Accounting services Singapore

Five Important Books in Accounting

by admin on November 10, 2015 Comments Off

To understand your business and make it operational for a long period of time, there are five important accounting books that you should understand. An accountant will help you understand each book if you will avail the Accounting Services Singapore for your business. Whether you are opting to use the Xero Accounting or other accounting software Singapore, it will be best if you have your accountant to explain the process in in completing these books full details.

 

  1. Liabilities and Payables

This book is all about the amount you owe to supplier, employees, amortization, or to debtors. It is always important to regularly look at your schedules for payments to avoid incurring unnecessary charges for late payment.

 

  1. Expenses

The amount you paid for some items are expenses, but not all can be out righted as an expense until consumed. Example of this is the supplies. You can only consider the supplies as an expense once they are used up or consumed. Otherwise, a supply is included in the inventory even if it is already paid. For some other expenses, it is best to ask for bookkeeping services to make your recording precise and consistent.

 

  1. Assets

The assets of your business are all the items it owns, including property, building, office inventories, equipment, machinery, and cash and accounts receivables. This book is important in your accounting records because it is included in the Balance Sheet for reports and financial position.

 

  1. Revenue

The revenue in your balance sheet is in the equity side. This is your income from sales. It is important that you keep this book properly updated because it will be used whenever you are making decisions for the business.

 

  1. Equity or Owner’s Capital

This is the amount of your financial investment and interest in the business. You can easily make your business grow if you know and understand the value of your equity or what you own in the business. This will also help you motivate yourself to do better.

 

Many accounting firms are offering quality and reliable accounting services for small business Singapore. If you are managing a small business, it is best to entrust this kind of task to an expert and be precise about your decisions. The Accounting Services Singapore will guide you on how you can manage your business from simple bookkeeping to major financial decisions for the growth of your business.

 

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Advice for Small Business Starting Up

by admin on November 1, 2015 Comments Off

When you are starting up a small business, you will be able to successfully do it if you will seek professional advice. From the planning to the implementing, you will need a separate mind to tell you whether you are heading towards the right path for your business. A professional accountant can give you the needed Accounting Services Singapore as you start up your business. Instead of planning it by yourself that may end up in failures due to wrong decisions, work with someone who has knowledge and expertise in accounting services for small business Singapore.

Before you begin your planning, contact any accounting firms in Singapore and look for an accountant who can help you put up your business. He or she can help you establish and organize the needed procedures for your plan. As you work on with your plan, it is best if you will discuss every single detail with an accountant and do not just start with it without furnishing the required papers for the registration of your business. The accountant will guide you of what to do to make your business operate properly from the very start. You can even ask for help if you opt to use accounting software.

The basic thing to discuss is your finances. You should know how much capital is needed for your business to start by, and this should include not only the putting up of business, but also the entire operating and administrative expenses for the first quarter or semester of the business year. You will also need to consider other managerial and marketing expenses, in case you want to advertise your business. All these are essential in putting up a business, whether you are thinking of a smaller one or a bigger one.

The sales and profit of your business, including the expenses will be discussed through a projection that you will understand. The accountant will help you understand all these as he gives you advice on what to do to keep your business in proper stand while on its first stage.

With the help of an accountant, the basic accounting services will be provided, as well as he advice on how you can do it on your own. Some bookkeeping services procedures are easy to handle, and if you are a hands-on owner, you can easily follow the steps to furnish and keep the books. You will be able to learn more of the business as your accountant provides advice as part of the Accounting Services Singapore.

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Why Do Accountants Lose Clients?

by admin on October 14, 2015 Comments Off

Many accountants, even the certified ones who are already in the accounting field for quite some time now, still lose clients from time to time. What could be the reason for such loss? As there are many accounting firms in Singapore that provide quality and reliable accounting services Singapore today, there are also many clients who want a specific service for their specific business or industry. Here are some of the common mistakes of a CPA that lead to losing clients:

 

  1. Failure to deliver on time.

Whether it is an accounting or a bookkeeping service Singapore, you have to deliver the service on time. The records and reports will be needed from time to time, which is why it is important that you have them always ready and available, in case a business meeting is called for by the owner. If you fail in doing or completing the reports, especially on a given schedule, your clients will tend to leave and drop your accounting services.

