Accounting services: Types and meaning

Whether you live in America, Singapore or any corner of the world it won’t matter when it comes to the thing that needs to be fulfilled for any business. One of the required services is in fact related to the study of accounting.

Singapore one of the busiest cities in the world when it comes to business in any specific field or industry. The country is booming at an alarming rate and hence the need for financial services within the nation as well. Hence, Singapore accounting services is essential for professional firm to consider.

What is accounting services?

It is the recording, reporting and analyzing financial transactions. These transactions could be of a business or even an individual. The Singapore accounting services are not taxable.

There are different types of accounting services such as:

  • Auditing: It is verification or a systematic scrutinizing of the accounts, the books (generals, cash flow, etc.), documents, vouchers, maintaining and checking the statutory record. Auditing is carried out by following specific financial standards and laws as formulated by the government of the concerned nation. Most business firms hire CA’s or auditor as legal help acts as an assurance to third parties like stakeholders.
  • Bookkeeping: As the name itself suggests, bookkeeping is about recording or maintaining some accounting books. It is the record of all the financial transactions initiated by a business or by an individual. For e.g., recording of the sales, purchase, etc.
  • Business and Personal Tax planning: There are few taxes relieves offered in Singapore such as tax exemption for new startup companies or partial tax exemption for companies. All these schemes are to be kept in mind while submitting the tax to the government. It also includes making sure the capital allowance is utilized properly before paying tax. So Singapore accounting services are needed. Not just the service provider helps in paying a tax of business but also your own personal tax.
  • Maintaining Critical Financial Statement Services: It is the accurate record of all the financial transactions. This is one of the essential parts of accounting services. It shows the financial records to owners, management team, banks, shareholders, the board of directors, etc.
  • Payroll Services: Another important branch of the accounting tree is payroll services. Payroll is records of the total amount that is paid to the employees are employers of the business. It includes salary, wages, bonuses, etc.

With the growth of the business, accounting services will be required to reduce the burden. These service providers are professionals who work according to the law.