Corporate Services Singapore Explains the Basic Role, Purpose and Features of Accounting Services

CENTRAL, Singapore - Aug. 24, 2020 - PRLog -- Corporate Services Singapore, the leading accounting services in Singapore, highlights the basic roles, aim, and features of accounting firms in Singapore.

Singapore accounting agencies exist as an entity to offer professional accounting services to all types of businesses in the country. However, nowadays, they provide a wide range of services not confined purely to bookkeeping services and beginning to offer higher value-added consultancy services which complement their expertise in the industry.

One popular service all accounting firms offer, according to General Manager of Corporate Services Singapore Hans Teo Han Siang, is public accounting services, particularly audit and reporting on financial statements. "Sometimes, banks need an independent third-party assessment on a business's financial statements and certified accountants can offer independent verification services by auditing the business's financial statement," he added.

Mr Hans further explained the importance of registering with the authority, citing that the "Accounting Acts mandated accounting agencies offering public accounting services to register with the Accounting and Corporate Regulatory Authority, a government body which governs registered companies in Singapore."

Another feature or role of a Singapore accounting firm is to serve as potential business partners to companies in the country, be it large listed corporations or small-to-medium enterprises. "Most accounting agencies hire professional accountants who specialise in a variety of fields, ranging from accounting advisory to tax consultants," said Mr Hans.

"Companies intending to prepare their financial statements according to Singapore Financial Reporting Standards may seek help from an accounting firm offering such tasks. On the other hand, companies looking to submit their corporate taxes every year may want to consult with an accounting agency with tax professionals," he explained.

Many accounting firms in Singapore also offer payroll outsourcing services, making sure employees' salaries are disbursed on time. They also offer other business support functions, including company registration and corporate secretarial services, which ensures statutory registers and solutions are prepared, submitted, and maintained properly.

Singapore accounting services providers also adopt and offer business intelligence services. They evolve into offering business advisory services. Companies planning to raise funds, for instance, may seek an accounting firm with expertise in financial analysis and appropriate financing quantum and considerations determination.

Modern accounting agencies in Singapore now employ transaction analytics and IT specialists. "With technology advancement and development of Artificial Intelligence, new markets are emerging in the IT space. Accounting agencies now utilise both accounting and IT specialists to aid in projects involving data analytics and system transaction analysis for clients," stated Mr Hans.

To learn more about Corporate Services Singapore, you may visit:
https://www.corporateservicessingapore.com/outsourced-acc...