Outsourced Bookkeeping Services Singapore
Focus on growing your business.
Atriox Management will make bookkeeping & accounting hassle-free for you.
Bookkeeping is an entry process of all financial details and transactions such as expenses, income, assets and so on. It is crucial to have a proper and organised bookkeeping system in place to ensure the business run smoothly and makes the accounting process easier. Also, all Singapore companies are required to prepare and keep a book of accounts mandated under the Singapore Companies Act and Income Tax Act. This consists of a Profit and Loss Account, Balance Sheet, Cash Flow Statement, and Equity Statement – all of which must be in accordance with the Singapore Financial Reporting Standard (SFRS).
At Atriox, no client is too big or small. Our experienced and certified accountants will maintain your Book of Accounts in a timely manner to provide a true and fair representation of your company’s financial records.
The Difference Between Bookkeeping and Accounting?
Accounting and bookkeeping are important functions in managing your business's finances. However, both processes support your business in different stages of the financial cycle.
Bookkeeping is more administrative and focuses on recording and organising the business's daily financial details and transactions. Bookkeeping is also more like a groundwork for the next step - accounting. The complexity of the bookkeeping system is often determined by the size of the company and the amount of daily, weekly, and monthly transactions. Your company's sales and purchases must be documented in the ledger, and some transactions require supporting documentation.
Accounting is responsible for interpreting, analysing, reporting and summarising the financial data or transactions. Accounting will review and analyse the financial information recorded during the bookkeeping process and require bookkeeping's financial transaction records to prepare the financial statement. These analyses and reports will be needed for the business's audit and allow the business to conduct better future forecasting to make better financial decisions to ensure the business's stability and growth.
Overall, both bookkeeping and accounting complement each other. Organised financial records and correctly balanced finances from the bookkeeping process, combined with wise financial strategy from the accounting process will contribute directly to a company's long-term success.
Importance of Bookkeeping to the Business
Comply legal requirements
Under Singapore Companies Act and Income Tax Act, all companies in Singapore is required to prepare and keep a book of accounts. Failing to comply with the required Singapore financial reporting standards will result in fines and penalties.
Track financial health
Bookkeeping tracks all business transactions and financial activities. This lets business owners know how much money was spent and made and whether the business is making a profit or loss.
To make a better decision
With access to the bookkeeping records, business owners can analyse and identify the opportunities or issues (Eg: which products generated the most profit or did the business overspend), then allowing the business owners to make a sound decision for the business development.
With accurate, organized, and up-to-date bookkeeping records, filing for your taxes would be a lot easier and you can confidently know the correct amount of tax to pay.
Funding for the business
As a business, especially a startup, capital is essential to expand the business and keep the business running. There are times when business owners would need to secure a loan or investment for the business. These banks, lenders and investors will want to see the business bookkeeping records to get a sense of your business's financial health and stability.
Benefits of Outsourcing Bookkeeping Services in Singapore
It is difficult for a growing small business to handle everything from financial management to business development. Here are the benefits of having outsourced bookkeeping services for your business:
You can unlock the potential of your business by leveraging bookkeeping experts with a wealth of skill and experience to transform this critical aspect of managing finances.
Not only will they provide professional guidance tailored to you, but they also ensure that essential tasks such as payroll, tax compliance and financial reporting are managed with expertise and precision.
Plus, their insight can even help streamline efficiency through vetted software or automation tools!
You will save a lot of time for your business in a few ways:
Save time in hiring, training and managing in-house bookkeeper staff to focus on other areas of business.
With the costs and time associated with hiring, training and managing an in-house staff of bookkeepers, you may want to consider saving yourself stress by outsourcing your business’s financial management needs. This way you spend less time on administrative tasks so that all research energy can be channelled into making better decisions for your company's growth.
Outsourcing for expert help will ensure a smooth, uninterrupted operation so you can rest assured that all is running smoothly!
Save time due to efficiency and accuracy
Bookkeeping services give business owners an edge when it comes to managing their finances. This form of accounting streamlines and simplifies the financial management process, making it easier for businesses to stay on top of their books and maximize profits in the long run.
Outsourcing your bookkeeping tasks to a professional accounting service provider is more cost-effective than having it done in-house, especially for small businesses. It helps business owners to reduce:
1. Payroll cost for each full-time bookkeeping staff - salary, sick leaves, insurance, bonuses, etc.
2. Cost for additional infrastructure - hardware, software, office space, etc.
3. Training cost for staff
On top of that, bookkeeping firms often have a team of professionals with specialised bookkeeping knowledge and skills, making them more cost-effective than hiring a single employee with the same level of bookkeeping expertise.
As your company's needs change, you have the flexibility to scale up or down your services when you outsource the bookkeeping or accounting tasks.
Inaccurate or delays in financial reporting and fiscal uncertainty are the issues you may face that are caused by inefficient bookkeeping systems or undertrained or overworked staff.
Also, professional bookkeeping and accounting firms use specialized software and tools to manage balance sheet, financial records and store financial documents, which is far more reliable than manual data entry methods.
