How to keep your bookkeeping more efficient

1. per the provisions given in the Singapore Financial Reporting Standards. Also the knowledge Singapore tax knowledge is also How to keep How to keep your your bookkeeping bookkeeping more efficient more efficient on essential. As Bookkeeping is the art of recording each and every business transaction in a systematic way. This way the user or the business house in this case gets to know the actual state of transaction of the book, that too in a faster and efficient bookkeeping provider in Singapore must know the relevant rules and categorizing financial transactions as a matter of fact Know SFRS and IRAS In knowledge on SFRS is utmost important. There are two way to approach the bookkeeping services, the straight depreciation method and accelerated method. Other items such as valuation of inventories, deferred taxes and real estate valuation should be Singapore, a basic way. A line service depreciation norms of various

2. treated guidelines laid down in SFRS. The SFRS is a bit different from (International Reporting Hence if your bookkeeper in Singapore knowledge on SFRS, should also know the other areas of as per the then a good bookkeeping house in should know categorize each Singapore how to IFRS item. Financial standards). has IFRS. Know the Audit process A company in Singapore should be well aware with the auditing process. For example, any Singapore based company having less than S$5 million annual revenue and having 20 or fewer shareholders with no corporate should be exempted from having accounts audited good bookkeeping On knowledge on IRAS (Inland Revenue Authority Singapore) is crucial to know tax credit. Suppose a business in Singapore is eligible for Productivity and Innovation credit (PIC) the other hand of shareholders

3. and can submit unaudited financial statements (also known as reports). Also remember is not about analyzing or delivering and financial reports. the guideline laid down in SFRS. director’s management Knowledge business about the Record everything It becomes difficult for a finance manager to point out the difference between actual and expenses, mostly when the breakup of all the expenses is not recorded properly. Thus the bookkeeper becomes vital to follow a systematic approach all through the process. Although bookkeeper maintain the records close A bookkeeping firm in Singapore should have a good knowledge about the business of its client. The bookkeeper should be well aware about business features. bookkeeper limit his knowledge only with the understanding business. He must be ready to learn the features of your business, recorded all the A not role of should financial of your the to has your

4. dealings, strength, and weakness. They should learn the industry very well and be proactive. bookkeeping services in Singapore industry have their own difference sand demands, you bookkeeper ready to do a field analysis and learn business. your profit, If your bookkeeper is not able to communicate his/her ideas to you, there is no use of having a bookkeeper business. They must be excellent communicating thoughts to you. Excellent communication will also help them to understand things better. It is a critical role hence communication is mandatory. The for your of every in your proficient must be about the Make sure that you have hired the bookkeeping service in Singapore, so that your business does not have to face any legal obligation while doing business. best The bookkeeper must maintain communication with its clients well