 

Aside from the daily accounting tasks, the accounting services for small business Singapore also include the preparation of tax. Being ahead or on time is also of great importance during the tax time or tax period. All businesses, especially the smaller ones, want their tax declaration prepared and completed accurately on time. If you are able to provide them the needed financial reports, or if you can prepare and compute the tax ahead of time, the better for your clients and their business.

 

  1. Failure to communicate well to clients.

Clients want immediate response, whether they are just inquiring for the accounting services you offer, or they are looking for a specific accounting task to avail. Your prompt response to emails, phone calls, customer service inquiries, and other means of communications will give them the interest to hire you, especially if you are one of the best providers of accounting services.

 

  1. Failure to establish your value.

Many clients opt for outsource accounting because of value. As a service provider, your clients will stay if they know and understand your value to their business. You are not just hired to do the tasks, but to help the business improve its productivity as well. As you do the tasks, establish your value to the company. This will keep them on hiring you and on availing your provided bookkeeping services. Once the clients did not recognize your value through the services you provide, you will end up losing them for good.

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Accounting Myths vs. Facts

by admin on October 3, 2015 Comments Off

Every business enterprise needs a good understanding of the basic of the accounting. Although tax preparation is one of the Accounting Services Singapore, the accounting firms in Singapore that provide the said services also offer a lot more for the growth of the business. More than the need for proper recording, there are also several myths and false facts to eliminate, which is why it is important that you understand the facts about accounting.

Here are four myths busted with the facts that will help you understand accounting better:

Myth #1. The importance of accounting is for tax purposes only.

Fact: Accounting is designed not only for the tax time, but for all the accounting periods. Each recording is important for the weekly, monthly, quarterly, and annual reporting. By keeping books and records of the daily transactions, you will come up with an updated record that you can use for the growth and productivity of your business, instead of doing it during tax time only. These accounting services for small business is useful all throughout the business life.

 

Myth #2. Manual accounting is the right accounting. You do not need any other accounting options.

Fact: Now that we are in the digital world, even the accounting system can be upgraded using software. Some businesses are already using accounting software because of the many benefits it provides. Cloud accounting is another way for the enterprises, especially the small to medium businesses, to maintain and update the books.

There is actually nothing wrong with the manual accounting and simple bookkeeping, but if the software provides convenience and efficiency, why not opt for the better and help your business achieve its goals at less expense and stress.

 

Myth #3. Accounting of business is only for the professional. The owner should leave it to the experts.

Fact: Although accounting should be done precisely and correctly, it does not mean that you, as the owner, do not have the concern. First and foremost, the business is yours and you are the one who envisioned it for a certain purpose. Instead of leaving all the accounting and financial records and reports to the accountant, be involved in the financial matters to understand how you can make your business successful. Your investment in the business should be your motivation to keep it growing.

 

Myth #4. Everyone can use the accounting software without really understanding it.

Fact: Accounting software are designed for ease and convenience in keeping books and accounting, but because this is about your financial investment,you should also learn how to use the program so that you will be able to interpret its report. The more you understand the process and the program, especially how it is systematically processed, you will be able to appreciate your business as it achieves success. The Accounting Services Singapore provided by the best accounting firms may give you the right step to establish your business accounting.

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7 Reasons Why an Accountant is an Ideal Middleman

by admin on September 22, 2015 Comments Off

Consumers need the service of a middleman for so many reasons, but now that the online technology is efficiently functioning for the convenience of buying and selling, the accountants are also great as middleman for your business. Consumers would prefer buying from direct suppliers because of the lower market cost. Because the cost due to the middleman is eliminated when doing purchases directly, many consumers are now opting the online trading. On the other hand, as an Accountant offering Accounting Services Singapore, there are seven reasons why one is an ideal middleman.

  1. There are several things that you may not have time to do.

Instead of doing the bookkeeping tasks or other simple accounting tasks, you will rather have it done by a bookkeeper. You can refer and be a middleman to a professional who gives bookkeeping services Singapore.

  1. Other firms already have the system.

When you refer any accounting services from another firm that is already established, you are actually building up the firm for the service but the credit is on you. Your clients will have the best persons to do the job, while you gain the interests from it. It is just a matter of negotiating well with your clients and with the accounting firm.

  1. For long-term relationship with clients and another firm.

As an accountant acting as a middleman, you are actually building a relationship, not just for money, but for a long term one. This will also generate you more referrals, as well as opportunities to look for other firms that offer different accounting services for small business Singapore.

