Singapore is the most chosen business destination across the globe. To run a business successfully the owners need to do proper management of its business aspects. Such as Bookkeeping; this includes the recording of important transactions of business effectively. This provides a better insight into the financial needs of the business.
Bookkeeping Singapore is an important process due to increased and evolving business needs; a bookkeeper must know certain rules according to the Singapore Financial Reporting Standards. A better understanding of the Singapore tax is essential for the bookkeeper for better company registration in Singapore. Initially, it was considered a complex process, and now people are highly educated and informational, they know well about this systematic approach.
Keeping records of every essential transaction was done by the Professional bookkeeper.
Knowledge about SFRS and IRAS
Knowledge of SFRS and IRAS is important in Singapore. If you are applying about the straight-lines depreciation methods or other accelerated depreciation methods with the particular statement of accounting and tax. Other items such as valuation of inventory and tax or the valuation of real estate. SFRS is a different version of IFRS which is international financial reporting standards. Hence having proper knowledge about SFRS, will empower the strength of bookkeepers to work peacefully ,with other regions of IFRS.
Knowledge about the audit process
Bookkeepers must know the fundamentals of the auditing process in Singapore. For instance, companies that have annual revenue less than $5million and 20 shareholders or less than that, are spared from the auditing services. All companies who are exempted from the auditing have to submit the reports of financial statements. These reports and statements are maintained by the bookkeeper.
Sometimes finance managers find it difficult to explain the inconsistencies between the recorded and actual expanses. Thus the financial manager of the bookkeeper of the company must work with the systematic approach. However, the bookkeeper has to maintain the clear records according to the SFRS and somehow if it is not possible by the bookkeeper then taking action according to the guidelines of SFRS can be more beneficial.
The key is to record everything.
For example, a small expense of the lunch of the client is also important and it is important to keep a record of all these activities. Instead of dropping them, it is good to keep them in the record books of accounts. By moving ahead with this small-small decision, a bookkeeper can perform the well accurate and accounting management of the accounts.
Know where to place every item in the books
Another important aspect that a bookkeeper should note is to have exact knowledge about the profits in the books according to the specification of SFRS and IRAS. Usually, the same items are treated differently for unique purposes. For example; for the taxation and accounting process the marketing manager can treats both profits differently. Business owners can claim the expenses provoked on the different accounting expanses.