Accounting and Bookkeeping Services Singapore
There is no denying that accounting and bookkeeping are integral parts of any operating business in Singapore. If you are one of those enterprises that want to keep their financial boat afloat, Integrated Accounts can provide you with accounting and bookkeeping services in Singapore. We help you stay up-to-date with the accounting standards and maintain your compliance with the latest regulation in Singapore. With our accounting services, you can rest assured that your real-time financial data is always readily available for you to make better business decisions.
Digitize your financial records with accounting and bookkeeping services in Singapore
In the era of cloud accounting, Interactive Accounts is no less than a sensation. A professional accounting firm can help enterprises with their company’s quarterly, monthly, yearly and half-yearly accounting needs. As a reputed accounting service for small businesses in Singapore, they use the latest software and SFRS compliant practices that ensure statutory compliance for organisations. But, before you get in touch with us for your financial reports or other kinds of accounting and bookkeeping services, let’s take a deep dive into the crests and troughs of accounting and bookkeeping.
The key difference between Accounting and Bookkeeping services
Most companies use the terms accounting and bookkeeping interchangeably. Although these two terms appear to be quite similar, they are different beyond leaps and bounds. Accounting reviews and analyses the financial information, while bookkeeping is the act of recording your business’ day-to-day financial transactions.
Having sheer attention to detail is paramount for bookkeepers, but accountants focus more on the big picture by conducting audits, generating concise and accurate financial statements and forecasting future business needs. So, to make it clear for you, here’s a sheer difference between accountants and bookkeepers.
- The goal: While bookkeepers work intending to keep records of a company’s financial transactions systematically, accountants manage the art of making critical business decisions by analysing a firm’s financial situation.
- Where to start: Bookkeepers start with raw business data gathered from different sources. They record the data from bank statements, receipts, cash registers, warehouse logs, sales order books and purchase orders. But, the starting point for accountants is the financial information collected and recorded by a bookkeeper. Once the books are kept in order by a bookkeeper, accountants analyse and interpret the data before they draw crucial financial decisions about the future of a business.
- Skills required: Bookkeepers must have in-depth knowledge about overseeing accounts and managing financial books such as purchases on credit and incurred expenditures. They must be well-versed with different financial concepts such as ledger accounts, journal entries, the types of ledger accounts, and the effects of passing the journal entries in the company’s balance sheet.
On the other hand, Accountants need to use their financial wisdom to make timely and measured decisions. They must have the ability to think out of the box and balance the risk and return trade-off for an enterprise. With the valued advice of an experienced accountant, a business can benefit by several orders of magnitude.
- Job responsibilities: Bookkeepers process invoices, receipts and payments, manage account receivables and payable, handle input and output GST, process payroll, reconcile different sets of documents and ledgers, etc. Whereas accountants prepare corporate reports to update the management on financial activities, help in preparing proposals or budgets, craft financial statements and audit the financial books that bookkeepers manage.
But, lucky for you, we specialise in both accounting and bookkeeping services. Get in touch with us now for amazing quotes on monthly, yearly, and quarterly accounting as well as bookkeeping services.
Reasons to put your trust in Interactive Accounts
Have you ever tried to synchronise your financial statements when they happen to be in complete chaos? Did your in-house accounting section cost you a lot of fortune in your previous year tax filing process? Is your management reporting going all south when you pictured it otherwise? Then it’s high time that you go for professional accounting and bookkeeping services from Interactive Accounts. Their cost-effective accounting services have helped to straighten many businesses’ financial spines, and the same can happen with you. Ranging from regulating your cash flow to getting better returns on your tax filing, Interactive Accounts can help you with almost anything and everything that concerns your finances.
Have additional questions about accounting and bookkeeping services in Singapore? Or do you want our help with your finances? Reach out to our experts now.
#1 I have to get my business audited by the end of this week. Can you help me with the finances?
Yes, at Interactive Accounts, we believe in serving our clientele with sheer diligence. Yes, we will try our best to help you with the audit as soon as you reach us.
#2 Is outsourcing accounting and bookkeeping pricey?
No, it isn’t. When you hire someone for your financial management in-house, you must pay them a specific salary with CPF and spend time training them. But, with an accounting firm, the costs will be much less, yet you have professional accountants with experience at your service.
#3 Should a small business owner invest in outsourced accounting services?
Accounting services for small businesses are more important than anything. Businesses need to make better financial decisions during their initial stage, for which hiring accounting and bookkeeping services is a mandate.
#4 Can outsourced accounting services in Singapore help me with filing my taxes?
Yes, they can. One of the greatest advantages of working with an accounting firm is that you will never fall behind on your taxes, or neither would you have to pay any late fees.
#5 Can Integrated Accounts help me with cash management?
For a stable cash flow or the purpose of cash management, we assist our clients in maintaining bank accounts, wherein the clients’ funds are received and disbursed on their behalf. The bank reconciliation is typically performed every month.