Bookkeeping may seem tedious to you, especially at the end of the financial year when all your records get compiled, it may seem hard when you suddenly find yourself having to find all your receipts from the start of the first quarter up to present day and you realise everything is all messed up and you get even more stressed. This is where an outsourced accounting firm in Singapore comes into play! With various services that the firm offers, these are four ways that outsourced bookkeepers can aid you in tallying your financial records.
Keeping various records separate
Many companies do not have the habit of keeping their personal and business transactions separate. This is one of the major steps that a bookkeeper will undergo to ensure that your personal and business expenses are kept separate. Having this bad habit of lumping everything together is highly discouraged as it makes your business transactions and expenses a lot harder to track and it can become mixed up unnecessarily.
Getting a bookkeeper for your business would mean that they are able to separate all your personal and business transactions and ensure that each component do not intertwine with each other in the future which may cause problems if the habit of lumping together all your expenses is continued.
Another main thing that bookkeepers will do when hired is ensure that everything is organised properly at first glance. If you find your business struggling to keep up with regularly updating your records and books during the course of the financial year, it may be time to look into getting a bookkeeper for your company. To aid your bookkeeper, ensure that you have all your receipts from the financial year and provide all the information when asked by the outsourced firm. This can help the job be done faster and easier.
Be up to date with your company’s revenue
Outsourced bookkeepers will also ensure that all your company’s revenue, income, transactions and any miscellaneous transactions are all tracked and that everything is up to date. By tracking and filing all your income neatly, you will be able to accurately track how much you have to pay for your taxes, how much your company is making in revenue and so much more! This can help you in making sure that your company is able to pay all your taxes on time and nothing gets delayed.
Accurately calculate how much taxes are to be paid
Another key thing that bookkeepers do is when they compile your financial records during the course of the financial year, and they go through it to calculate how much taxes should be paid by your company. Some companies end up paying more in their taxes as they do not have their financial records up to date which can cause you to pay more money than you need to. Bookkeepers will ensure that your financial records are up to date which gives them the ability to accurately calculate how much taxes you would have to pay.
Enquiring bookkeeping services from an outsourced firm can be extremely beneficial to your company in terms of having your financial records all in check and for it to be regularly updated. There are many steps that a bookkeeper goes through to ensure that the company’s records are in tip top condition.
Here at Tianlong Services, we offer accounting and bookkeeping services to small businesses and entrepreneurs. Don’t hesitate to contact us and we will be more than happy to share more details while assisting you to ease your accounting and bookkeeping needs.