Businesses and companies frequently ask for help from accounting services providers in Singapore. Organisations trust experts from these accounting firms to analyse and keep track of their company's business transactions, payments, financial statements and developments, and bookkeeping.
For small to medium businesses, these tasks are too crucial to perform that is why they avail other accounting services from providers in Singapore.
To understand what services you need for your business and who to call to address the issue, we should know first the four main types of accounting: Public Accounting, Government Accounting, Management Accounting and Internal Auditing.
Public Accounting
Public accounting provides accounting services for companies and services in Singapore. Public accounting firms employ certified public accountants. Small to large businesses avail the services of public accounting firms.
Public accounting services providers in Singapore have services including:
Government Accounting
Government accounting focuses on providing accounting services to government institutions and entities. Their main job is to keep track and examine the records of these government agencies.
Government accountants can also review and audit records and projects that are subjected to government regulations.
Since government agencies have different and unique needs than corporate and private clients, government accountants formulate and update a different set of accounting services for these agencies.
Their services involve:
Management Accounting
What sets management accountants from other accountants is that they are more focused on providing a comprehensive analysis of financial information relevant to the business' growth and performance.
Company leaders seek management accounting services providers in Singapore to help them in decision making.
Management accounting services providers have services including:
Internal Auditing
Internal auditing focuses on reviewing and evaluating a business' internal accounting system and processes in compliance with the law. Internal auditing maintains the accuracy of financial statements and helps companies to achieve their business goals.
Internal auditing includes:
Different Types of Accounting Services
Bookkeeping services in Singapore includes recording the company's financial transactions and managing financial data collection relevant to business' operations, investing and financial decisions. Bookkeeping services help small companies in Singapore to organise their day-to-day financial transactions.
Forensic accounting focuses on tracing missing funds from the financial report. Forensic accountants work with Singaporean authorities in unveiling potential tax evasion and fraud cases.
Tax accounting focuses on organising company's tax works including income tax and various taxes applied for the businesses. Companies avail tax accounting services in Singapore to avoid tax related troubles.
Chartered accountants can work in different accounting and auditing fields including financial auditing, taxation, and management accounting. A chartered accountant can work on his/her specialised area of expertise or can perform different accounting and auditing functions depending on the company’s needs.
Financial controllers focus on overseeing the company's overall accounting system and processes, from bookkeeping to financial and tax management.
Auditors maintain the accuracy of the financial reports and statements of the company.
Payable accounts keep track and manage the company’s purchase and credit of goods and products.
Payroll processing deals with the maintenance of employees’ salaries, bonuses and benefits in compliance with the tax rates and regulations.
Bank reconciliation keeps track of the company’s bank transactions and manages financial records with the company’s bank accounts.
Accounts receivable deals with tracking and collection of indebted money or goods from customers or suppliers.
Accounting and auditing is a crucial area for every business and organisation no matter how big or small they are. It is why institutions seek help from accounting firms.
Accounting services providers in Singapore can perform multiple accounting functions depending on the company’s needs. From bookkeeping to creating comprehensive financial reports, companies can rely on these services. Account services can provide industry insight and trends. It helps companies to operate in compliance with the law. It also provides detailed information relevant to decision-making in terms of the company's path to take.
Express Corporate Services has been providing businesses and organisations with world-class incorporation services to support businesses in their growth and success in Singapore. From cooperation secretariat to accounting and auditing services, Express Corporate Services has completed for you.
