Are you running a small business in Singapore that needs services of experts to manage its all accounting works in a legislative manner? If yes, you should hire skilled professionals in the company, who have massive experience in all kinds of accounting works of your business as per the legal norms of ACRA and IRAS authorities in Singapore. No worries, if your company does not have enough finance to hire charted accountants at high salary packages, you should choose alternative of outsourcing whole accounting works of business to the leading accounting service agencies in Singapore.

Here are some vital accounting works that you can outsource to the genuine accounting service firms in Singapore:

1. Outsourced Bookkeeping

This outsourced bookkeeping service involves proper management of your company’s all financial transaction data, invoices, billing and other expenses of the company. All the data will be documented in a file format and saved in the system for future reference of government and company as well. However, you can utilize all the financial data of previous years in the accounting works to compare lose and profit done by the company at yearly basis.

2. Income Tax and GST Calculation

Most of the small businesses in Singapore get failed to calculate their right income taxes and GST taxes as per the norms of ACRA. Generally, the standard rule of filing corporate taxes and GST filling in Singapore are 17% and 7% respectively. So, if your company’s accounting professionals are not able to calculate right taxes of the business, you should not be late to outsource all the tax calculation works to the third party accounting services agencies or professionals in Singapore. The accounting agencies have experienced charted accountants, who can calculate right income tax and GST tax of small to big level companies as per the rules of Accounting and Corporate Regularity Authority (ACRA) in Singapore. They will do the needful to calculate right taxes of your company and will file for the same on time to the government as well.

3. Financial Statements Reporting

In Singapore, every small to large level business has to do financial statement reporting of its business to the government and maintain records of all financial statements at its end for future analysis too. If you are unable to manage financial statement work of small business, you should outsource for financial statement management and reporting work to the leading accounting service agencies in Singapore. In this service, the experts will manage all financial data, record of annual expenses, balance sheet, income tax statements, and other cash flow statements of business in a documented form and file for the same to the government at annual basis. This is a necessary step that every business in Singapore has to be taken care of according to the legal norms of ACRA and IRAS in the country.

4. XBRL Report Outsourcing

The small businesses in Singapore, which are lacking in filing XBRL reports, they can also outsource this work to the genuine accounting service firms in Singapore too. It is mandatory to file for XBRL report by all level enterprises in Singapore. Under this accounting service, your company’s all corporate data, financial details, balance sheets, loss and profit details will be shared to the government in the form of XBRL report till the financial year ends.

Thus, above are four significant accounting services that you outsource to any trusted accounting and finance service agencies in Singapore and get rid of all accounting issues in business easily.