Accounting Services for Small and Medium Size Enterprises (SMEs) in Singapore

sme accounting

Are you a small business owner in Singapore looking for accounting services?

It’s no secret that small businesses face an uphill battle towards business growth and entrepreneurial success and poor accounting practices is the leading factor that stops them dead in their tracks! Some quick marketing research reveals that 30% of small businesses fail in the first two years of operation, 50% in the first five years, and 66% in the first 10.

As you know, accounting for SME or Start-up is crucial. As such, Tianlong Services acknowledges that SMEs are in dire need of accounting services due to some simple reasons.

  • The accounting function is a non-core task.
  • Accounting generates no revenue and does not plough back any profit into your business.
  • Accounting ties up your skilled employees and introduces edginess in the workplace.
  • From time-to-time, you’ll find yourself scrambling to meet deadlines towards maintaining Singapore’s statutory compliance.

How can you benefit from our SME accounting?

With Tianlong Services, you can rest assured of the most authentic financial report creation with our accounting services in Singapore. We can certainly help your small business to fully comply with accounting rules and regulations. For small businesses, a well-managed accounting function is extremely important to us because it reflects their financial health, streamlines their daily business operations, and facilitates better decision making by the executive management.

Accounting reflects the growth prospects of SMEs to a great extent. Start outsourcing your accounting services to us today and enjoy great benefits from our professional accountants who will help you navigate all hurdles associated with accounting functions to your utmost satisfaction.

Why Our Singapore Accounting Services is Essential for SMEs

According to Accounting and Corporate Regulatory Authority of Singapore (ACRA), a company’s annual filing is the responsibility of its directors. The regular updating of its books of accounts is also binding for them. As such, the prevailing interpretation is that the accounting function should continue without distracting employees from focussing on core goals.

We share the same sentiments at Tianlong Services, and that’s why our accounting services are vital. Try out our accounting for SME today.

Engaging our proficient accountants to deal with the accounting needs of your small business in Singapore will maximize employee’s focus on other core functions. This wise move unloads the time-consuming burden associated with accounting tasks out of your workplace and transforms it into a cool environment for tackling your core goals. Moreover, you’ll also forget about hiring a permanent in-house accountant, and cut costs for buying accounting infrastructure.

Try outsourcing for one month

Outsourcing accounting services for small business in Singapore to Tianlong Services is a common known trend for successful entrepreneurs. As many small business owners seek cheap accounting services over in-house accountants to cut business cost, we have always been their much-needed answers. Outsourcing their accounting services is usually rewarded with increased productivity and efficiency enjoying by many small business partners, sole proprietors or private limited companies.

Try our SME accounting for one month!

You can expect the following services from our accounting firm:

Tianlong’s accounting services is one of the fastest way to grow your SME without woes and problems related to training and staffing issues of accountants or the accounts department. By engaging our accounting services, your start-up is guaranteed to expand into one of the biggest and most profitable enterprise in Singapore through focused business development strategies and effective commitments by our accountants.

How We Guarantee SMEs to Benefit from our Singapore Accounting Services

Tianlong’s accounting services help SMEs track and report on their financial health by reassigning and optimizing resources effectively using strategies specially designed for small and medium scale businesses. Sparing time for maintaining the books of account for their own business is not always possible for small business owners. Our accounting experts have figured out the major challenges that they experience when it comes to handling financial transactions. Accounting for SME becomes not a burden for the business owner.

We have prepared specially designed accounting services for small businesses that do not want to hire in-house accountants. We liberate overwhelmed small business owners to focus on their products or services while keeping the cash register ringing. Our customized reports help them meet their day-to-day business needs and ensures their books are updated to accomplish the prompt filing of accurate financial statements.

Our professionals also provide consultation and assist our clients to manage other forms of business obstacles. Apart from basic services, we also provide related services like payroll services, company incorporation, and company registration. Tianlong Services acknowledges the importance of building and maintaining a great record of relationships with esteemed accounting clients. To know more about our services and package you can give us a call or mail us for more information.

Benefits Enjoyed by SMEs that Outsource Accounting Services in Singapore

In terms of accounting, there are two types of small business owners:

  • Owners who carry out their accounting single-handedly, and
  • Owners who outsource the accounting functions to an external individual or firm.

The bottom line is that both may successfully shoulder these responsibilities. However, a number of small business owners who go down the road of undertaking their accounting function themselves fail fast because the task requires in-depth knowledge of principles of accounting and established rules and regulations.

SME owners who outsource their accounting services enjoy the following benefits not only in the short-term, but also for the long-term entrepreneurial success.

Sufficient Time for Managing Core Functions of their Business

Whether you are an SME owner deploying offline or online accounting services, you’ll always enjoy the benefit of having your valuable time freed up for other core business functions. You can save on time and work on customer activities in preference to doing the work all by yourself. Small business owners who outsource acknowledge that they are not machine and each of them only have one pair of hands.  Use the spare time to focus on expanding, growing and investing in your business. Not only does this lead to efficiency, but also productivity.

