A sole proprietorship
• A limited liability partnership firm
• A private limited company

In the course of setting up of own business venture, we cannot disregard the most important factor of incorporation of company, that is registration. You will need to register your newly ventured company with the Singapore Registrar of Companies. 

The main requirements for the process of company registration include: 

• Name of the company
• Details of director, who should have the Employment Pass
• Details of shareholders
• Description of the proposed activities
• Details of the paid up capital proposed

Even if it is easy to engage into the process, it is still essential to hire a professional service provider or advisor to help you in this regard. By doing this, you will witness a speedy execution of the requirements along with many added benefits like secretarial services, documentation, company profiles, etc. 

How to Form a Company in Singapore?

If you want to start a business your best option is to contact someone knowledgeable in the area, and for those in most countries the options are numerous. In such case SBS Consulting helps you open a company in Singapore quick and much affordable. You should also learn as much as you can prior to starting a company in this country so you are fully prepared. Most people do not take the time to research everything there is to know about running a business and the laws that govern them. For this reason you should make sure to talk to your local government about your plan. When you start a business in a country other than the United States you generally have to do more research.

When you do begin an organization the vital factor you should do is complete all the forms you need. While you can usually function without a formal status, if you want to be lawfully identified you should get in touch with a certified associate first. They may help you with all the records that need to be loaded out and response any concerns you may have. If any lawful argument occurs against you they can also provide support with that, while also assisting you complete any records needed. The procedure to start a company in Singapore is as follows:

1. Sign-up with the Accounting and Business Regulating Authority.

2. Pay a fee for each organization name authorized.

3. Get a customized closure made for the organization.

4. Hold out for the information to appear by mail.

Be sure the details you complete is appropriate and appropriate to the company you are developing, you don't want any errors at this factor. Knowing lawful conditions and how they impact you is also a wise decision if you strategy to do this all yourself. While you can do most of it on your own you should still search for lawful counsel when you need it to prevent any misunderstandings over the topic.

A person that wants to start a company has many choices available, and with the amount of people providing help it should be pretty uncomplicated. Developing a lawful on the internet company is relatively easy if you have the a little to do it. The price is reduced than spending someone else to do it, but you have to complete all the details yourself and comprehend the conditions associated with a company. Many reliable internet sources are available that can help, though you should always create sure what you study is believe in deserving. There are regulations that may implement to you particularly so create sure to look into these as well. Beginning a company should be easy as long as you complete the needed records, and take enough a chance to understand everything there is to know.

James Meredith writes on the advantages of forming a Singapore company for local and foreign. Have already set up a company? He suggests looking into corporate secretarial services to help get your business off the ground. For help with company secretaries, look to www.sbsgroup.com.sg, a premier business registration specialist in Singapore.

Accounting Services for All Business Types

The present business scenario demands accounting as a crucial requirement. Keeping updated accounts book of the financial transaction is mandatory as per government rules. Accounting is tracking and recording cash inflow and cash outflow. Any type of business whether it is small, mid level or large scale have their individual accounting needs. Accounting and bookkeeping is the progress report of a running business. It throws light on how a business is performing. A well-maintained accounts book helps in monitoring the business effortlessly.

Keeping an up-to-date accounts book is not a choice but a compulsion for any and every segment. Irrespective of the sector, be it manufacturing, retail, hospitality, education, pharmaceutical, banking, or insurance. It improves the efficiency of work and helps in the betterment of performance.

In order to concentrate on the core business activities and planning the strategies of business growth, companies are turning towards accounting services providers. The accounting firms provide unprecedented accounting services to small and mid enterprises to multinational companies. These firms not only track the money transaction effectively and accurately but also ensure to keep a check over the rules and regulations laid by the governing authorities such as IRAS and ACRA. The companies also provide their services in packaged deals for instance along with accounting services you get bookkeeping, auditing, taxation, and payroll services as well.

There are various services offered by these firm which include      

• Setting up charts of accounts, records of supplier and customer information, opening balance and item code for inventory set up and currency set up.
•  Keeping  record of full set of account transactions, such as profit and loss statements, balance sheets, bank reconciliations, trade debtors/creditor list, general ledger, and journal listing.
•  Preparing cash flow statements
• Group consolidation
• Bank and other account reconciliation and many more services

   When an accounting services firm is engaged for services, the firm appoints an accounts manager who dedicatedly works with the client to sort out his business accounting needs. The accounts manager personally reviews and organizes the information to create and maintain accounts ledger. The client only needs to provide the financial documents such as sales and purchase orders and bank statements. The accounts manager also helps in drafting financial statement for statutory submissions.

It is a good practice to follow a systematic pattern by maintaining a properly tracked accounts and bookkeeping record in order to organize business and to soar greater heights.

Things to Consider to Start Company in Singapore

The world knows by now that Singapore is providing incomparable benefits and features to entrepreneurs looking for new business avenues. Singapore is considered to be the best place to set up a business. Singapore has been placed on the first rank for ease of doing business chart by none other than but the World Bank for the sixth consecutive year. One thing that hampers the proceedings is lack of knowledge. People wonder how to proceed with the singapore incorporation process and what are the rules and regulations to be followed. Although, certain amount of risk lingers in starting any kind of business anywhere in the world yet, be assured of the fact, if the chosen country is Singapore the possibilities of venture success is very high. You just have to be knowledgeable enough to sail through the government processes.

Start New Company in Singapore

There are certain quintessential things you need to know before starting a company in Singapore. The foremost requirement is to have a local business address, from where you intend to operate your business activities. This is the basic step to be followed, which if seems a tedious task; the best approach is to take the help of professional agencies.

To Start Company in Singapore should have a few more requisites such as:

• You should have at least one director appointed, who should be a Singapore resident.
• You should have at least one shareholder, who may not be a Singapore resident.
• You should have one company secretary, whom you should appoint within six months of your company incorporation
•  You have to bear the minimum paid up capital, which is S$1.
• You should have a local registered address in a residential or commercial locality, but it should not be a PO Box number.

The points you should bear in mind before company set up in Singapore

• In order to survive not only in Singapore but anywhere in the world, exhaust your energies in the kind of business you feel you are fit for. Choose the right kind of business, suitable to your personality and your knowledge.
• Do your homework before embarking. Research a lot about the government policies, rules and regulations, living standards and cost of living, available talent, infrastructure availability, and technology support.
•  Analyze your financial status and availability of funds. Your venture depends on the amount of funding you possess. If you are among the few who can wholly support their business, you are the fortunate one, but most of the entrepreneurs look for loans, venture funding, and equity partners to get started.

S    BS Consulting is a renowned company registration firm in Singapore. Since its inception, the group has remarkably performed well in company registration services. SBS Group has extended its invaluable support and services to its highly esteemed clients in company formation among other finance related requirements. The entrepreneurs and corporation looking for a business opportunity in Singapore deeply rely on SBS Consulting, which has now become a popular online portal to gather information on Singapore Business Corporation, Accounting services, auditing, payroll, Singapore Visa, and other related information.