Managing your company’s finances and ensuring everything is in order can quickly become complex, especially when keeping up with various updates to regulatory requirements, such as taxation. Whether you own a newly established company or startup or lead a large-scale business, finding a reliable partner to handle your bookkeeping and accounting while you focus on your business activities can be a considerable boon.
What is Included in Bookkeeping and Accounting Services?
Bookkeeping and accounting are frequently used interchangeably, though they refer to two distinct functions that relate to a business’s financial management. Bookkeeping and accounting services generally support a business’s financial tasks by ensuring that all financial data is recorded, filed, and then analysed for insights to inform business strategies and promote growth. They also ensure that all relevant financial data complies with Singapore’s financial regulatory requirements.
Bookkeeping
As the name suggests, bookkeeping involves the day-to-day recording of all business-related financial transactions. It deals with the organisation and administration of all financial documents and records, ensuring that they are filed correctly in accordance with Singaporean regulatory requirements, thereby allowing the business to run efficiently and smoothly. Bookkeeping typically involves (but is not limited to):
- Recording and tracking sales and expenses
- Issuing and filing invoices
- Compiling general ledger reports and balance sheets
- Preparing GST filings
- Monitoring accounts payable and accounts receivable
- Performing financial reconciliations
Accounting
Accounting draws from the financial data from bookkeeping and converts it into actionable insights to support key business decisions. It primarily focuses on maintaining financial compliance while providing detailed insights into your business’s overall performance. Accountants are responsible for interpreting bookkeeping records and providing the following:
- Preparing Financial Year-End (FYE) statements
- Planning business activity budgeting
- Handling tax filings
- Forecasting cash flow requirements
- Ensuring financial compliance and sound financial governance according to regulatory standards
- Preparing detailed financial analytics to support business decisions
- Interpret economic and industry trends to support business strategies
The Benefits of Outsourcing Bookkeeping and Accounting Services
Managing your bookkeeping and accounting is vital to your business’s growth and corporate governance, but it can be a time-consuming endeavour that can take time away from more pressing matters. Small to medium enterprises (SMEs), in particular, may find it challenging to juggle balancing their bookkeeping and accounting while pursuing clients and solidifying their business’s position. By outsourcing to reliable bookkeeping and accounting service providers, you can leverage their capabilities to do more to grow your company.
Long-term Savings
An in-house bookkeeping and accounting team can accomplish a great deal, but hiring and compensating the right talent, training them to perform their duties accurately, and purchasing the necessary infrastructure can still be a costly endeavour. SMEs will notably feel the pinch in terms of time, finances, and effort needed to set up this in-house department.
By outsourcing these services, you can instead dedicate your resources to your core business functions and priorities, while the service provider offers a dedicated and well-trained team to assist with your bookkeeping and accounting needs. Moreover, you only need to pay for the specific services you require, which further helps reduce your overall expenses.
Scalability
When you outsource your bookkeeping and accounting, you will be offered a highly scalable package based on your company’s size and financial requirements, among other criteria. You will only need to pay them for the services you specifically require, and you can add or remove services to meet your company’s current needs or to help with handling the bookkeeping and accounting during peak financial seasons (such as tax filings).
Professional Expertise
You also gain access to a team of bookkeeping and accounting experts, all of whom possess the required knowledge, experience, and certifications to perform their tasks accurately. Outsourcing to a trusted accounting & bookkeeping service provider will ensure that your financial records are frequently and meticulously compiled for accuracy and compliance, giving you an advantage in making informed business decisions.
Technological Advantage
By outsourcing your bookkeeping and accounting, you also gain an additional advantage in the form of cloud-based financial management software. With this, you can reliably automate and streamline various processes to minimise manual entry mistakes and maximise productivity. Such software provides you with real-time, easy-to-use access to your financial data from anywhere at any time, further optimising your business strategies for growth.
The Cost of Outsourcing Bookkeeping and Accounting Services
By choosing My Office as your outsource partner, you can leave the tedious financial management and analytics to us and enjoy accurate, reliable, and compliant financial data to support your business’s growth. Select any of our three available packages based on your company’s size and financial requirements, and scale up as your company sees positive growth over time. Consider our add-ons to further supercharge your bookkeeping and accounting. Feel free to contact us at your earliest convenience!
Frequently Asked Questions
How does my company work with you as our outsourced bookkeeping and accounting service provider?
Once you contact us, we will arrange an initial consultation session to learn more about your company’s specific bookkeeping and accounting requirements. You will also learn more about how we prepare reliable bookkeeping and accounting services that meet your needs. As each entity has different bookkeeping and accounting requirements and systems, we will do our best to accommodate and adjust your existing methods to deliver accurate and compliant results consistently.
Can I outsource bookkeeping and accounting services even if I have an existing system in use?
If you currently rely on an in-house team or have previously outsourced to another firm, and wish to retain your existing system when outsourcing to us, we are more than capable of adapting. Provide us with all the relevant information during the consultation, and we will do our best to maintain your familiarity with your current system while still delivering optimal results for your business’s growth.
Does a small business really need to outsource bookkeeping and accounting services?
Any business, regardless of size or scale, stands to gain from accurate bookkeeping and accounting. Not only does this help maintain financial compliance with regulatory requirements, but it also organises your financial data with greater accuracy and efficiency. No longer will you need to sift through document piles to find the records you need or worry about meeting your tax filing deadline: we are here to help!
