The Most Popular Services Offered By Audit Firms in Singapore
When working with an audit company in Singapore, you can expect a wide variety of services to choose from. The main aim of any audit firm is to help business owners and corporations stay financially organized. This includes tax compliance, bookkeeping, and financial management, all of which will assist the process of business growth. Due to the plethora of services available, working with an audit firm in Singapore means that they’re not just outsourcing the costs of bookkeeping, but instead working with an integral business partner. It’s important to note that not every audit company will offer every type of service. As a result, business owners should interview several firms in order to determine the best fit for the company’s business needs. This will be determined by the company size, their organizational objectives, and their current position in the market.
The majority of audit companies in Singapore will offer services such as bookkeeping, payroll services, tax preparation as well as business valuation as these are standard services that make up the base of their business. Others may offer additional services such as developing tax strategies, management accountancy, and internal auditing, though this will differ from one firm to the next. Here are the most common services you can expect to find when working with an audit company in Singapore.
With Singapore being home to over 400,000 businesses, keeping your tax organized is extremely important. Even as a smaller business, your tax records can quickly get out of control, and therefore hiring an audit firm is usually required within a year of your operations. The process of tax preparation in Singapore is somewhat complex and therefore audit firms will help you prepare your tax return when you need them to. On top of this, they will also help you to prepare year-end business documents; these include forms such as IRS owner K-1, employee W-2, and 1099-Misc forms. As part of these services, business owners will also have the option to give audit firms in Singapore the authority to represent the business owner’s interests regarding information requests, notices, and audits from the governing body.
As your business grows, you will also want to establish business entities that will help you to create the most favorable tax scenarios. Although tax in Singapore is relatively low compared to other countries such as the UK and US, audit firms can still help you to find the best solution to limit the amount paid in tax. They will help with the creation of entities that make the best tax sense for your business.
If you own any property within Singapore, your needs may also be unique compared to other business owners in the country. Working with an audit firm will help you to identify these needs. They will also have connections with estate planning attorneys, insurance agents, and financial planners so that you can create and implement long-term strategies to mitigate taxes.
Bookkeeping and Payroll
The majority of businesses are great at what they specialize in, however, they will fall short when it comes to managing the financial aspects of the organization. This is where working with an audit firm in Singapore is crucial. Using complex software, audit firms can help you to manage your payroll, allowing you to focus on the day to day operations of the business. You can send them copies of your business bank accounts so that a specialist can manage your books and maintain accurate cash flow records. Audit firms will also help you to create profit and loss statements that will break down the key costs within the business.
It is not uncommon for audit firms to help with accounts receivable, ensuring they manage outgoing funds such as vendor payments, payroll processing, and any overdue payments. They will make sure that any paperwork required for on-boarding employees and contractors is also sufficiently completed so that you can issue year-end payment documents without hassle.
When working with an audit company in Singapore, you’re doing much more than simply outsourcing your finances. You’re integrating a whole new aspect into your business. They can help with your growth strategy including helping with the process of securing a loan, mergers, and any purchases you may make. They will take a look at your previous revenue streams to determine a reasonable value you can provide, or as support for a loan you want to make.
With so many firms available, missing out on this valuable advice would be a big mistake for any business. No matter the size or scale of your organization, working with an audit firm will make a significant difference to not only your growth but the day to day stress of managing your business.