Find out Why Accounting Outsourcing for SMEs and Their Benefits here
It has long been the domain of internal processes and controls. However, business moguls nowadays realise that accounting and financial processes is no longer deemed so confidential that operations should be kept internal at all times. Outsourcing accounting services means that business decisions can now be made on the most minute and updated information from those in the know. Business owners would also not be bogged down by too much information. Instead, accounting professionals would be able to zoom in on figures and provide reports with data that are updated and relevant to the matter at hand. Decisions can thus be made easily without having to focus on daily operational issues.
Owning a business in Singapore is a good example of how one can capitalise on enlisting the assistance of professional accounting service providers. The business world in Singapore is highly competitive and as such, business owners cannot afford to be left behind. Accounting service providers offer a wide spectrum of activities including company registration and formation, tax assessment, secretarial services, financial tools and providing support in various other areas. They would also be able to give more information on the types of funds, programmes and schemes that are available to business owners. Governance of these schemes and grants follows strict conditions and requirements. As such, it is more feasible to have local service providers operating from their home country which would ensure they are more familiar with the requirements. Thus, the end result of a successful application is almost a given.
Professional consultants are also helpful given that they would have all the updated information about how organisations in Singapore can benefit from various tax rebates and schemes that are available to them. Based on company profile, industry and accounting information, these consultants would be able to provide information on the best type of tax incentive that the organisation should apply for. The start up tax rebate scheme is always popular among new businesses as the enjoy tax rebates up to $300,000 on initial profits. Since 2013, the Singapore government has increased the length of time that companies are able to apply for these rebates so long as they have not reached the cap. Thus, companies are able to enjoy the benefit of utilising savings on tax on other activities in their organisation.
Another example of how these professional service providers can help is through other tax schemes such as the Productivity and Innovation Credit scheme. Those who are involved with activities including developing technology and research on energy creation will be able to enjoy the utilisation of an injection of funds on these activities. As the government is into the support of research and collaboration with universities, involvement of students into any of these activities would also be a mark towards gaining approval for the application. These are information that professional accounting and financial service providers would be able to give to business owners who in turn would be able to use the feedback and knowledge for the advantage of their company.
Find out what are the latest changes to Productivity and Innovation (PIC) in 2013!
It is a myth that these services cause unnecessary burden on the expenditure of the company. In actual fact, being able to receive the latest data and current knowledge would give the company an advantage over others. This is especially true of multinational companies and foreign business owners who might need help with the local infrastructure and business landscape in Singapore. Contact accounting and financial service providers today to get a head start on business operations in Singapore.
Paul Hype Page & Co, a public accounting firm, full practicing member of ICPAS issuing IRAS approved audit report from $1,800. We specialises in meeting the basis to complex accounting and accounting-related requirements of businesses in Singapore. Timely and accurate financial information is crucial for company to maintain a competitive advantage in today’s dynamic business environment.