Do you know that around 30% of SMEs fail in the first year and 50% fail in the first 5 years?
One of the main reason for that is due to poor accounting services. Many start-ups and small businesses don’t invest in good accounting services to save money and try to DIY it. As a result, their business suffers financially, and poor financial decisions might lead to its failure.
So, if you are a start-up or SME who has just started and you are not giving due importance to accounting services, this blog is for YOU.
We know you have just started and invested in SME accounting services Singapore right now might seems expensive, but it is as essential as any other services you have engaged for your business. Here are a few ways you can benefit from SME accounting services Singapore.
1. It Will Save Your Time
When you start a new business, there is a lot that needs to be done. If you try to do it all by yourself, your business will definitely suffer because when trying to do it all you will juggle between many tasks and not giving direct attention to any of them.
Therefore, you should consider hiring experts to do the job. Hiring SME accounting services would take off some burden from your shoulder and you can focus on more important things like marketing your product, acquiring clients, and much more.
2. You will have Experience Experts working on it
It is obvious when you start a new business, you don’t have much experience on hand. A business needs experience along with hard work to run successfully. Experienced individuals help you make profitable decisions and strategies but hiring one is time-consuming and expensive for a new business.
SME accounting services might be able to greatly assist you in this regard. They have a team of well-qualified and experienced personnel who know how to handle complex financial situations and put your business on a successful track.
3. No Need To Worry About Rules And Regulations
Singapore has certain business laws and regulations and not following them may result in hefty fines or penalties. Accounting service providers know these laws very well and their representative will make sure that your SME or start-up follows all these laws and if something is out of order they will make sure that it is compliant with Singapore law.
Hiring or outsourcing accounting and bookkeeping services are considered expensive and many SMEs and startups prefer to do it themselves in order to save cost. However, if you see in the long run, these services are cost-effective.
Your inexperience might cause you to make financial decisions that are not in favor of your business and you will have to face the consequences. A good SME accounting service provider in Singapore will help manage your budget effectively. Not only this, but they will also help you cut the expenses by identifying the unnecessary expenses.
5. You, Will, Have Access To Latest Accounting Technologies
There are hundreds of accounting software available online but which one is perfect for your business is a mystery. If you try to find it yourself, you waste your money by buying accounting software that is not worth it. A good SME accounting service provider in Singapore has access to all good accounting tools and software. Also, their expertise and experience enable them to choose the right software that is suitable for your business.
6. Efficient Cash Flow Management
Cash flow management is the most important and critical part of running a business successfully. And there is a lot that is covered in cash flow. You need to keep a record of accounts payable, accounts receivable, daily transactions, salaries, and whatnot.
All this can be easily managed by hiring a good SME accounting service. They will efficiently keep a record of all your transactions and present you with accurate financial reports when needed.
7. Easy Tax Preparation
Taxes are an unavoidable part of a business and everyone wants to file their tax returns on time because failing to do so will result in hefty fines. Moreover, you need to find out which tax laws are applicable to you and which are not.
Doesn’t all this sound too much?
Yes, it does. That is what accounting service providers are for. They know what they do and they have been doing this efficiently for a long time. Hiring an accounting service will enable you to file tax returns without any haste and on time.
A Little About Us
AGlow Corporate Service PTE Ltd is a reputable and well-known accounting service provider in Singapore. From providing accounting and bookkeeping services to managing payroll, they do it all for you. All you need is to share your requirements with us, and our team of qualified and experienced accountants will do the rest for you. Our aim is to establish long-term relationships with our clients and for that we go to any lengths. Feel free to contact us for more information.