  1. You need other services too.

You have your own needs that may not be covered up by your existing products. Because of this, you may want to become a middleman of another accounting firm and refer one that has expertise on a specific field. This will not only lessen your burden, but will also keep you in line with your goals and purposes.

  1. Laws and regulations on Accounting Change.

As a professional accountant, you need to upgrade and continue educate yourself because the laws and regulations on accounting change constantly.

  1. Experience.

Being in the business for a long year, you already knew which strategy works best for a specific situation. Things are changed for the better, which is why there are new firms that offer modern technology in the service. You can easily tell, from experience, if a step will lead to success or if it will just fail.

  1. Advocacy.

Your aim is to help your clients achieve success in their business. That is your advocacy, and because of that, it is best to avail professional services from the experts who are specializing on a specific field, rather than give your clients a sub-standard service due to lack of expertise. The Accounting Services Singapore emphasizes the importance of middleman in the business, instead of saving on cost and pay for an unprofessional service.

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Meet the 4 Powerhouse Accounting firms

by admin on September 16, 2015 Comments Off

If you are looking for accounting services Singapore, you would always look for the best. Perhaps your criteria might be the bigger the firm, the better. Now you would like to know, “What are the largest accounting firms in Singapore and the rest of the world?” Did your firm make the cut? Let’s find out.

 

  1. Deloitte Touche Tohmatsu Limited

Widely considered as the biggest professional service organization in the world, Deloitte boasts approximately 203,000 professionals dispersed in more than 150 countries. Its founder was William Deloitte, way back in 1845. A series of mergers and acquisitions changed its ownership, but not its quality standards and company values. No doubt it’s one of the best in the accounting world.

This accounting firm provides quality service in providing its clients consulting, audit, risk management and tax services.

  1. Pricewaterhousecoopers (PWC)

With its network of 184,000 professionals in 159 countries, PWC is one of the biggest providers of accounting services in Singapore and elsewhere in the world. It was formed through the merger of two big accounting firms – the Price Waterhouse and the Coopers & Lybrand. These two decided to unite in 1998 in order to provide more quality service that will maintain good customer relations.

Member firms operate on their own and on their own locality. What binds them is the single set of values and standards PWC instituted. PWC provides top notch services in accounting, assurance, advisory and tax series.

  1. Ernst and Young (EY)

Ernst and Young is a large accounting firm which prides itself with high-end professional skills, integrity, teamwork, respect, motivation and enthusiasm. Its global organization is composed of 175,000 employees in more than 140 countries. EW was formed through the union of Ernst & Whinney and Arthur Young in 1989.

People development is among their top priority. Their professionals enjoy professional training and career growth programs. EY offers advisory, tax, assurance and specialty services.

  1. Klynveld Peat Marwick Goerdeler (KPMG)

This big accounting firm was created through merger of Peat Marwick International and Klynveld Main Goerdeler. Its global network of 155,000 professionals in 151 countries provides tax, audit, advisory, special interest and industry-specific services. It places big importance on the career growth of employees and the quality of services it delivers.

Historical Tidbits

These Big 4 accounting firms were used to be composed of 8 entities: (1) Arthur Young & Co, (2) Arthur Andersen, (3) Ernst and Whinney, (5) Deloitte, Haskins and Sells, (5) Coopers & Lybrand, (6) Touche Ross (7) KPMG, (8) Price Waterhouse.

In 1989, Ernst and Young merged with Arthur Young to form Ernst and Young, while Deloitte, Haskins and Sells joined with Touche Ross to form Deloitte Touche. Thus, from 8, they became 6.

In 1998 Coopers & Lybrand and Pricewaterhouse merged to form PricewaterhouseCoopers or PWC. From 6, they were trimmed down to 5.

In 2002, due to the Enron scandal, Arthur Andersen went out of business. From then on, the world recognized the biggest firms as Big 4.

If you’re curious what’ fifth and sixth, here you go: BDO International and Grant Thorton respectively.

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7 Basic Tips on How to Get Your Finances Organized

by admin on September 9, 2015 Comments Off

As a business enterprise, organizing your finances, not just for the current period, but for a long term, is important because it will help the business grow in terms of finances. The Accounting Services Singapore, as offered by the best accounting firms in Singapore, focuses on helping you manage your finances to improve your position. Here are seven tips to follow if you want to get organized over your finances:

 

  1. Organize your books and keep them current.

Your books should be current and updated with the daily transactions. This will help you understand the standing of your business and determine how it is operating. You will also be able to understand reports through your books.

