Accounting practices has been around for centuries and has developed significantly since its humble beginnings in ancient times when simple agreements between parties were recorded in scrolls. Today, accounting has evolved and plays a crucial part in every business transactions and financial aspects for companies.
This is especially so even in Small and Medium Enterprises (SMEs). In accordance to the compliance responsibilities mandated by Accounting and Corporate Regulatory Authority (ACRA), SMEs are required to keep accounting records, profit and loss statements and balance sheets that will sufficiently justify the transactions and financial position of the firm.
Similar to how medical practices diagnose the health of a patient, accounting identifies and analyzes the conditions of a company and its financial position. It is essential for firms to go through a monthly accounting process which consists of recording its transactions, journal entries and financial statements at the end of each month.
However, it would be costly for SMEs to conduct in-house accounting due to high labour costs. Thus, business owners in Singapore can engage external freelance accounting firms to perform these services. The following reasons are why SMEs should outsource their accounting services:
Following is a brief overview of the monthly accounting services for SMEs in Singapore we offer. The range of accounting services we provide supports and empowers the business operations of SMEs while complying to the accounting standards of Singapore.
At YTA, our team are trained in this area to offer quality accounting services to your business. Complete the form on the ‘Contact Us’ page and we will reach out to you soon.