Bookkeepers or the “ones who keep the books” are charged with the task of keep full, accurate and current business records. Good bookkeeping systems will effectively manage cash flow and help a company develop future business plans based on financial trends. The government requires that your company keep accurate financial records and file reports on a monthly, quarterly, and yearly basis. You can do this with a professional bookkeeper.
A company needs to keep accurate records of their business finances in order to determine the amount of tax they must pay. Bookkeepers, at times, will prepare those tax returns. Business owners are required by law to present accurate records for a tax agency’s inspection. Failure to do so could lead to penalties, fines, and possibly imprisonment.
Hiring a professional in-company bookkeeper can be expensive. There are computer programs designed to make the task of bookkeeping manageable, but these programs require that you learn the bookkeeping system, and use the software on a daily basis. It is better to hire bookkeeping services in Singapore to ensure that all books are kept correctly and within the laws. Your bookkeeping service will free up your time for important tasks like selling and communicating with customers.