Day: February 16, 2022

Finance

Few Benefits of Hiring Accounting Services in Singapore

 

Are you planning to own any business in Singapore? Then you must try to look for certain cost-effective ways of running the business so that you can increase your profit. Therefore, you need to integrate in the business certain cost reduction strategies so that you can put your focus on attracting many customers for your business.

One most effective way to reduce various costs in your business can be by taking the help of an experienced accountant. Therefore, you must consider outsourcing any experienced accountant in Singapore.

Experienced accounting urbandale ia can help you to meet your business objectives. An experienced accountant will not only offer you high-quality account services, but also help you in reducing the cost of several things used in your business and help you to take your present business to the next level. Most small businesses have to take a little more extra care while appointing any accountant as they will also be needed to ensure that all your account records and bookkeeping are well-maintained and meet all the necessary compliance.

Since most of the small businesses are run by a single person and hence the business owner cannot afford to devote enough time looking about the entire administration and also look after his accounts matter.

Therefore, by hiring a suitably experienced account professional he will be quite relieved and he can concentrate on his business activities more. Let us now try to list down the various benefits that you can get by hiring a suitable accounting service professional for your company.

  1. Can achieve more accuracy on your account books

The biggest reason for hiring accounting services will be to ensure accurate results and in most cases, you can get accuracy in the order of 99.9%. The reason is, most of them have got the higher qualification and lots of experience.

  1. Reduce the business cost

A very big advantage of outsourcing these services will be that you can significantly reduce your cost of business. Their charges will be negligible as compared to what you will gain by reducing your business cost.

  1. Prevent any financial fraud

Most businesses particularly in Singapore have been affected by many fraud cases. By outsourcing any accounting services you can significantly reduce any risk of fraud.  They can easily catch if any of your employees ever try to fraud.

  1. Boost efficiency in your accounting tasks

Accounting tasks can be a very time-consuming activity and by hiring such services you can help in accelerating the payments to your employees and vendors. This will not only enhance employee satisfaction, but there will be higher productivity.

  1. Prevent penalties because of late tax payments

Most businesses are having the late payment issue while paying taxes. This is due to the inefficiency of the accounting system. Besides that, often there are wrong payments too. With outsourced accounting services this gets eliminated.

  1. Get benefits of the modern technology

These days the market has changed rapidly and hence your business also needs to move at the same speed to remain at the same pace. Therefore, the use of technology is very important where this outsourced accounting service will be very useful.

  1. Save time

As you must be knowing accounting work usually takes plenty of time. Hence if you have got any well-experienced accounting service who are well acquainted with the latest technology, your accounting work can complete very fast.

  1. Get professional advice

By virtue of their long experience in the accounting field, they can offer you many tips and advice from time to time that can certainly improve your accounting system and can improve your business efficiency too

  1. Avoid any reconciliation worries

Usually, any kind of reconciliation work in financial matters can always be very tiring that may need plenty of effort and time. As you need to keep a track of entire payments. By having a professional accountant, you can avoid all such issues.

  1. Better work quality

Any outsourced accounting service providers will always honour their service agreement as they will need it as their part of their own reputation and business in comparison to any employees who will perhaps only care about their next paycheck.

  1. Streamlining your business activities

Outsourcing accounting services will usually end up making fewer errors as they can streamline your business and as a result, you will spend very little time correcting any mistakes.

  1. Drive your core business functions

Outsourcing your accounting service, it can help you to invest your money in certain activities that can generate more revenue in comparison to hiring any accountant by paying a salary.

Conclusion

Since there are so many benefits that you can see above, hence it is very important that you must consider outsourcing any best accounting services available in Singapore. However, ensure that you hire an accountant from any reputed service provider as accounting is a very sensitive matter.

 

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February 16, 2022
Finance

What To Know About IRAS Auditing And Investigations

The percentage of taxation that is happening around today is quite low. Many services are working on making the experience of the personal and corporate tax filers a stress-free one. However, some services make sure that the tax filing procedure is completed without any errors and IRAS is one of such services.

JL Accounts are the best solution for all kinds of investigations and tax auditing works. They are the most preferred service that offers easy tax audit in Singapore, as they help in internal control systems. All kinds of issues such as poor manpower arrangements, improper filing systems, disorganised accounts, and insufficiently trained staff will be handled by them. You can visit their webpage to get all the required information.

If and when there is the detection of false tax filing or omission of some important factor, then the concerned services can charge the penalty of 200% of the tax undercharged amount along with the fine of up to $5000, including imprisonment of up to 3 years. When the intention of this discrepancy in tax filing is concluded to evade taxes, the charges of more than 400% along with an imprisonment of 7 years with a penalty of $50,000 will be charged to the concerned person or institution.

Auditing Expectations 

Auditing is the annual procedure of making sure that everything is followed according to the law of the state and no fraud or forgery is conducted by any person or institution during these years. Here, the experts focus on checking the financial affairs, records, accounting books, and other such concerned documents to make sure that the submitted documents comply with the income tax returns as filed by them.

The IRAS officers will conduct the work of auditing and you can expect a visit from 3 to 4 concerned people to your company, during the auditing month.

Here is how the auditing procedure is followed.

Initial Interview The main work of the IRAS officers is to paint a picture of how exactly the procedure is followed. They will start by collecting the necessary information about a company including,

  1. The main operations that your business handle
  2. Nature and also the size of your business
  3. Information on some of the duties and structure of the business including the idea on key management personnel
  4. Book-keeping and accounting procedures and also the way your business controls all the internal procedures
  • Documents and their examination 

Here are some of the documents that are reviewed during the procedure of auditing.

  1. The document sources can be considered as proof for substantiating all the concerned transactions of your business. These documents include vouchers, receipts, invoices, and so on that are exchanged between your company and the concerned suppliers/customers.
  2. The records and schedules hold all the necessary accounting information. These records include both the expenses and revenues, liabilities and assets, losses, and gains, and other such concerned documents in either manual or electronic forms.
  3. Detailed statements that are collected from the concerned banks with the company bank accounts
  4. All the other records that are relevant to the business.
  • Field visits duration 

Auditing work will be completed within a few hours if yours is a small sector. However, if you own a big business sector, then the auditing work can go on for hours to days, till every branch is covered. Some of the factors such as record maintenance, compliance from the employees, etc., will determine the duration of auditing.

  • Re-visits 

As the term says, the re-visits of the concerned IRAS officers can be expected if there is incomplete documentation or missing documents for them to check. You can arrange a date for their re-visit.

  • Third-party information 

Some of the auditing jobs may include additional information from third parties, and the IRAS officers welcome such information to get the best idea of how your business is handled.

Avoiding IRAS Auditing

You can steer clear of the audits by engaging the Singapore Tax Auditing Accounting Services. They will help you in the perfect way of filing for taxes, which will, in turn, avoid the chances of an IRAS Audit. They can be your assisting source even when you have missed filing tax, or have made some mistakes during the procedure.

Filing Objections with IRAS 

If you feel like you should not agree to the tax assessment that is raised from the IRAS, then you can file for reassessment within 2 months after the Notice of Assessment (NOA) is issued to you. Any delay will make the concerned services consider the NOA as an issue by IRAS officers as the final assessment.

When the IRAS officers notice anything out of the documentation in the tax filing, they will raise an investigation. During such cases, the concerned companies are suggested to comply with their requirements and also to offer complete support, so that everything is handled smoothly. The IRAS team can even suggest a professional adviser help the concerned company that is under investigation.

 

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February 16, 2022