4 Ways a Competent Accountant can help your Business Save Money
Posted on September 6, 2017 by Admin
What Can you Expect from a Competent Accountant in Saving Cost For your Business
Every business no matter the size would need to maintain a record of its every transaction. Having a professional bookkeeper or accountant has its advantages bringing professionalism, standards of work and attention to details to help facilitate your businesses towards development and growth. It is also important to consider the criteria for assessing the level of competency of your accountant or bookkeeper. In this article, we will share with you the cost saving areas that a competent accountant can provide your business.
Beware of the little expenses, a small leak will sink a great ship.
1. Tax Pointers
As a business operator in Singapore, there are many incentives available to for businesses operating in Singapore. Being well versed in the statutory tax laws in Singapore will enable businesses to avoid paying unnecessarily and take advantage of the available incentives and concessions given to businesses operating in Singapore. Other areas of tax savings can arise areas of GST where business owners can opt towards being GST registered to relieve the cost of GST payments.
2. Unnecessary Dues and Fine
Businesses in Singapore are required to adhere to the reporting requirements from statutory authorities in Singapore. Being proactive on the dates on submission and filing will help the business avoid unnecessary cost and penalties. This is also evident in certain billables where late payment may result in late charges. Also, some savings can be procured through early payment to vendors that offer discounts on early payment, being able to prioritise and handle these matters with an organised approach will help your business save cost.
3. Time = Money
It is crucial to note that in Singapore, businesses are dutifully responsible for documentation of up to 5 years for non-listed companies and 6 years for listed companies. That being said, having a robust system and organised filing system will help reduce unnecessary paper work and stress when attending to queries from the regulatory bodies and audit authorities. Through our experience, many business owners in Singapore are unaware that businesses are liable for GST registration on the basis of a running 12-month reporting timeframe, and this causes undue administrative stress and retrospective monetary clawbacks which in many cases can be quite significant and costly to the business.
4. Business Partnering
Having the aid of an experienced and competent accountant is a key function to the equation of success. The role of an accountant is there to help address your financial woes, advice on your cash flow activities and flag out any potential financial issues that would impact the business negatively. As a Business Partner, they should provide guidance on internal controls and operating procedures so that the business is able to properly safeguard its assets and operate optimally with the current resources available.