By now you would know how easy it is to do business in Singapore and for you to set up one.
But you also do know that running your own business isn’t just about providing a service, charging for your work and receiving a pay check. It includes important tasks such as book keeping, which is often dismissed as a chore and unimportant.
3 Reasons Why It Is Important To Do Your Bookkeeping in Singapore
Don’t leave everything to the last minute.
You can track your accounts using a software or even a simple Excel sheet. Make it a habit to record every cheque you receive. If you are a stickler for getting things organised, you can update your accounts whenever you have a transaction. Or you could simply schedule a day at the end of the month to get everything organised for that month.
If things seem to be getting way too much for you to handle, especially when your business is booming, it may be a better idea to seek for accounting services in Singapore, professional companies that help you take care of your accounts like we do.
Having your accounts in good shape helps you file your taxes more efficiently.
While you are recording every cheque you receive, remember to record every expense you make as well. Keep the receipts in a file, arranged according to month of expenditure for easy access.
Keeping track of your expenses is extremely useful. Firstly, it helps with tax deductibles when you are filing for taxes. Next, it helps you have an idea how much you are spending and what you are spending on.
This leads us to the next point.
COMPANY’S FINANCIAL HEALTH
Knowing and keeping track of how much money your business is making and spending helps you have a clearer idea of profitability. It allows you to know whether your business strategy is working and what do you need to do to get in the black.
Having your accounts documented helps you plan for expansion or even simple things such as employing extra help. After all, this is part of your plan to succeed. Do you plan to fail?
Not Sure and Need Help?
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