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PROFESSIONAL SERVICES/LEGAL | Contributed Content, Singapore
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Meenakshi Agarwal

Why Singapore businesses should consider outsourcing accounting and tax services

BY MEENAKSHI AGARWAL

Singapore is widely acclaimed as the leading business hub of the Asian continent. The progressive nature of Singapore taxation serves as a testimony to its openness and pro-business environment for foreign entrepreneurs.

As a result, the scenario of growing business has resulted in the increasing need for Singapore accounting and tax services in Singapore.

When it comes to business in Singapore, high business profit or ROI is undeniably the ultimate motive of every business organization irrespective of their size and types. Business owners of the city-state expect to earn manifold profit on every dollar spent.

To achieve the aim of businesses, it is important to have a well-guarded management and internal control system in place. Amongst many important aspects, accounting and tax are the two elements which should be taken with much care to make a difference in your business.

In Singapore, companies are on the path of cutting extra expenditure and they consider outsourcing of their accounting business services and tax services Singapore to some dependable accounting firm in Singapore.

In general, the professional accounting services providers deal with a range of services that take care of the various aspects of accounting and taxation such as compilation financial statement, accounting software assistance, bookkeeping services, XBRL filing, corporate income tax Singapore, personal income tax, GST Singapore and Singapore ECI filing, etc. that companies are faced with.

Singapore taxation is more than just Singapore tax planning and filing tax returns; it consists of many regulatory compliance factors that required astute knowledge of legal matters and legislative norms.

Similarly, accounting firms in Singapore are comprised of expert professionals who are having acute understanding of Singapore accounting standards and can deliver Singapore tax and accounting services in accordance with the statutory regulations of ACRA, GAAP and SFRS.

When you outsource Singapore accounting and tax services you can rest assured that there would be no errors in calculation of tax and entry of accounting records. By minimizing the possibilities of errors in the two most important aspects of your business i.e. accounting Singapore and taxation Singapore, you will be towards making more profit in your business.

Secondly, you will save time and money that you will use when doing the things internally. Most importantly, outsourcing is the perfect way to save your business from any huge losses since you will get the job done by professionals who are competent enough to deal the things meticulously.

By outsourcing your accounting and tax services, you can reap benefits of using latest expertise and innovative technology in the market since most of outsourcing accounting firms in Singapore hold cutting-edge technology driven software solutions and knowledge in accounting Singapore.

This is the best way of making your account settled without any hassle. Moreover, you are sure that you will be compliant with the regulations laid down by IRAS. You will no longer be in worry for any non-compliance related issues such as penalties and court summons.

The best part of outsourcing is that it is cost-effective, highly efficient and professional in approach. So, what more do you want from an outsourcing firm?

The views expressed in this column are the author's own and do not necessarily reflect this publication's view, and this article is not edited by Singapore Business Review. The author was not remunerated for this article.

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Meenakshi Agarwal

Meenakshi Agarwal

Meenakshi heads SBS Consulting’s overall operations. She has vast industry experience in ensuring delivery of quality services to clients.

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