Accounting Services
All firms established in Singapore are required to keep accurate bookkeeping and accounting records.
Employing an in-house accountant may be expensive compared to outsourcing your accounting to accounting specialists that are devoted to fully knowing your firm.
While you focus on your business, Stead’s trained accounts officers and skilled accountants will manage your firm’s accounting operations. Managing bookkeeping and account records and ensuring compliance with legal accounting standards are among the services we provide.
Difference Between Bookkeeping and Accounting
Bookkeeping and accounting services have substantial variations in terms of duties, despite the fact that many people confuse them.
The process of recognizing, monitoring, and documenting financial transactions on a daily and consistent basis is referred to as bookkeeping. Its services also include payroll recording, invoicing, inventory updating, and much more, all of which influence the financial decisions of the firm.
Conversely, accounting entails evaluating and reporting financial activities in a company’s general ledger. Accountants are in charge of compiling financial statements and accounting reports, as well as general account management tasks such as creating a financial statement and accounts ledger. Services also include analyzing and understanding a firm’s cash flow (taxes, operational expenses, and other payments).
Accounting reports, like bookkeeping, serve an important function in assisting owners in making business choices. Accounting, in contrast, demands more specialised abilities than bookkeeping.
Accountants establish the constraints of a business, such as:
- Developing the business budget.
- Maintaining track of your firm’s accounts.
- Supervising the filing, maintenance, and deletion of financial records in accordance with your company’s needs.
Save Costs With Outsourced Accounting
At Stead, we can help you address issues such as the financial strain associated with hiring in-house accounting, inexperienced accountants, and the costly accounting software with our affordable and high-quality accounting services.
As the same services are provided by Stead at a lesser rate, we will assure your company will thrive.
This will be useful for small and medium-sized enterprises (SMEs) that wish to concentrate on company development and advancement. Our knowledge steers your company in the proper path without costing you a fortune. Furthermore, by outsourcing to our accounting business, you are able to save money on office space. Our professionally licensed accountants assist in keeping your company’s finances in compliance with Singapore Financial Reporting Standards (SFRS). By cutting costs, you may reinvest your time and money back into your business instead.
The services we provide are:
- Accounting services in their entirety.
- Compiling of unaudited financial accounts in XBRL format.
- Issuing of invoices, sales orders, credit and debit notes.
- Evaluating of employee expenditure claims to ensure they are in accordance with company’s policies.
- Calculating of GST and monthly return e-filing.