Singapore is a business friendly city; therefore, attracts entrepreneurs from all over the world to incorporate their businesses. However, most of the businesses incorporated by local and foreign entrepreneurs in Singapore are Small and Medium Enterprises. Although these entrepreneurs have enough business sense to develop their businesses, it has been constantly noticed that most of the SMEs investors have low-levels of financial awareness. With limited or no knowledge of financial and accounting functions, it becomes difficult to evade the substantial gray areas present in the laws and regulations of accounting practices, which might prove to be disastrous, if not complied properly.
Ms. Meena is the business head of SBS Consulting, and she commented on the emergence and development of the SMEs in Singapore by saying, “Immediately after incorporating a company, the trained staff resumes their action, allowing entrepreneurs enough freedom to focus on business development. With the advancement of business operations SMEs, usually focus on aligning staff incentives as per their business objectives. Thus, with every small change in financial functions, it is necessary that the company obliges and complies with all the statutory, financial and corporate obligations”.
Ms. Meena emphasized that SMEs should hire accredited Singapore Accounting Services specifically offering services to SMEs. By hiring such service providers, SMEs will get enough time to focus on core business activities, leaving behind the worries of managing accounts and complying with accounting standards. Adding an advisory to her opinion, she said, “When small businesses are on the way of development, they have access to diversified internal resources, so, if they use precise financial information, then it becomes easy for them in optimizing internal processes as well as external business functions for achieving better business growth”.
Meena further said, “SMEs will experience growth if they have access to standardized financial information and when yielding qualitative results is the primary motive, then wisely using available financial information into business plans is very much necessary, especially when businesses are practicing quality management or when they are engaged in online business activities. Nevertheless, the standardized financial information will be made available only when they will have access to experienced and skilled accounting service, it is when, hiring highly skilled financial professionals becomes their primary requirement”.
Management reporting, ACRA and IRAS compliance, taxation, reconciliation of banks and other accounts, assistance with accounting software, preparing cash flow statements, etc. are some of the commercial and strategic accounting needs of the flourishing small businesses. SBS Consulting, using the expertise and experience of qualified professional staff, regularly carries out all these basic accounting functions.
Ms. Meena cleverly concluded her statement by saying, “The SMEs recently have started outsourcing their accounting needs. Until now, SMEs thought having strong accounting skill-set in-house or externally is not at all necessary, additionally they also thought it was all right to manage accounting functions in a substandard fashion. However, with growing pressure to comply with accounting standards and relevant statutory obligations, more and more SMEs are looking out for affordable and skilled accounting services in Singapore”.
About SBS Consulting
SBS Consulting Pte Ltd, Singapore while offering accounting services to SMEs, understands their needs first and then customizes their services accordingly for better and faster results. Apart from accounting services in Singapore, incorporation, accounting, auditing, taxation, bookkeeping, HR and Payroll and Company Secretarial services are some of the additional services offered by the SBS Consulting. The professional accounting staff here is dedicated to providing meaningful data customized reporting, wherein the integrity of your financial data is always ensured.