Bookkeeping Tips Every Small Business In Singapore Must Know

Bookkeeping Tips Every Small Business In Singapore Must Know

As an entrepreneur, there was a time when simultaneously running your business and managing admin work was simple and straightforward. However, as sales increased and customer numbers grew, managing admin work can become much more tedious.

If you insist on doing the admin work yourself, you might end up with errors in your work. For instance, a simple bookkeeping error can affect your profit and loss statement. It is vital to ensure that you keep your bookkeeping updated regularly, so that you don’t mess up your tax returns.

Here are a few tips that can help you stay on top of your bookkeeping as a small business owner.

1. Reach out to firms offering accounting and bookkeeping services

While your business may be small, outsourcing to an SME accounting services firm in Singapore can provide many essential benefits for you. Here are just some of the benefits you can achieve by outsourcing:

  • Ensure that only certified and trusted professionals will handle your books.
  • You’ll get recommendations for the most appropriate accounting software.
  • You’ll get professional advice on financial and business management.
  • You can upscale or downscale the services according to your business’ capacity.

At Ackenting Group, you will be able to stay on top of your accounting obligations thanks to our experienced and professional accounting team. Our goal is to ensure that your books are updated and kept in order so that you can maintain your reputation as a trusted business.

2. Go cashless and Invest in good accounting software

Another bookkeeping tip is to invest in appropriate and reliable accounting software. From free to premium options, they are a much better option than grappling with spreadsheets. On the other hand, going cashless can help you to maintain an accurate electronic record of every transaction.

While accounting software offers many benefits for small businesses, you should know which is best for you. Do your research before making the purchase. Ensure that the software best matches your business’ needs, so you can start putting it to full use.

3. Master the standards

You should ensure that the accounting standards are in line with the guidelines provided by SFRS or IRAS. The Accounting Standards Council provides updated guidelines each year to ensure that businesses meet the standards. In addition, mastering the accounting standards is important. This is because, in the Income Tax Act, errors in your tax reports could lead to fines, penalties or even imprisonment.

If you require help in accounting, you can reach out to an accounting firm like Ackenting Group, and we can provide you with the necessary assistance that you need. Our experiences of working with small start-ups, SMEs and multi-national corporations allow us to help your small business achieve better financial reporting and improve transparency. This way, you can focus on creating more opportunities for your business and make sales, allowing us to help you maintain the integrity of your books through our accounting services.

4. Review your books regularly

Ensure that you spend time to review your books regularly. By reviewing your books weekly or bi-monthly, it can help you to stay updated on your business’ finances. You will also be able to manage cash flow, expenses, Accounts Receivables and Accounts Payable, and income trends for your business. A regular review can also help you to identify issues as they arise and address them appropriately.

It is important to note that some issues are hard to spot, and may require the help of a professional to identify and address these issues. Thus, consider reaching out to a professional firm offering corporate accounting services to help you review your books.

If you require any assistance on accounting services, feel free to drop us an email at johnwoo@ag-singapore.com or contact us at +65-66358767. At Ackenting Group, we offer a complimentary 30 minutes online consultation for us to better understand your business requirements.

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