Are you too worried about the consolidation of your financial statements? Well, this is something that most of the new companies experience at some point. However, things have drastically changed in Singapore over the years and Singapore has by far a better environment for businesses than ten to fifteen years back from.
If we try to visualize how things were like, back then, there wasn’t much support for the businesses and any businesses have to close down due out of not being able to go about certain important regulations. Many businesses could not even start as there were no agencies to help them with the registration process back then. However, this no longer holds true and as a matter of fact, things like these have gotten a lot easier now.
On the contrary, present-day Singapore is considered to be one of the best places in the world for any business because of its rich infrastructure. No matter if you are a Singapore citizen or a foreigner, nothing can stop your business from moving forward for what seemed to be hurdles in the past can be dealt with the greatest ease now. What makes it possible is the proliferation of the accounting firms in Singapore.
Why is consolidation of financial statements?
For big multinational companies, it is important to accurately consolidate financial statements to give clarity for many purposes of the business. For a big company, it is pretty obvious to be related to other subsidiary companies.
Although a subsidiary company will maintain its accounting records separately, the company is controlled by a parent company. This is the reason that the parent company needs to consolidate financial statements to give clarity on the financial operations of subsidiary companies along with its own.
With that being said, new companies may find it pretty difficult to go about the consolidation of their financial statements and further, if you are a foreigner with a new company in Singapore, things can get pretty difficult for you at times when it comes to consolidation of accounts as you are not familiar with the place.
However, you can’t afford to be confused for much longer as it is important to adhere to the regulations of Singapore. Most importantly, there is no need for you to stay confused as there are many brilliant accounting firms in Singapore these days that can help you with this.
No reason to worry even if you are about to get started with your first consolidation of account
If you are up to the consolidation of account for the first time and you are a little stressed out about it out of lack of experience, here is something to relieve you. If you have a Company in Singapore and no matter if it is big or small, you can easily find the best consolidation services in Singapore nowadays. For every new company, it is important to monitor and evaluate the performance and its financial position.
As a matter of fact, there has been a stunning growth in the accounting firms in Singapore and this has been a blessing for new businesses in Singapore. There are many agencies in Singapore that can help you with Consolidation Accounts Services in Singapore and as a matter of fact, they can help you with the right package.
Even if you are not very sure of which package to choose
How is running a business in Singapore like?
Singapore is certainly one of those nations in the world that puts a lot of emphasis on maintaining a friendly environment for businesses. However, there are several rules that require to be carefully addressed and met by businesses in Singapore. This is the reason that even the World Economic Forum considered Singapore to the most promising Asian country when it comes to Corruption-free and highly efficient government as per the Global Competitiveness Report 2014-2015.
Singapore effectively fights corruption and maintains exceptional transparency. Subsequently, there are exacting laws and enactments enforced on business activities. With regard to bookkeeping, it is fundamental for any organization to have precise accounting procedures to guarantee that they are consistent with Singapore’s different mandatory guidelines.
It requires companies to clear 5 payments of tax every year, Hence, this is necessary for these companies to clearly aggregate and document all financial earnings to comply with tax and VAT.
Why hiring one such agency is a wise thing to do?
Most of these agencies have done a remarkable job over the years and helped many big companies and SMEs with the consolidation of accounts. Most importantly, these agencies have high expertise in this field and nothing can go wrong once you choose one such agency. There are two ways you can go about it. You can either outsource the entire process to an agency or you can let an agency help you prepare the consolidation accounts yourself.
With that being said, you don’t have any need to worry even if you have a complex consolidation like a merger and acquisition transaction or any issue related to compliance with Singapore Financial Reporting Standards, as long as you have one such agency by your side to help you. With the best consolidation services in Singapore, you can even improve your audit trial and at the same time, this will make the process pretty cost-effective too.
With such account experts, you can rest assured of the best assistance at every phase of the process. as a matter of fact, they will help you in planning your important strategies and completely follow regulatory reporting guidelines. This will help your company in being much ahead of others in the market no matter how fast the market is changing.
Here are some benefits of hiring these agencies:
Helps you in cutting down on cost as they offer their services at affordable prices
Your accounts are taken well care of by the most experienced and qualified accountants
Offers you a very easy to understand details for your accounts
Offers knowledgeable and extremely friendly support.
Most Agencies offer Complementary Services too
Apart from offering affordable Consolidation Accounts Services in Singapore, most of these agencies also offer various complementary services such as basic analysis of planning of tax and variance, suggest ways in which things can be improved.
All these additional services are available for a very affordable price. Most importantly,
getting a reliable accounting agency can take a lot of burden off your shoulders and give you more space to concentrate on your core business.
How to choose a good accounting agency in Singapore?
As a matter of fact, it is not really difficult to find a good accounting agency in Singapore
Services of an accounting firm comprise accounting, tax planning, auditing, financial reporting, secretarial, etc. It is important for a Company to understand that any improper reports can cause huge problems. This is the reason that you need to go about it very carefully. You can search for a Good Accounting firm in Singapore from any part of the world and all you have to do is search this keyword on the search engine.
Most of the accounting firms in Singapore have done a remarkably good job over the years. Both multinational companies and SMEs have found great support with the rise in the number of such accounting firms. However, there are also some agencies that may not be competent enough. You need to be smart in keeping away from them as hiring them is like falling into a big trap.
By rule of thumb, you need to consider the 2 to 3 companies that appear at the top of the page. However, this is not it. You need to visit the websites and check the services that they offer. You can always compare and see as to which of these companies offer the best services at the most affordable price.
Apart from that, it is absolutely important to check how well these companies have performed over the past couple of years. In fact, you think it is going to be difficult, you might be mistaken for you can go through the reviews of the other people that have hired these companies in the past. Their good and bad reviews will help you make the right decision and decide in fact, you should consider choosing the company or not.
in addition to that, you can always contact one’s support to clear up your doubts and make sure that the company you are considering is perfectly good.