Why Choose Atriox for Accounting and Bookkeeping Services in Singapore?
Experienced and qualified team of Chartered Accountants
Your account will be handled by our professionals with more than 15 years of accounting experience in various industries.
One-stop solution provider
Enjoy the convenience as we offer a wide range of services related to accounting, incorporation, corporation secretary, Branding and so on.
Flexible and competitive pricing
Only pay for what you need. We customised a plan based on your business’s needs, giving you the flexibility to work with as your business grows.
Lower fixed cost of hiring full-time employees or maintaining accounting software.
100% complies with regulatory requirements and no more missing out on deadlines and incurring potential penalties.
Accounting and Bookkeeping Services We Provide:
Our comprehensive cost-effective bookkeeping and accounting services include the following:
General Ledger Maintenance
Accounts Payable Ledger Maintenance
Accounts Receivable Maintenance
Fixed Assets Ledger Maintenance
Cash Flow / Budgeting
Goods and Services Tax (GST) application, preparation and submission.
When Is The Right Time To Start Engaging a Bookkeeping Service Provider
In the early days of your company
Getting help with bookkeeping can be a wise choice when your business is in its early stages. As your business flourishes, it is important to ensure that you are spending money in the right places. To streamline this process and ensure the accuracy of financial transactions and paperwork, consider engaging an accounting firm during your company's growth stage. This will help set up strong financial foundations for future expansion opportunities!
When making strategic preparations to advance
Strategic planning to improve a business requires reliable financial data. Engaging the services of an experienced bookkeeping professional is essential for making informed decisions and forecasting future needs with confidence.
When having problems with time management
If you're feeling overwhelmed and spending too much time on bookkeeping instead of focusing on your main business goals, it may be a sign that the right time to engage a professional accounting firm has arrived.
Doing so will enable you to excel at what matters most, allowing peace of mind that essential accounting processes and financial statements are taken care of efficiently.
The absence of devoted bookkeeping staff
As a business grows, the challenge of bookkeeping can quickly become overwhelming. Allocating resources away from what you or your employees do best to manage invoices and payments is not an efficient use of time - so why wait until it's too late? Outsource your bookkeeping sooner rather than later will save both time and money in the long run by ensuring accurate record-keeping that won't lead to employee dissatisfaction.
When there is a brief slump or downsizing
When faced with economic slumps, cash flow problems or downsizing, many businesses find themselves in dire need of quality bookkeeping services without the capacity to fill those roles internally. Outsource your bookkeeping can help keep your business on track and ensure uninterrupted operations - even during challenging times.
Atriox Bookkeeping and Accounting Services Price Plan
Atriox offers bookkeeping and accounting services at a starting price of $250 for companies with under 50 transactions. We will customise a plan for your business by looking into your business nature and needs such as volume of transactions, frequency of service (eg, monthly, quarterly or annually), add-on service (eg: inventory management) and etc.
Get a FREE Quotation here based on your business requirement now!
Why is bookkeeping important?
A systematic and compliant bookkeeping able to produce a clear and detailed financial reporting that is able to:
Provide insights that allow better decision-making to manage business finances.
Assess expenses and put cost-saving strategies in place.
Obtain a loan or an investment
Avoid tax penalties due to incorrect income statement declarations
Who needs Bookkeeping services?
All business entities require bookkeeping services, especially in Singapore. It is required by the Inland Revenue Authority of Singapore (IRAS) and the Accounting and Corporate Regulatory Authority (ACRA) that all business entities must keep proper accounting records and documentation.
Can an outsourced bookkeeper work with my existing accounting software?
In most cases, yes. An outsourced bookkeeper should be able to work with the business's existing accounting software. This includes us, Atriox.
Kindly communicate with us or the outsourced bookkeeper about the accounting software you using and any specific requirements your business may have.
Can an outsourced bookkeeper handle multiple currencies?
Yes, an outsourced bookkeeper should be able to handle multiple currencies if the business operates in multiple countries.
Kindly discuss this requirement with the bookkeeper to ensure they have the necessary skills and experience. Note that this may incur additional charges.
How do I choose the right bookkeeping service provider?
When selecting a bookkeeping service provider, consider:
1. The bookkeeping service provider's reputation
2. Accounting and bookkeeping experience
3. The specific services they offer.
It may also be helpful to ask for references and compare prices from multiple providers.
Can businesses outsource bookkeeping for both small and large businesses?
Yes, Atriox accepts both small (under 50 transactions) and large businesses. Atriox's services are catered to all business structures and any unique requirements!
Hence, we customise a bookkeeping plan based on your business size and needs.
Will the financial records and reports be accessible at any time?
Yes. At Atriox, we partnered with Xero Silver and most of the work is done on Xero as well. Hence, our clients could access their real-time accounts at any time and any day.
Can businesses switch to a different outsourced bookkeeping service if they are not satisfied with their current provider?
Yes. It is normal to change bookkeeper when the bookkeeping services provided are not satisfied by the client. At Atriox, we will get all the required information and ensure a smooth handover.