Hire a Qualified Accountant For Your Bookkeeping Needs
Every business owner knows the importance of bringing sales into the company and every entrepreneur realises the importance of growing the organisation. To achieve these aims, a business needs to track its figures. Figures do not only help one keep track of incoming and outgoing payments, they also allow Management to review monthly and quarterly performance to check on the health of the company. Accounting becomes a crucial and handy tool to help business with these important tasks.
Contrary to popular belief, accounting is more than punching numbers into a balance sheet or a profit-and-loss statement. While it is certainly true that basic data entry – a simple process using something even as rudimentary as a spreadsheet – suffices for a one-man setup running a blog shop, things become a lot more complicated when the business takes the form of a Private Limited company. It becomes even more so when multiple shareholders possess interests in the business. Running a Private Limited company entails keeping proper accounting records, so that revenue and expenses are properly accounted for and that annual filing is performed expeditiously and with accuracy. In an age where financial mismanagement plagues many established organisations and corporate governance is more important than ever, it is imperative that companies hire qualified accountants to take care of their financial matters.
There have been many cases in which aspiring entrepreneurs, driven by passion and enthusiasm, enter the world of business but do not ensure their back-end systems are adequately set up. In their misguided rush to incorporate their companies, they do not only fail to put operational structures in place, but also, more importantly, overlook the need to create proper accounting systems. This is especially true for small businesses providing personal services. Revenue and expenses are not recorded properly or at all, money is indiscriminately withdrawn from the corporate bank accounts to pay for the owners’ personal expenses, and there is absolutely no synchronisation between company accounts and bank statements. The entire business descends into a financial quagmire and when the time comes for annual filing, the business owners are hardly in a position to do so. By the time warning letters and threats of fines and legal proceedings arrive, it may be too late to reverse the course. It is thus very important for business owners to recognise the need for proper accounting early in the process.
Since the Singapore government created the Singapore Qualification Programme (Singapore QP) and the Singapore Accountancy Commission (SAC) in 2013, the level of professionalism in the accounting landscape has been raised. The qualifying examinations are now more rigourous and entry into this profession, more difficult, than before. The SAC, as the statutory board with oversight of the accountancy profession in Singapore, leads initiatives that raise the bar in this knowledge-based economy and make Singapore a global accountancy hub. Put together, these developments point to the creation of a robust system that upholds the high standards of corporate governance in the country. Notwithstanding the initiatives from the government, the intended aims can only be achieved if individual companies play their part to make themselves useful and responsible corporate citizens. By hiring properly-qualified Chartered Accountants of Singapore (CA Singapore), business owners ensure that their accounting needs are seen to with the highest standards of accountability and accuracy. With a sound accounting system in place, their businesses will be able to grow and add value to the business ecosystem and the economy at large.
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