Experience The Best Outsourced Bookkeeping Services For Singapore Through Bill Accounting
For businesses in Singapore, outsourcing bookkeeping to India can be a great way to save money. By outsourcing bookkeeping, businesses in Singapore can take advantage of the lower wages paid to workers in India. In addition, businesses in Singapore can also avoid the costs associated with hiring, training, and maintaining a staff of bookkeepers. Additionally, by outsourcing bookkeeping to India, businesses in Singapore can tap into a pool of highly skilled workers. Bookkeepers in India are typically very well educated and have experience working with a variety of businesses. As a result, they can offer a high level of service and expertise. Finally, by outsourcing bookkeeping to India, businesses in Singapore can free up their own staff to focus on more important tasks. By taking advantage of these benefits, businesses in Singapore can significantly reduce their operating costs.
Quick Turnaround Time
In today’s globalized economy, businesses often need to outsource various functions to stay competitive. One such function is bookkeeping. While there are many benefits to outsourcing this task, one of the most important is the quick turnaround time that it can provide. In a fast-paced business world, having up-to-date financial records is essential. By outsourcing bookkeeping to a country like India, businesses can take advantage of the time difference and have their records processed quickly and efficiently. This can give them a significant edge over their competitors. As the world economy continues to evolve, companies that can adapt and take advantage of new opportunities will be the ones that succeed. Outsourcing bookkeeping is one way to do this.
Singapore is known for its very high cost of living. Therefore, hiring the services of accounting firms in Singapore would cost a company anywhere up to 20-80 Singaporean Dollars per hour on average. In contrast, Outsourcing Accounting Services for Singapore in India would lead to an accountant charging typically 15-30 Singaporean Dollars per hour (most likely on the lower side of that range). Additionally, there will also be major savings on accounting software licenses.
Better Business Performance
Outsourcing eliminates the need to maintain a full-fledged in-house accounting department – all you need is one POC to drive coordination between your business and the accounting firm to which you outsource your bookkeeping and accounting requirements. Along with saving on wage and software license costs, this would also enable you to focus on creating better business strategies instead of being bogged down with meeting compliance requirements.
Bookkeeping And Accounting Services For Singaporean Firms In India That We Offer
For bookkeeping, we provide the following outsourced services:
- Double entry bookkeeping
- Generation and finalization of Trial Balance
- Setting up of Accounts Charts
- Year-end closing
Accounts Payable And Receivable
In order to determine a company’s liquidity position, it is vital for the company management to stay abreast of its position regarding accounts payable versus receivable. To enable the same, the following are services that we offer:
- Revenue Accounting and Recording
- Client bill and statement maintenance
- Customer receipt booking and updating
- Supplier Network Management
- Collection and Cash Flow management
- Exception Resolution
Bank/ Credit Card Reconciliation
It is essential to have accurate reconciliation of transactions done through bank accounts and credit cards since it provides a good picture of the cash position of the company. For this, we provide the following reconciliation services to our clients:
- Clearing of Outstanding Payments
- Taxation processing and clearing
- Matching of company’s books of accounts versus bank balances
- Variance details recording
- Reconciling accounts payable with accounts receivable
- Verification of consistency of bank balances
Fixed Assets Accounting And Management
Given the fact that fixed assets occupy a prominent chunk on the balance sheet, their precise accounting is important to calculate depreciation costs and other expenses. To enable the same, we keep real-time reports of fixed assets and also provide analytical reports of expenses and overheads.
Managers rely on various types of accounting reports for taking decisions. The following are areas in which we can help in management reporting:
- Monthly Accrual Posting generation
- Month-End and Year-End tax compliance filing
- P&L statement and Balance Sheet creation
- Cash Flow statement generation
- Creating financial projections for revenues, expenses, and profits