Why You Need Accounting Services In Singapore

The value of an accountant to any company, particularly small ones, cannot be overstated. Specifically in these cases, however, due to reduced processes and a lower degree of complexity, some main questions for entrepreneurs usually arise. After all, how does this participation work and what contributions do this professional have to make?

Do you want to learn more about the accountant’s job, why he or she can such a good partner for businesses of all kinds and types? Read on!

How important is an accountant in the company?

First of all, it is important to remember that accounting is a mandatory in most countries, especially in Singapore. This means that all businesses must have an accountant who is affiliated with the CNPJ. This professional’s responsibilities range from more operational issues, such as the effective opening of the business to daily routines, to more strategic ones that aid in the company’s development.

It is also worth noting that this is independent of the environment in which the entrepreneur works, as it is true for both physical stores and the virtual environment, as in the case of e-commerce. As a result, if you have a CNPJ but are not MEI, you must employ a professional accounting company to help you with accounting-related matters.

Starting Up A Company Without An Accountant Is Tough

The accountant participates in the work since the creation of the business plan, contributing to the maturation of the concept, indicating the ideal activities to include in the CNPJ and, mainly, preparing the tax planning that is more economical, all within the law, of course.

The opening of the CNPJ is a fundamental process and, at the same time, very delicate for companies, as it is the stage in which all issues related to the business are defined, including:

  • the activities performed
  • the legal nature
  • the existence (or not) of partners
  • Tax costs.

All of this forms the legal and accounting basis of the business. Therefore, it needs to be done with great care so that problems do not arise later, in issuing documents, generating reports, rendering accounts to the tax authorities, among other possibilities.

Accountant Is Part Of The Business Equation

Accounting provides the information required for entrepreneurs to maintain control over their work. In terms of daily operations, the accountant advises the entrepreneur on the best decisions to make. This work is especially important because the manager is often unable to hire a team to handle all of these operations.

As a result, the relationship between accountants and entrepreneurs can be described as a collaborative one. After all, they both have the same goal: to implement the best business strategies in order to achieve better and better results while staying within the law.

So What Do Accountants do?

  • accounting (statements and balance sheets)
  • Supervisor (taxes)
  • labour (payroll and pro-labour)
  • Commercial (issue of invoice)

In these cases, the activities are standardized and can be easily automated, such as the entry and delivery of the corporate income tax (for companies that have the same tax regime).

Regarding the start of the business, there is not much way: most entrepreneurs face several difficulties. You need to organize yourself so that the workflow flows while taking care of accounting issues. That’s where the accountant comes in.

This professional understands the needs and particularities related to the size and field of the activity of the company (which can vary greatly between one business and another), seeking from there to deal with all the complexity of its operations in the best possible way, always having legislation as a basis.

In this way, throughout the entire partnership, it helps not only by indicating the best path but also by ensuring that obligations are fulfilled within the deadline and are consistent with the reality experienced by the company.

How Can Accounting Make Your Life Easier?

We know that, especially at startups, the cost of accounting service is a very important factor for small businesses. The good news is that online accounting helps reduce costs, which is critical to the financial health of the business in the early years of its life. In this sense, we counted as an intelligent option for small entrepreneurs to be able to enjoy quality service, investing a value that follows their financial reality. It is also worth mentioning the issue of process automation that online accounting adds synonymous with routine facilitation.

In Conclusion

Another distinction is in the handling of documents and receipts. No more wasting time storing documents or printing proof of payment, both of which are required by the accountant. As you can see, the accountant’s importance extends beyond meeting legal requirements. He is an excellent business partner, carrying out tasks that help the company grow and achieve the desired results.