Bookkeeping services Singapore should maintain books solely as a tax-savings strategy. It also promotes organization and prevent potential lawsuit over commingling the financial assets or funds. There are five important reasons for maintaining a separate check book and set of books for each of your accounting firm.
First, would be the corporate veil. You need to maintain a separate check book to provide evidence of the corporate veil, one of the primary reasons for establishing a new corporation.
The next would be considering tax savings. Having a separate banking will improve the quality of the bookkeeping services or accounting services, maintaining regular collections and avoid payments from being missed, and have better documentation to your tax comeback.
Entrepreneurs must also consider audit protection. Having a separate check book will increase the chances in an Internal Revenue Service audit. The IRS will also disallow a number of expenses when business and personal transactions blend in together in a single checkbook. Keeping a separate bookkeeping records prevent stress and save time and energy as well. It also improves decision making and starts the process of better financial tracking, bookkeeping and budgeting.
The next procedure or step is to implement a system which allows tracking of sales revenue and expenses. It’s also critical for small accounting firm owners to at least consider having Xero Accounting as a main accounting software system.
There are few things that this Xero Cloud Accounting can do to promote a growing business. This type of accounting software provides reports even beyond office hours, anytime and anywhere. It also includes profit loss or product revenues, or expense reports. Xero Accounting offer better use of online banking system and harness the online benefits that many banks offer.
This accounting software also acts as the collections and accounts receivable software, generate invoices that can be delivered via email and provide options for the customers to process or send online payments. Through Xero Accounting you are able to generate statements or create different varieties of accounting reports to determine the good and high-risk customers. Conveniently track cash flows and save on past-due fees and you’ll be able to communicate with your vendors professionally.
One can also simply use scanning software to track financial statements or receipts. Neat Receipts provides scan service that immediately records and categorizes the records in Xero Accounting. Duplicate copies of the receipts, audit contracts and legal records can be kept in the cloud storage as well.