Accounting Services in Singapore
Accounting refers to the system of recording, classifying and summarizing business and financial transactions and analyzing, verifying, and reporting the results.
Accounting Services means the measurement, processing and communication of financial information about economic entities including, but is not limited to, financial accounting, management accounting, auditing, cost containment and auditing services, taxation and accounting information systems.
Bookkeeping services is the process of keeping records of financial transactions and preparing financial statements, such as balance sheets and income statements. In day-to-day operations, a bookkeeper would make sure employees are filing invoices and expenses correctly and handling payroll.
ChhotaCFO offers outsourced accounting services in Singapore. Based out of Bangalore, India, we offer the accounting services across the globe through our team of professionals who are well equipped and versed in their domain and meet client’s requirements efficiently.
Four main types of accounting services
- Public accounting
- Government accounting
- Management accounting
- Internal auditing
This is the most comprehensive type of accounting, and the accountants specialize in account management services, bookkeeping, and financial analyzing. The accountants are responsible for preparation of taxes, creating accounting system designs, identification of financial errors, and compensating employees.
Government accounting involves accounting services for government entities. The accountant ensures that expenditures and revenue are by the law. They are also responsible for managing government assets and creating a budget.
Managing to account
They accountant record and analyze the business financial data and use the information to help in budgeting, cost management, asset management, and performance evaluation.
The accountants are involved in checking financial waste, fraud, management practices, and mismanagement. They check if the business is working by the law and regulation. The accountants can specialize in various fields of auditing, including, environmental auditing, technology auditing, and compliance auditing.
Accounting Services in Singapore provided by ChhotaCFO
- Bookkeeping Services
- Tax accounting Services
- Chartered accounting Services
- Forensic accounting Services
- Financial controller services
- Accounting audit Services
- Payable Accounts Services
- Bank Reconciliation Services
- Payroll Processing Services
1. Bookkeeping Services
This type of accounting service involves keeping records of the financial accounts of the business. The bookkeeper updates financial systems by recording a hard copy of the financial data or use financial accounting software on the network. The bookkeeper monitors the payment of the accounts and how they are received.
2. Tax accounting Services
This deals with income tax and other taxes that are placed on the business. The tax accountant ensures that they give the best advice when it comes to claims and protects the company from paying unnecessary taxes. The tax accountants also help in fixing issues related to filling of returns.
3. Chartered accounting Services
Chartered accountants specialize in several areas from auditing to management. They are usually a part of the professional financial body.
4. Forensic accounting Services
These accountants offer services in the tracking of missing funds that may appear at the course of the financial report. The accountants usually work hand in hand with law enforcement agents. For effective delivery of this accounting service then its essential for the business owners to be transparent with their forensic assistants concerning any tax evasion or fraud or any financial problem.
5. Financial controller services
The financial controllers are the head of the commercial department. Their task includes; assigning work to employees, overseeing staff, and dealing with new clients. They may also carry both external and internal auditing tasks. They ensure efficient and accurate accounting work.
6. Accounting auditing Services
Auditing gives detailed financial information about the business. The auditors are involved validating and ensuring the accuracy of financial statements and reports.
7. Payable accounts Services
This accounting service modifies the payment system of the business by managing financial transactions, coming up with expenditure solutions, excluding duplication, and managing financial documents.
8. Bank reconciliation
This service ensures accurate bookkeeping of financial records and helps to find any discrepancy in the accountants help in providing the business cuts down on expenses and protect fraud.
9. Payroll processing Services
This service ensures accuracy in tax rates and regulatory information. It provides the maintenance of financial records of employee’s income, deductions, and bonuses.
Benefits to Outsource Accounting and Bookkeeping Services from Singapore to ChhotaCFO
1. Cost-Saving Accounting Services
In general, most businesses consider outsourcing is an unnecessary cost for their business. It is not the right perception at all. In fact, it is the opposite. Our clients who are outsourcing accounting is willing to reduce their expenses but most importantly, without reducing the quality. The savings that outsourcing usually provides can be quite considerable as most companies can offer their services at lower cost rates location.
2.Saving your Time
As your business grows, you will find yourself spending more time managing your money and less time scaling the business. Therefore, outsourcing administrative tasks like bookkeeping and accounting help you to focus your time, energy and resources on creating business strategies. It will be bringing more revenue, as well as networking and building relationships with your customers.
3. Expert Accountants and Bookkeepers
Outsourcing may offer you the possibility to hire a professional with a higher level of expertise at an affordable price. Outsourced bookkeeping and accounting service firms continuously have to improve their skills and qualifications to stay competitive in the market.
4. Automation technologies
Most businesses use accounting automation software to save time. It will save time, but importantly, it reduces risks. Automating accounting is minimizing human errors. Secondly, in automation software, accountants get real-time reports. They assist in catching potential problems and resolving them at an early stage. Thirdly, it will reduce the probability of internal fraud.
How Can Chhota CFO help you in initiating and growing your business in Singapore?
As we all know Finance is the lifeline of any business and it is must to keep your finances well managed and in check. For people who can’t able to manage or not efficient enough to do so, Outsourcing your accounting services to Chhota CFO is the right choice. We offer the best accounting services across the globe by professionals who are well equipped and versed in their domain and meet client’s requirements efficiently.
Our expert Tax consultants help in solving any issue related to tax compliances and payments which also includes the filing of returns. We help you analyze your spending and rebalance your budget or debts for an optimal cash flow support to your business success.
We offer cloud-based accounting services to all types of businesses which can be accessed anywhere in the world. We use multiple or various software like QuickBooks, FreshBooks, NetSuite ERP, Zoho Books and others too. This technology makes the entire Accounting Process quicker, reliable and effective.