Setting up a business takes a lot of effort as it can’t be done in a day. There are many things that one has to look after, right from business registration to hiring employees, there is a lot that goes on. Especially for a business that is set up in a foreign country, it is important that the business meet specific standards and requirements of the place.
New entrepreneurs can find it challenging to deal with all the aspects of running a business or company. Business registration, selecting a location, getting a business license, are some of the initial steps every entrepreneur goes through. Well, when it comes to business this is just the beginning and there is a lot more that comes after.
Once your business is set up after completion of the basic procedures, you have to then pay attention to the other aspects. Talking about accounting, it is pretty much one of the most basic things that need to run smoothly in order to run a business. Bookkeeping, sales, taxes, cash flow management, all these things play a very important role.
The standards for accounting or even running a business are varied from place to place. Today we are going to help you with a few accounting tips that will help you for your business in Singapore.
Be Well Versed With SFRS And IRAS
For a business set up in Singapore, having the knowledge of SFRS (Singapore Financial Reporting Standards) and IRAS (Inland Revenue Authority of Singapore) plays a vital role. It is important that the person or team handling accounting know that accrual-based accounting is one of the basic principles of accounting standards in Singapore.
Things like inventory valuation, taxes, real estate valuation, and related parameters should be according to the SFRS. The SFRS is just a Singaporean version of the IFRS (International Financial Reporting Standards). Hence, it is important to have complete knowledge about the same for a business instated in Singapore.
The IRAS on the other hand is a statutory board, a part of the Singapore Government that falls under the Ministry of Finance in Singapore. This statutory board is responsible for all the tax collection in Singapore. So, it becomes very important to know about the IRAS standards and comply with the same for a Singapore-based business or company.
Seek Assistance
Accounting is one of the most important factors in office administration. All businesses have dedicated personnel or a team that handles the accounting for their company. Hiring the right and experienced personnel or team is very important as accounting involves everything from cash flow management to management of taxes.
If you feel like one person may not be sufficient for doing the job, you can always seek assistance. For your business set up in Singapore, you can find good and reliable Singapore accounting services that will help you with your company’s accounting run smoothly.
Maintain Organization
Maintaining an organization in accounting is the most difficult part of running a business but it is one of the most significant parts of running a company. If there is no discipline and work schedule in your accounting then there can be major problems with administration.
The accounting sector for any business has a lot of things that fall under it. As there are many things that need to be taken care of, it is important that everything is well organized and marinated for smooth functioning. Since Singapore has its own accounting standards for a business, it is important to take care of each aspect.
Maintain Records
Maintaining records is one of the vital duties of an employee. Records help your business to keep their data up to date and correct their mistakes for future works. The more records a company holds the more it becomes difficult to manage. So managing and maintaining records is not an easy job.
As these records can mark the status of your company. Every product’s sales are recorded and every sale records the response from the customer. This helps to grow your company through the popularity of the product and maintain the standard. So, the basic bookkeeping habits turn out to be the most important for growing your company.
Winding Up
The above-mentioned things are just a few of the important things that need to be looked after while running a business in Singapore. There are definitely other things that also need to be taken care of to run a business smoothly. We hope that these tips will help aid the accounting of your business in Singapore.
