Your business in Singapore is an entity with its own individuality and identity hat needs the best Accounting Services Singapore. According to law, it is necessary to keep an account of every transaction of the business for recording and bookkeeping purposes and for the determination of the profit or loss. The accounting services for small business Singapore are essential if you want to keep track of the flow of your business. This will be needed also in providing information when reporting for tax purposes.
Most business owners focus more on the management of the business and less on the accounting procedures. Although they are both important for the business, giving importance to the right accounting practices is one basic way of ensuring that the business will succeed and become profitable on a long term range. Learning these simple accounting practices can be helpful if you want your business to be managed well. The accounting services in Singapore are also available now for outsourcing to help small medium enterprises.
Accounting and Record Keeping
The accounting firms in Singapore offer different accounting services and bookkeeping services, including cloud accounting. The recording and accounting of all the transactions starting from the establishment of the business all the way to the daily transactions can be tedious for an owner who have no knowledge of the practice. But with the help of an accountant, the basic practices can be started with this simple accounting and record keeping:
In journalizing the transactions, you can simply use a journal, which is the book of original entry of each transactions. You can journalize all transactions such as purchases, sales, expenses, salaries and wages, and all the other transactions related to the business. Each entry you made in this journal will also be posted in the Subsidiary Ledger and the totals are posted on the General Ledger.
The Subsidiary Ledgers are the books referred to when analyzing the daily, monthly, quarterly, or annual report of the business. It contains the general information needed for the preparation of the financial statement, including the statement of income and loss and cash flow.