 

You should also give time in doing bookkeeping and bank reconciling to at least once a week to know your balance. You can always avail accounting service for small business Singapore to help you maintain your books.

 

  1. Determine your cash flow.

If you know your cash flow, you will be able to organize your finances to pay your bills and other expenses on time, including salaries and benefits of employees, to make your business financially ready for future investments or expansion, and to make the business capable of taking great opportunities for the improvement of productivity and sales. A professional accountant can give you this accounting services.

 

  1. Make a consistent recording and filing.

You have to organize your recording and filing of receipts, bills, and other important documents. This will help you find them when needed, and it will be easier for you to keep your records in a neat place, instead of placing them anywhere in your office.

 

  1. Make use of planner and calendars.

Planners and calendars may serve you multiple tasks, and one of those is reminding you of when your bills or expenses are on due for payments, or if you have collections to follow up. Always look at them and use them if you have important dates to expect.

 

  1. Make your bill payments weekly and regularly.

Bills regularly come, which means that you will have to pay it regardless of the sales you accomplished. Aside from bills, you may also have other fees to pay, or amortization and liabilities to pay. To avoid charges for paying them late, have a weekly schedule of payments. If you avail bookkeeping services Singapore, you will have someone to handle this task for you. This will also lessen the load on your cash out, instead of paying them all in one specific date each month.

 

  1. Consider your future plans and focus on them.

Your plans for the future of your business will be your motivation to achieve more. When you focus on the future, and how you want your business to become after a few years of operation, you will be determined to improve your finances and become more organized of your operations and management.

 

  1. Work with a professional accountant.

Most of the accounting procedures are very important for any business. If you are not knowledgeable in the accounting system, it is wise if you will hire an accountant or avail any Accounting Services Singapore and make your business safe in the hands of an expert.

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Accounting Basics You’ll Before Starting a Business

by admin on September 6, 2015 Comments Off

Are you planning to start a business? If yes, then you should know this: knowing your product will only give you half the success you wanted. The other half? It depends on the way you manage and account your business. That’s why knowledge of accounting is very important for every business, whether big or small. Firms that offer accounting service Singapore are thriving because this country is full of aspiring entrepreneurs.

Nevertheless, you don’t have to know everything; whether now or in the future. All you have to know are some basics of accounting. Don’t reason out that you’ll use accounting software anyway! Whether computerized or manual, accounting will always be needed to be understood by owners and managers.

Basic accounting is composed of three items:

Journals

These are the books of original entry, meaning it is where an accountant records the figures found in source documents. Source documents include invoices, official receipts or any other documents which proves the existence of a purchase or sale. Thus, keeping all source documents is important.

You might already have heard of debit and credit. These concepts are used in journalizing transactions. Debit entries increase the balance of assets and expenses, and reduce balance of liabilities, equities and income in general. Credit entries have the reverse effects.

Ledgers

Ledgers collect the information from the journals in order to summarize them. In journals, you can see all accounts mixed together. For example, your journals will include all transactions for a certain month, let’s say July. Ledgers will summarize those per account. Account titles could be Accounts Receivable, Accounts Payable, Cash, Inventories, Sales, Interest Income or Interest Expense. Thus, you can see the ending balance of each account through the ledgers.

Ledgers could be general or subsidiary. Subsidiary ledgers summarize sub-accounts of general ledgers. For example, if the General ledger is Accounts Receivable, then the subsidiary ledgers are the customer accounts with corresponding receivable from each of them.

 

Financial statements

Financial statements are the end products of the accounting process. Income statement, or the Statement of Recognized Income or Loss shows income or loss for the period. Balance sheets or the Statement of Financial Position enumerates the entity’s assets, liabilities and equity. Statement of Cash Flows shows the movement of cash within the accounting period. Statement of Changes in Equity show how the owner’s equity has changed throughout the period.

Knowing these three should provide you a broader outlook of your business. Though it won’t make you an accounting expert, at least you know the foundations. If you need help, there are a lot of accounting firms offering accounting services in Singapore.

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Cloud Accounting

by admin on August 31, 2015 Comments Off

Cloud accounting refers to the use of internet in order to record and process financial business transactions. Sometimes called cloud computing, this method does not require installation of accounting software in your computer. A lot of accounting services Singapore firm offer cloud accounting services.

