5 Benefits of Bookkeeping Services For Your Business

1 January 2020

5 Benefits of Bookkeeping Services For Your Business

Running a business encompasses numerous processes. Bookkeeping serves as a backbone of accounting function. Bookkeeping and accounting are important business functions as the figures are important metrics in a business’s performance. Being able to capture these data involves keeping completed records of financial transactions such as receivables and payable, investment amount, profit margin and updating of receipts periodically.

Singapore takes tax filing very seriously. From January to September 2019 alone, 53 cases were investigated for GST fraud and evasion. Of which, 20 have been charged in court, with 4 convicted cases and the rest in hearing. IRAS has identified that many self-employed and family-run businesses are more at risk of non-compliance due to old, manual methods of accounting and record-keeping. In the absence of proper record-keeping mechanism, outsourced accounting and bookkeeping services in Singapore comes in to alleviate this problem.

Why Consider Bookkeeping Services in Singapore?

If you are struggling to decide between an internal bookkeeper or an external bookkeeper, here are some advantages of outsourcing your bookkeeping service:

Unbiased financial opinion

As an outsourced solution for companies, bookkeeping services offers unbiased financial opinion on your company’s financial health. As an external bookkeeper is not tied to your company, he or she is not emotionally tied to your business or any business decision making. The appointed bookkeeper has the ability to provide an impartial view on your accounts as their sole responsibility is to tidy the records of your receipts and financial statements. As an external resource, their views and concerns will likely be in line with how auditors and regulators evaluate your business’s accounts.

Ecovis Bizcorp assigns a dedicated and experienced accountant to you when you engage us. You will also have one more accountant and a manager to back you up in case of unforeseen circumstances. Our company deploy only the senior and experienced staffs to these assignments as they demand a high level of technical, interpersonal and problem-solving skills.

Budget monitoring

With proper bookkeeping in place, you have the ability to see the clear picture of your business’s financial figures. You can actually identify the strengths and weaknesses of your corporate strategy and tweak according to it. Comprehensive financial details enable you to know the exact underperforming aspects to cut down and reallocate them to expand on profit earning products and services. Efficient use of your company resources is only possible if you have a clear accurate outlook of your company.

Accurate payroll

Bookkeepers also takes care of payroll. Timely and accurate payroll is a basic fulfilment of the contractual relationship with your employees. Disputes over payroll is unnecessary friction in the company that should be avoided at all cost. Other than ethical reasons, timely and accurate payroll is also significant for the business as it reflects consistency in your bookkeeping practices. To important stakeholders such as clients, auditors and investors, inaccurate payroll creates an impression of sloppy bookkeeping practices and lack of accountability. Outsourcing payroll reduces potential conflict of interest when errors arise and they take away the burden of minuscule calculation.

Avoid scrambling during tax season

Finding yourself swarmed and frustrated around tax season is probably the last thing you need. Tax filing allows no room for mistakes and having added stress only increases the likelihood of miscalculation. You can avoid all these unnecessary risks by simply having consistent good bookkeeping practices. Bookkeeping services plan and keep your books updated at regular time periods. Automated software allows proper audit trails to help you to pull out necessary financial statements with ease when you need them. For instance, Ecovis Bizcorp customises the management report format according to your needs.

Save cost

Outsourcing is a cost for companies and definitely impact small-sized businesses more significantly. However, putting together the cost of hiring and training an in-house bookkeeper and upgrading internal software, outsourcing bookkeeping and accounting service might be a more effective and holistic cost-saving approach to manage bookkeeping function.

Ecovis Bizcorp offers customised bookkeeping and accounting service at a competitive rate regardless of routine accounting work or an urgent accounting assignment. Fees structures are clearly laid out and you get to customise your reports on flat fees.

Outsourcing your bookkeeping service

For customized bookkeeping services in Singapore, get in touch with us. Ranked the 18th largest international accounting firm in the world with over 7,000 people operating in 78 countries, let Ecovis Bizcorp help you support your business whenever, wherever. Contact us today to find out more.