• Accounting Services for SMEs in Singapore

Accounting services are essential for all companies. SMEs are no different in this regard. By utilizing the services of financial and accounting consultants, owners of SMEs will have all the necessary accounting services dealt with in the simplest and most effective ways possible.

Small and medium enterprises (SMEs)

Small and medium enterprises often find themselves with strict budgets and timelines in the first few years of operations. This is normal especially as the playing field is highly competitive in today’s business world. There are hundreds of similar and like-minded organisations being registered, incorporated and formed in Singapore every week. Thus, it becomes some sort of a challenge for these smaller organisations to compete with the big giants which definitely have a better arsenal in continual supply. However, all is not lost as there are things that these SMEs can do to ensure continued survival and impending growth. One thing they can do would be to seek the professional assistance and service of financial and accounting consultants who would be able to provide much added value to the organisation.

  • Tax filing and tax computation

Paul and Hype Page Co. could be your next one-stop solution provider for incorporating as well as operating your business in Singapore, just as it was for several hundred SMEs in the past.

Professional Accountants and Financial Services

Most people would think that this is an unnecessary and added expenditure that would most certainly burden the small organization. However, the opposite holds as there are more advantages to having professional assistance at the start of business operations. Accounting and financial experts would be able to provide legal information that might not be at the disposal of smaller firms. They can do so because of the wealth of knowledge about programs, schemes, and existing infrastructure in Singapore. Thus, their advice would be more accurate, timely, and informational simply because they are aware about what is going on in Singapore. Thus, company directors can make better-informed decisions simply because they are receiving updated knowledge.

Next, such professional accountants and financial services providers do not only provide numerical assistance in the guise of reports and bookkeeping. They are also able to provide tax services to companies as well. People often mistake tax services as merely providing and filing tax assessments every year. In truth, these accountants can maximize savings on the myriad grants, incentives, and tax schemes that are accorded by the Singapore government. Because governance of these incentives is at an all-time high, it is even more imperative that professional help is utilized as penalties can be severe if not done according to the requirements. Singapore’s corporate tax structure is already low since it is capped at 17%. However, new companies also stand to gain due to the tax rebates given to companies for the first few years of operations.

Another tax incentive that is incredibly useful to corporations is the Productivity and Innovative Credit scheme. Companies that apply for and are given approval on certain qualifying activities can then claim tax exemption for such activities. High on the list of qualifying activities are research and development especially for new and emerging technology functions. The Singapore government is currently providing much incentive for research on alternative methods of energy creation and renewal. As such, offices that are involved in developing research methods would be able to enjoy funds from the government. Any company which can provide proof that they would be working closely with student research programs would also be more likely to receive approval under this tax scheme.

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At the outset, it does seem that these programs are straightforward and simple to apply for. However, there are various conditions that companies need to meet before they can gain approval from the relevant governing authorities. This is the main reason SMEs stand to gain the most if they can gain support from accounting and financial services right from the beginning. Managers who have made this decision from the start find that they can focus on the things that matter – decision making and steering the company to achieve its goals. Foreign business owners might also find things slightly different from that of their home country. One main advantage of seeking professional help is that there is a wide variety of services to choose from including secretarial, company formation, and tax assessments. For more information on how to capitalize on professional knowledge, contact an accounting service provider today.

Over the past 10 years, we have gained vast experience in accounting as well as auditing services. We are CPA Singapore certified company.

Our accounting services include:

  • Manual accounting services
  • Partial as well as full accounting services
  • Weekly, monthly, quarterly, yearly financial statement preparation
  • GST (Goods and Services Tax) filling

Accounting Services for SMEs FAQs

Do SMEs need to hire a professional accountant?2020-12-11T13:54:31+08:00

It depends on the owner’s background and expertise. If an SME business owner has no clue where to start and the basic accounting knowledge, it is best to hire one to make sure the company is complying with the annual compliance. 

How should SMEs owners choose the right accountant?2020-12-11T13:54:19+08:00

When choosing an accountant, SMEs owners should ensure the candidate is certified or chartered accountant. Of course, hiring an accountant with relevant experience in the business field will be a plus.  

Where can I hire a reliable professional accountant for my SME?2020-12-11T13:54:07+08:00

You can hire a reliable professional accountant for your SME from Paul Hype Page. We are the leading and trusted accounting service provider in Singapore.  

How do SMEs owners evaluate if they should hire a professional accountant for their business?2020-12-11T13:53:15+08:00

SMEs owners should consider hiring a professional accountant for their business if they are not familiar with Singapore’s corporate tax regulations, requirements, and tax laws.  

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