For a fee, IT companies will often offer you online access to their platform in order to manage and maintaining your financial records. This will enable you to remotely access their servers and applications.

Virtual accountants

Cloud accounting eliminates or minimizes the need for bookkeepers or accountants. You yourself can generate the reports you need just by clicking some icons. The internet service will serve as your virtual accountant and finance manager. Your financial transactions will be processed according to the international regulation International Financial Reporting Standards.

Cloud vs. Traditional Accounting

Cloud accounting follows the same principles of its manual counterpart. Tools are different but the concepts are the same. Versus traditional method, online accounting is less prone to error because of minimized human intervention.

With cloud accounting savings are immediate and abundant. Instead of big upfront costs, you will only be paying low monthly charges. Employees wouldn’t allow you to pay their salary by installment would they?

The financial communication process will also be easier. With cloud accounting, all you need is internet and a compatible gadget. If you’re using the manual process, then you’ll have to find the accountant’s available time in order to process your request.

Cloud accounting advantages

Although cloud accounting cost some overhead (computer and internet), its benefits are generally more than the costs.

Your virtual accountant can work 24 hours a day, on-demand. The story is not the same for flesh and bone accountants. In just a few clicks, you can instruct the platform to produce specific financial reports. Aside from that, accounting software does not need salary, overtime pay or paid vacations. That’s why a lot of bookkeeping services in Singapore are already done by virtual accountants.

Words of caution

Your business’ risk is increase if you outsource your accounting services to a cloud computing company. There’s a lot of viruses and hackers out there that might compromise the security of your database. The provider itself might also be your problem. In 2011, Amazon’s cloud service went offline causing a lot of financial damage to its clients. The key to avoiding these problems is to choose software with proven track record and good customer feedback

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Forensic Accounting

by admin on August 29, 2015 Comments Off

Modernization is never always good. Commerce has benefited from technological advances, but also has taken damages from deceitful ways of different stakeholders. As the risks get higher and higher, the more complicated the solutions become. With this in mind, accounting services Singapore had evolved from providing just plain accounting services to offering accounting, advisory and auditing services. One type of service that is growing right now is forensic accounting.

 

What is forensic accounting

Forensic accounting is the use of accounting knowledge for fraud prevention and detection, for court and litigation causes, for claims and dispute resolution and for other causes that involve legal matters.

What forensic accountants do

You can get a forensic accountant by fusing your accountant with detective Sherlock Holmes. Sounds crazy right? It’s just a metaphor; the point here is that a forensic accountant is an accountant and a detective in one.

Forensic accountants can offer two types of services: investigation and litigation support. What’s the difference? Investigation involves examination of the accounting books and the related controls in order to detect possible areas of fraud or gross inadequacy. Litigation support on the other hand is the use of accounting expertise in order to provide evidences and to act as an expert witness in a court of law.

In addition to those mentioned above, forensic accountants can also work on incidents of negligence, bankruptcy, contracts and other cases that involve recovery of damages.

How to become a forensic accountant

If you want to be a forensic accountant, what should be the first thing to do? Enroll in an accountancy course and finish it. Of course you first need the technical know-how before you’ll be able to detect the flaws. After passing the course, your next step is to find a certification course for forensic accountants.

Forensic accounting jobs and salary

Governments need forensic accountants in order to mitigate corruption activities of its officials. Under the table transactions might be so complex that it could not be detected by simply imposing internal controls. Another hurdle governments face in preventing fraud is the volume of transactions they handle. FAs have the right tools to handle these situations.

Private companies hire forensic accountants in order to uncover possible sources of fraudulent activities. FAs are very important in these aspects so it’s imperative for some accounting firms in Singapore to have these professionals.

The average annual salary in the U.S. of FAs is $75,000, though much of them earn more than $100,000. On the other hand, the usual entry-level compensation is $30,000 to $60,000. Of course it’s a no-brainer that their salary should be a lot higher than accountants who only performs bookkeeping services.

Forensic Accounting Certifications

There’s a lot of certifications for aspiring FAs like the Certified Fraud Examiner- a license recognized globally, and is issued by the Association of Fraud Examiners. There are also others like Certified in Financial Forensics and Certified Forensic Accountant.

Conclusion

There’s a lot of available accounting services in Singapore, but some fields are under served. If you want a unique and rewarding profession in accounting, you should consider being a forensic accountant.

 

 

 

 

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