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.
Why should you outsource your accounting to U Ventures?
- As entrepreneurs ourselves, we understand the needs and priorities of a growing business.
- As accounting professionals, we understand compliance frameworks and accounting outsourcing services in Singapore.
- We have more than 10 years of extensive experience in accountancy, management, banking, and entrepreneurship.
- We leverage the latest accounting software and technology such as cloud-based accounting and online accounting solutions.
- We provide quality accounting services for small businesses in Singapore with scalable pricing models.
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.
A few pointers to consider before you outsource your accounting:
- You would have to trust the accounting services provider completely with your business’ confidential financial information.
- You would have less control over your accounting, which would, therefore, be less customised to any aspect that is unique to your business.
- As a third party, the accounting services provider may not be as familiar with your own business as would be ideal.
- Even if you should outsource your accounting, you would still need to do your own record-keeping, or keep organised copies of your source documents and files.
- Annual Return
- Corporate Tax
- Review Forecast
- Financial Statements Preparation
- Commercial Review
- GST Returns
- Bookkeeping Services
- Payroll Accounting
- Monthly Financial Management Reports
- Vendor Invoice Processing
- Employee Expenses Processing
We can help startups with their accounting.Expert accounting advice is invaluable for businesses taking their first steps, from choosing the right business structure to filing their Estimated Chargeable Income (ECI) with the Inland Revenue Authority of Singapore (IRAS). When it comes to accounting services in particular, U Ventures can hold the hand of your newborn business in terms of planning out your financial calendar and preparing for major expenses. As you begin your bookkeeping, we can help you take extra precautions against unplanned expenditures or cash flow interruptions that are likely to occur during the first months of your business’ operations. We carefully monitor every expense, however small, to keep them from accumulating and reaching unmanageable levels. We diligently maintain your books of accounts according to the SFRS requirements, including your
- Accounts Receivable and Accounts Payable
- Balance Sheet
- Cash Flow Statements
- Equity Statement
- Profit and Loss Account
We also provide accounting services for SMEs.If you have already laid the foundations of your business, and started out doing your own accounting, this is now an ideal time for you to outsource your accounting services to enable you to concentrate on actually growing your business. At this point, you should be able to keep close tabs on your cash position, your projected cash flow, and every transaction that is made. You should also have an efficient system in place for filing your receipts, sending out invoices, and tracking vendors’ unpaid bills. By now you should also be able to balance your chequebook, and review any past-due receivables. But while keeping your records straight is one thing, making sense of them is quite another—and this is where expert accounting services can really make a difference. U Ventures will be able to help you review your actual profit and loss against your budget, as well as against your performance during the years your business has been operating. We tell you the stories behind the numbers. This should not only tell you how much you have earned and spent, but should also be able to tell you where you might be spending more or less than you should—which in turn should empower you to make the necessary adjustments to improve your business’ profitability. Similarly, a review of your monthly balance sheet that contains actionable insights will give you a clearer understanding of the way your business’ assets and liabilities are being managed, as well as the reasons behind any significant drops or increases. These reasons should enable you to make better-informed business decisions in the future. Our accounting services for SMEs also includes
- Accounting Software Management and Assistance
- Accounting and Advisory Services
- Data Entry Services
We answer your Frequently Asked Questions about accounting in Singapore:
How do I know I can trust you with my business’ financial information?
How do I know which business structure is right for me?
What are online accounting and cloud-based accounting?
Can I engage your services only when I need them or do I have to engage you full time?
Can you help me file and pay my taxes?
Can’t you just teach me or my staff how we can do our own accounting?
As an entrepreneur myself, I believe the “think out of the box” clinic model will bring UVentures services closer to home to many more businesses and expand their business outreach to many more customers at their convenience.
– ROY TAY
“The Uventures team has served us well in their accounting and corporate service. We believe that their new growth into franchise clinics, and their investment in time and effort will further standardise their process.”
– KEN GOH
Get in touch.Contact Our Consultants Today! We will answer your queries and provide you
with our professional advice tailored to suit your needs.