For a business, bookkeeping is an integral part of its accounting. It meets the legal obligation to monitor registers.It helps to monitor results, analyse performance and guide the company. It is a valuable tool for making major decisions for the future of a business.
- Keeping accounting records is compulsory in Singapore
A company is obliged to keep books which record all the accounting operations carried out during the year. It must also establish the year-end entries, payroll, tax returns and financial statements.
- Analyse and forecast the financial
Real-time load analysis allows you to know your production costs, avoid unnecessary expenses and slippages without having the time to significantly affect profitability. The manager must be able to compare the current state of the company with those of past situations. He must measure and analyse the variances with the estimated budget at all times.
- Optimize the management of the company
In order to beat the competition, careful monitoring of accounts allows you to make the right decisions without wasting time, to maximize profits and to increase the chances of survival of the company.
It is with a rigorous recording of accounting data that you can monitor and compare stocks, invoicing, verify that all products and services sold have been invoiced, and control customer accounts.
- Reduce the risk of errors
Self-employed workers and small businesses that keep books structure their expenses and income and make fewer errors when it comes to exaggerating or missing declarations.
- Save time in the event of an accounting audit
Impeccable bookkeeping, well-filed records and documents save time in the event of a tax audit and avoid remedial measures related to an accounting failure or inability to produce a document.
The accounting company, along with providing bookkeeping services to SMEs and large corporations, also offer help in dealing with issues concerning IR8A.
Bookkeeping is an essential activity in the operation of any business. Whether you take care of your company’s accounting yourself or you use the services of a professional accountant, it is essential to ensure that you produce effective bookkeeping, and thus ensure the follow-up of the records.
Good bookkeeping management involves a system that is practical, simple to use and easy to understand. It needs to be reliable, accurate and consistent to give you quick access to the information you want.
Good bookkeeping benefits your business greatly. This will benefit you in making decisions that affect the future of your business. Likewise, the more well-organized and carefully preserved your records, the more useful they will be to you.
Here are some advantages of Good Bookkeeping Management:
- Rigorous monitoring of your current and previous financial situation;
- Better planning of your financial situation;
- Access to information enabling better decision making;
- Saves time and energy in the event of a government audit;
If you are just starting a business, it may be beneficial to rely on the expertise of a professional accountant to get you off on the right foot. Give yourself peace of mind, and entrust the management of your bookkeeping to accounting experts.