Accounting and bookkeeping are an fundamental part of each organization or company and book of accounts should be well managed to realize correct estimations of expenses and profits. Accurate numbers will be required for reviews and for making many different reports to evaluate the health of the organization. Hiring a full-time accountant or even bookkeeper might end up being an expensive affair as one must factor in the overhead financial costs along with expenses incurred in giving benefits to that employee plus to his salary.
Outsourcing can be an affordable option in order to reduce cost while benefits associated with the service can certainly still be enjoyed. Such services charge very small fees or maybe monthly fees and are good to engage instead of employing full-time accountant.
Services like keeping track of bills and billing customers are also offered by these outsourcing accounting service. They work professionally to handle all your bookkeeping tasks. Scanned bills and expenses must be mailed to the external agency and such paperwork is then handled by your outsourced accounting service.
Hiring Singapore accounting services can help you view several reports of the business online. Seeing that all reports are stored and available online, your income statement and balance sheet, as well as reconciled ledger are easy to access, and this becomes so easy if you need these records before an vital and sudden meeting and don’t need to spend time checking a lot of files to locate what you are searching for.
Management decisions involve detailed analysis of reports and this will involve information which is easily accessible with the click of a button. Accounts payable, Cash flow reports and receivable aging along with check and cash receipts journal are presented if you outsource your accounting tasks at reasonable monthly fees.