Considerable Cost Cutting

Outsourcing the accounting functions of your SME cuts down considerable amounts of overhead and payroll costs that could weigh down your finances. When you outsource, you do not need to pay staff salaries and even contribute to the central provident fund (CPF). You do not need worry of employees taking medical leave, and even the payment of performance bonuses as well.

Elimination of the Recruitment Process

Have you ever realised that the process of recruitment and resignation is agonising for most business owners? By outsourcing, you solve the problem associated with hiring and firing accountants every time and again. This process leads to missed opportunities, waste of precious time, and loss of business, as employers are likely to take several weeks or even months before hiring a suitable candidate for the vacant position. When an accountant leaves, your firm will suffer an interruption of workflow.

Accurate Financial Reporting

You do not need to worry that your employees are incompetent and are not updated with the latest rules and regulations, which could lead to shoddy work. If you outsource your accounting function, you’ll be rest assured that our expert accountants are well updated with accounting best practices. They are familiar with the industry’s do’s and don’ts and have the knack to streamline your cash flow and discipline your business expenses to increase its profitability.

Case Studies

Tianlong Services has helped a number of small businesses in Singapore to get top quality accounts, and comply with the requirements of Singapore Financial Reporting Standards. Our team of superstar accountants provides unparalleled accounting solutions by applying a personal, hands-on approach to help small business owners improve the efficiency and cost-effectiveness of their organizations.

To get a better idea of the various solutions we can provide your SME and how they benefit different types of businesses, here are some case studies of clients we’ve helped in the past.

Client 1

Established in 2017, ‘Pasir Ris Children’s Playground’ (PaRiChip) is a non-profit organization providing hands-on educational exhibitions and programs focusing on art, science, and world cultures for children, families, and school groups who visit their amusement park on a monthly basis.

The Challenge

‘PaRiChip’ full-time CFO retired and the start-up could not afford to hire a new accountant to undertake the Controller-level accounting functions in the interim. Tianlong Services was initially brought on board in mid-2018 with an overall goal of improving processes and systems to attain financial transparency and assist with the yearly audit.

The Solution

To streamline their accounting services, Tianlong’s on-going engagement took account of the following processes:

  • Installed QuickBooks and migrated their accounts to non-profit edition
  • Producing accurate and timely financial statements every month.
  • Provided yearly audit support with a CPA firm
  • Created a donor tracking system for the financial allocation of expenses and implementation of fund accounting
  • Collaborated with management to develop accounting policies and procedures to ensure overall objectives are met.

The Results

‘PaRiChip’ doubled their profits this year and secured donor funding from three big investors. This engagement enabled us to demonstrate the value of outsourcing for small businesses by highlighting items that the client hadn’t previously noticed. Currently, Tianlong Service provides full-time outsourced accounting services for the non-profit organisation.

Client 2

‘One-Stop Fresh Foods’ is a retail store located in Singapore. The SME only has two branches and sells cooked, baked, packaged or fresh food products.

The Challenge

After the death of the business owner, his wife did not have the time and skills to handle the company’s books in-house, which led to the decision to outsource their accounting functions. A new bookkeeper was hired at a reasonable rate of SGD$12/hour, but working two days/week. After 3 months, she noticed that the bookkeeper always played catch up, and failed to send up-to-date financial statements. He was fired and sought advice from a mutual business owner, which resulted in a call to us.

The Solution

We assigned him a team of expert accountants to assess the financial books of the business and they came up with an exhaustive list of areas that needed to be addressed. She was impressed, and decided to commit to an ongoing contract with us, and so we billed her SGD$180 on a monthly basis, a huge cost cutting for the business. Since then, ‘One-Stop Fresh Foods’ has enjoyed:

  • Access to our Client Portal;
  • Corporate Secretary;
  • QuickBooks/Xero Subscription;
  • Tax (ECI + Form C/C-S); and
  • Other optional Add-on Services:

The Results

Within a few weeks, ‘One-Stop Fresh Foods’ books were completely updated and our accountants send reports 5 business days after the end of the preceding month. We also deliver revenue reports that explicate the top product sellers of each store. She has an accurate inventory count and when he wanted to invest in a new line of products, we provided the necessary information to facilitate her decision making.

Request a Free Trial

We provide accounting services to SMEs to businesses like yours. Consider the following questions:

  • Are you a privately owned sole proprietorship, partnership or private limited company?
  • Does your company have less than 15 employees?
  • Is your annual revenue or income less than $1 million?

If you answer “yes” to any of the above, then you are considered small businesses.

Not sure if this accounting service fits your business?

Fill in the contact form or call us to request for a one-month free trial so that you have the right answers to any enquiries. We will do our best to provide you with the accounting services that you need.

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What do Tianlong Services do?

Tianlong Services provides accounting services to small businesses and entrepreneurs.

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You will get a month’s worth of bookkeeping. Whether or not you continue with us, your reports for the month are yours to keep.