Many people associate accounting services in Singapore with countless hours of pencil-pushing and number-crunching—something tedious best left to clerical types who do little more than making coffee or photocopying.

But like a computer programme, which is how the user communicates with the processor in order to give commands and accomplish tasks, accounting is a language of business. This language informs the actions of business owners and managers, like you, enabling them to grow their enterprise.

Every business, of any size and at any stage of its development, therefore needs highly skilled professionals who are well-versed in the use of this language.

You need to be able to understand, as clearly as possible, which aspects of your business you can count on or further strengthen to make them even more profitable, as well as which aspects might need improvement to prevent them from becoming cash drains.

It would also be a significant risk, therefore, to undertake one’s own accounting without sufficient proficiency in the language of accounting. You might not be able to get the financial information you need that will tell you how well your business is doing. Even if you get the information, it might not be presented in a way that’s clear and easy to understand.

This is why you need good accounting and someone who can provide you with great accounting services in Singapore. This is why you need U Ventures.

Give Your Business The Outsourced Accounting Services Advantage.

1. Make sure your business complies with financial reporting standards.

As the owner or manager of a Singapore-based business, you will be required to comply with the Singapore Financial Reporting Standards or SFRS in preparing your yearly financial accounts. These accounts, in the form of financial statements, will be reviewed by the Accounting and Corporate Regulatory Authority (ACRA), using the Financial Reporting Surveillance Programme (FRSP).

In reviewing your financial statements, ACRA not only establishes whether your business complies with the SFRS, but also gains an understanding of how well your business is doing.

You will also need to know the right time for registering for Goods and Services Tax (GST), as well as the regulations and GST filing requirements pertinent to your business.

2. Stay up to date with developments in the field.

At present, Singapore is on its way toward using the International Financial Reporting Standards (IFRS), which differs from the SFRS. Countries in the EU, as well as Canada and Australia, are already using the IFRS, and it’s only a matter of time before Singapore does, as well. In light of this development, it becomes even more important for businesses to ensure their compliance with the SFRS, and later, the IFRS.

Professional accountants are likewise always updated on any changes made in the SFRS, as well as the Singapore Standards on Auditing (SSAs).

3. Free up more time for focusing on your business.

Along with marketing and logistics, accounting is one aspect of business operations that have been recommended by experts as best outsourced or delegated to service providers.

These providers are generally better equipped and qualified to perform these tasks, and will enable you to devote more of your time and energy to core business operations such as strategy and networking.

4. Get accounting services in Singapore that are reliable and cost-efficient.

Particularly useful for SMEs, which need to allocate time and resources to management, operations and expansion, outsourced accounting services are far more cost-efficient versus an in-house accounting team. The services themselves are all a business owner needs to pay for, as opposed to the cost of hiring which involves salaries, benefits and so on.

Full-time, in-house accountants may also really only have to work during certain times of the year, and even then, only for a few days or weeks, at most. This means a full-time accounting team would be under-utilised for most of the year.

In terms of output and performance, outsourcing your accounting is also preferable to assigning it to a single staffer who may not have the necessary expertise, or the experience for providing the actionable insight of a professional accountant. The time spent by a less experienced staffer in meeting your accounting requirements is significantly greater than the time spent by a professional accountant on the same processes.

You will also be able to enjoy greater confidentiality in terms of restricting internal staff access to your business’ financial information.

We answer your Frequently Asked Questions about accounting  in Singapore: