Wondering if you should hire a professional accountant for your small business? This predicament is shared by many small business owners and fledgling entrepreneurs who are always on the lookout for ways to be more cost-effective. In this scenario, it is understandable how hiring staff can be seen as an added expense. A good question to ask when you are in the decision-making phase is this: Are you equipped with the expertise, energy and time to take care of your business’ accounting and bookkeeping? If you confidently answered yes, then taking over your accounting process may be a sound decision in cutting unnecessary costs. If you answered no or are having doubts, do consider investing in a competent professional accountant.
Having a sound accounting process in place requires dedication and a significant amount of time. Whether you are a new entrepreneur or an established business owner, you know how important time is in running a business. Hiring a professional accounting will allow you to use the time you would spend learning bookkeeping in more gainful business activities. You can be confident that while running your business, all your accounting needs are not only properly managed but also compliant to statutory requirements. Through technical knowledge of the industry, a skillful professional accountant is able to spot possible loopholes in your finances, identify market opportunities for your business, assist in planning in case of growth and expansion, and supply you with invaluable expert insights about your assets.
For entrepreneurs starting a business in Singapore, it is highly important to keep proper records of all business transactions. In fact, the Companies Act mandates any business registered in the city-state to ensure all company accounts and records are well-maintained. Not being able to do so may result to penalties.
To help you further in your decision-making, here are Five Benefits of Outsourcing Accounting Services and Essential Accounting Tips for New Start-ups.
Richmond specializes in providing a complete range of accounting and taxation services to small to mid-sized businesses in Singapore. We aim to help our clients focus more on their core, income-yielding business activities while we take care of their accounting and taxation needs. Have any questions? Get in touch with us to schedule a free consultation in your most convenient time.
