There are many tasks that companies must perform to remain within the law. All nations have many laws that guide the functioning of companies. These rules help the government to make sure that the companies run their business legally and not indulge in activities that will be detrimental to the nation. As per the laws, the companies are expected to maintain many records and submit them to the authorities. The laws also require that the company share a percentage of their profits with the government in exchange for getting various facilities that help them do business with ease.
Taxes are levied from both companies and individuals by the government to provide many facilities that make life easy. The infrastructure that makes doing business easily is built by the government. The tax paid by the companies helps the government to construct various facilities like roads, bridges, and ports which are all essential for business. Governments also make sure that the taxes are not a huge burden on the businesses. Singapore levies are a very meager corporate tax of 17% which is one of the lowest in the world.
Though taxation is quite simple in Singapore, it is not easy for the companies to arrive at the right tax amount. Moreover, they must also prepare the returns and file them as required by the IRAS. This is not easy for companies that don't have tax experts for these jobs. Various tax benefits are offered by the government. It takes an expert to know these benefits and help the company avail these. Various expenses can be deducted from the earnings of the company when calculating tax. Only agencies that offer taxation services in Singapore will be able to compute the tax correctly.
The agencies that provide the services to calculate income tax in Singapore have tax consultants who know the tax rules correctly. Once the businesses hand over the work to them, they will go through all the records and help the company to avail of the maximum tax benefits and exemptions. This will help to reduce the tax burden of the company. Most of the small and medium businesses don't have such experts working for them. When they avail of the taxation services the companies can calculate the taxes correctly and also file the returns on time.
Accounting is a function that every company must perform. It is a way to maintain a record of the financial transactions of the company and get valuable information from the same. Accounting has to be done systematically. It is not enough to just record your income and expenses, but maintain them in a way that it will help you know your company’s financial strength. Accounting helps companies to know where they actually stand and how the company is performing financially. But it requires an accounting expert to maintain it properly and this is where an accounting services provider in Singapore can help the companies.
Proper maintenance of accounts helps the companies greatly in preparing the mandatory statements to be submitted to the ACRA. Every company must prepare a financial statement and submit to the ACRA after the end of the financial year. The statement has to be prepared as per the guidelines of the ACRA in their required format. Unless the companies employ accounting experts, this cannot be done. It is better to avail of the services of accounting firms in Singapore and ensure that statements are prepared and submitted properly.
Bookkeeping is the task of recording every transaction that the company does. Every income and expense are noted carefully and kept as a record. This may be required to be submitted to the ACRA if and when required. But more than to show the authorities, it is an essential record for the company. Some agencies offer small business bookkeeping services that help companies keep the records perfectly.
These agencies know more than just bookkeeping basics and will help to generate various reports that help you in your business.