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The Pros and Cons of Outsourcing Accounting Services in Singapore

  There was a time when only mid-level and big companies outsourced their needs to accounting services in Singapore . However, today it is not the case. As an owner of a small business, you can also go for it. It is evident that appointing an accounting firm Singapore will strengthen your hand. You get to access knowledgeable and trained accountants. They help you optimise your cash flow, make better use of resources, and grow faster. These accounting services in Singapore are often more affordable for small businesses than building an in-house accounting setup. If you are interested in outsourcing accounting firm Singapore , but are undecided, here are a few pros and cons of the move. How Outsourcing to Accounting Services in Singapore Works for a Small Business Cost Small business owners search for means of cost-saving. When they outsource, they do not have to bear the burden of employee hiring, training, salary, benefits, infrastructure, office space, Etc. Core-Ta...
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Everything You Need to Know about XBRL Filing

  Who Are Required to Do the XBRL filing? Singapore companies use XBRL filing for business reporting and communicate their financial and business data electronically to ACRA. Accountants and XBRL filing services Singapore assist them in the task. Who Benefits from XBRL Filing · Singaporean Companies · Government Agencies · Regulators like ACRA · Investors · Accountants · Financial Analysts · Financial Institutes · Data Providers What are the Benefits of XBRL Filing? The data submitted to ACRA is structured and is in a uniform format. It is easy to mine and analyse the repeating patterns and to find the latest trends using computer software tools. What is XBRL? XBRL or eXtensible Business Reporting Language is a variant of XML language. The American Institute of Public Accountants created XBRL in 1998. Singapore first implemented XBRL filing requirements in 2007 for corporate financial reporting. You, as a new Singaporean business owner, need to get familiar with terms like XBRL fil...
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Singapore Company Registration- A Comprehensive Guide To Setting Up Your Own Company

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As an Entrepot between East and West, Singapore is an important part of the global supply chain. Entrepreneurs beeline to get the benefits of company formation in Singapore. The process is simple and short, and anyone over the age of 18 can initiate it. The benefits include ease of establishing a new company set up in Singapore, low tax rate, political stability, availability of funding and tax exemption schemes. What are the benefits of registering a company in Singapore? Low-Income Tax Rates Corporate Income Tax:  Singapore corporate income tax rates are low, and they range between 0%-17%. These are low when you compare them with the corporate tax rates charged by other countries. It enables companies to use the saved money for product development, marketing campaigns, market research, or to pay dividends to their shareholders. Personal Income Tax:  Singapore personal income tax rates range from 0–22%. It is a progressive tax. The rates applicable depends on your tax residen...
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Advantages of Outsourcing Bookkeeping Services in Singapore

 Yes, there is no doubt that regular bookkeeping is an important task. And like every other Singaporean business owner, you want to be on top of it. However, as a multi-tasking small business owner, you always have something urgent to do. Fortunately, you can outsource it to one of the bookkeeping services in Singapore to ensure your compliance. After all, bookkeeping is an administrative and non-core task. You can execute it to perfection, and still, it will not yield any revenue or profit for your business. Appointing the right bookkeeping service provider can help you in growing your business. The move will free you of the task and save your time, mental focus, and hours of manual work. Advantages of Appointing the Right Bookkeeping Service Provider As per the ACRA rules, regular bookkeeping and accounting of the books are mandatory for the companies in Singapore. Without it, it will be difficult for you to know the state of its finances to the last dollar. And, cas...
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Outsource Accounting Services For Small Business

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Enlisting expert assistance of outsourced accounting services to ensure business' compliance has become a trend in Singapore. Doing so helps you in keeping your focus on the core goals of your small business and in improving its cash flow. It is not a secret that acquiring new customers helps you grow your revenue, and retaining existing customers helps you create a loyal customer base. However, it will only happen if you have enough time to devote to ensure customer satisfaction. Save Time, Resources, & Effort and Be Free of Any Worry If, like many other small business owners, you are starved for time and do not have time for non-core tasks like accounting, appoint a provider of accounting services for small businesses . Doing so will help you save time and resources on your business' accounting. Getting rid of non-core administrative tasks will ensure that you have enough time in hand to maintain your competitive edge. Hand over your accounting tasks to an experienced acc...
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Why professional tax accountants are crucial to your business

 As a business owner, you need to know how much tax you owe to the IRAS at the time of Singapore tax filing. Any mistake with it can land you in legal trouble with the agency. It is why approaching the due date for tax filing makes business owners fidget and worry. If you are one of these owners, then hiring a professional accountant from a Singapore tax services provider is the best option for you. It enables you to evaluate your business' financial standing in relation to profit and loss. It gives you a chance to appraise the situation and to improve it, if necessary, to assert your competitiveness. Improve Recordkeeping When you hire a provider of Singapore tax services, you can depend on their accountant to record and report each of your business' financial transactions accurately using the latest accounting software. This digitised data is useful in many ways. They can use it to prepare vital financial statements as well as management reports for you. Maximize Tax Deducti...
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