How to select the best bookkeeping service in Singapore

1. How to select the best bookkeeping service in Singapore Date:20.03.2019 For a small or medium scale business (SME) bookkeeping is a very crucial procedure of company’s accounting services that is utmost vital in order to successfully run a business. Bookkeeping is the systematic recording and organizing of financial transactions in a company, also is the basis of a company’s accounting system. The recording, storing and retrieving of financial transactions for a company, non-profit organization, individual, etc is the most important function of bookkeeping service. Hence if you are operating a small or medium scale business, then hiring a bookkeeping service in Singapore will surely help you to manage and record all your financial affairs easily and professionally. Here we will discuss the different attributes of bookkeeping service along with their usage;

2. Day Day services: services: to to day day bookkeeping bookkeeping B Bookkeeping ookkeeping is the process of recording financial transactions of a business in an accounting system and the creation of financial reports. That is a day to day process and necessary for any business to ensure accurate operational or financial information, regarding company’s business bookkeeping bookkeeping is the process of keeping records of financial transactions of a business entity or a company, and for that, the basic mathematical and computer skills are required, such as; Adding, subtracting, basic arithmetic, preparing and producing spreadsheets bookkeeping bookkeeping software professional bookkeepers. bookkeepers are entitled to keep the records for different accounts, which include sales, rent expense, wages expense, cash, loans payable, etc. transaction. As Maintaining p Maintaining payroll services: ayroll services: and crucial Here using for the The income statement, payroll expenses are part of labour costs recorded in bookkeeping process, which includes employee salaries, employer payments for health insurance or other benefits, payroll taxes paid by the employer, bonuses, commissions, and similar expenses, along with the additional taxes owed to the government by the company. This is the common expenditure required to run a business and need to be recorded for accounting accounting purpose. are bookkeeping Tax preparation Tax preparation and filling and filling: : As per the guideline of IRAS regarding tax filing as well as to keep up with legislative changes an efficient tax accountant is required, in order to keep your business free from any legal issues and to and help your organization remain in compliance. As the different kind of taxes and payable fees, such as federal, state and local level are also vital factors for a new as well as an existing business organization to run without any legal hazards. A Accounts ledger ccounts ledger maintenance maintenance: : In accounts ledger, there are two primary sections, which are accounts receivable & accounts payable, here account receivable

3. means you have sold goods on credit and you are yet to receive money for the goods you sold off and accounts payable is the current liability. This is a day to day process and the bookkeepers are responsible to record all transactions and post debits and credits in the company’s accounts ledger. Conclusion: Conclusion: So as we have mentioned, for a business bookkeeping service in Singapore bookkeeping service in Singapore is very crucial for keeping all the financial records perfectly, update statements, and checking financial records for accuracy. And the bookkeepers are responsible to keep the records of all the financial transactions that include purchases, sales, receipts, and payments by an individual person or an organization during the business operation. So the performs a very important part of accounting work, which is required to keep your business up to date and shows you its financial strengths and weaknesses. So before engaging a bookkeeping service bookkeeping service you need to make sure about all the aforementioned functions can be performed efficiently by your bookkeeper. bookkeeping bookkeeping service service accounting R Reconciliation econciliation with services services: : with the the bank and other financial bank and other financial Reconciliation with bank and other financial services is the process of matching the balances of the business accounts ledger with the corresponding information statement, in order to ascertain the differences between the two. Here the bookkeepers need to reconcile the balance in the general ledger account cash as per scale to the balance shown on the bank statement. on a bank