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Contact Info
198 West 21th Street, Suite 721
New York, NY 10010
youremail@yourdomain.com
+88 (0) 101 0000 000

Top 5 Essential Accounting Services Every SME in Singapore Needs

From industrials to healthcare, SMEs in Singapore hail from a variety of different industries. Still, all SMEs conduct similar operational procedures, which includes accounting. We’ve broken down the accounting process into 5 specific service areas which help SMEs maximise their business potential.

Bookkeeping

Bookkeeping, which precedes all other accounting functions, involves the recording and filing of all business transactions. Singapore law requires that all business transactions be properly recorded and accounted for. This administrative task serves a practical purpose in that they describe the financial condition of the company and allow accurate preparation of financial statements.

Gone are the days when handwritten entries were kept in worn-out journals. Today, most bookkeepers use accounting software like QuickBooks for debit and credit posting, invoice creation and inventory management. These tools also automate payroll, credit card reconciliations and the filing of cash receipts. Even so, bookkeepers need solid accounting skills in order to interpret and organise volumes of financial data.

SMEs handle a substantial number of financial transactions on a daily basis. Having your books kept professionally saves you time and resources so that you can focus on the core aspects of your business. It also helps you to track your cash flows so that you can make informed short-term and long-term business decisions.

Financial statements

Generally speaking, financial statements provide information about a company’s financial position and business activity. Different types of financial statements include income statements, balance sheets, cash flow statements and equity statements. All incorporated SMEs are required to file their financial statements on time at the end of each financial year.

As much as financial statements are crucial supporting documents when filing taxes, they also provide useful metrics for potential investors. Investors often look at a company’s bottom line, cash flow and quick debt ratio when evaluating its investment potential. It is thus important to prepare accurate and comprehensive financial statements.

Statements that are defective or inaccurate can cause legal trouble and misguided business decisions. As such, SMEs with little expertise in financial reporting can benefit from the help of professional accountants. Their experience enables them to efficiently prepare financial statements within stipulated timelines.

Cloud accounting

Tired of transferring your financial records from computer to computer? Cloud accounting solves the inefficiencies of traditional accounting software by enabling you to store your business records as encrypted files on a cloud server. This online data can be accessed remotely through the Internet or a cloud application service provider after authentication. Financial records are also updated automatically, enabling real-time monitoring.

Cloud accounting is a natural choice for SMEs who take their work productivity seriously. It provides reliable, up-to-the-minute data to help you make better business decisions. The availability of backups and multi-factor authentication also gives you the assurance that your data is secure.

XBRL Filing

Extensible Business Reporting Language (XBRL) is a standard language for electronic communication of business and financial data. The XBRL format is expected for all financial statements submitted to the Accounting and Corporate Regulatory Authority (ACRA).

Given the complexity of XBRL financial reporting, it is no surprise that converting a single set of accounts to XBRL format takes at least 30 minutes. Hiring professionals proficient in XBRL tagging saves you time while keeping your financial statements free from error. Thorough compilations and checks also give you the confidence that your financial statements are in compliance with ACRA standards.

Onsite accounting

In onsite accounting, the accountant physically reports to the business location to conduct various accounting tasks. They can respond quickly to issues that arise during the accounting process, thereby improving efficiency. Moreover, onsite accounting minimises the dissemination of sensitive data. The information is held in the office, under the care of professional accountants bound by strict non-disclosure agreements.

Whether you need professional assistance with one or all of the above accounting processes, Ares Strategy has got you covered. We offer a broad spectrum of accounting services to ease your accounting woes. Contact us today to find out more.

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TERMS & CONDITIONS

Welcome to our website. If you continue to browse and use this website, you are agreeing to comply with and be bound by the following terms and conditions of use, which together with our privacy policy govern Ares Strategy Pte Ltd’s relationship with you in relation to this website. If you disagree with any part of these terms and conditions, please do not use our website.

The term ‘Ares Strategy Pte Ltd’s or ‘Ares Strategy’ or ‘us’ or ‘we’ refers to the owner of the website whose registered address is Ares Strategy Pte Ltd, 9008 Tampines Street 93, #01-67 Tampines Industrial Park A, Singapore 528843. The term ‘you’ refers to the user or viewer of our website. The use of this website is subject to the following terms of use:

  • The content of the pages of this website is for your general information and use only. It is subject to change without notice.
  • Neither we nor any third parties provide any warranty or guarantee as to the accuracy, timeliness, performance, completeness or suitability of the information and materials found or offered on this website for any particular purpose. You acknowledge that such information and materials may contain inaccuracies or errors and we expressly exclude liability for any such inaccuracies or errors to the fullest extent permitted by law.
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  • This website contains material which is owned by or licensed to us. This material includes, but is not limited to, the design, layout, look, appearance and graphics.
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  • Unauthorised use of this website may give rise to a claim for damages and/or be a criminal offence.
  • From time to time, this website may also include links to other websites. These links are provided for your convenience to provide further information. They do not signify that we endorse the website(s). We have no responsibility for the content of the linked website(s).
  • Use of this website and these terms are governed by the laws of Singapore. Any claim relating to use of the website shall be heard by Singapore Courts.

PRIVACY POLICY

This privacy policy sets out how Ares Strategy Pte Ltd uses and protects any information that you give Ares Strategy Pte Ltd when you use this website. Ares Strategy Pte Ltd is committed to ensure that your privacy is protected. Should we ask you to provide certain information by which you can be identified when using this website, you can be assured that it will only be used in accordance with this privacy statement To safeguard your personal data, all electronic storage and transmission of personal data is secured with appropriate security technologies. If you are only browsing this website, we do not capture data that allows us to identify you individually.
WHAT WE COLLECT
We may collect the following information:
  • name
  • contact information including email address
  • other information relevant to customer surveys and/or offers
If you upload images to the website, you should avoid uploading images with embedded location data (EXIF GPS) included. Visitors to the website can download and extract any location data from images on the website.
WHAT WE DO WITH THE INFORMATION WE GATHER
We require this information to understand your needs and provide you with a better service, and in particular for the following reasons:
  • Internal record keeping.
  • We may use the information to improve our products and services.
  • We may periodically send promotional emails about new products, special offers or other information which we think you may find interesting using the email address which you have provided.
SECURITY
We are committed to ensure that your information is secure. In order to prevent unauthorised access or disclosure, we have put in place suitable physical, electronic and managerial procedures to safeguard and secure the information we collect online.
HOW WE USE COOKIES
A cookie is a small file which asks permission to be placed on your computer’s hard drive. Once you agree, the file is added and the cookie helps analyse web traffic or lets you know when you visit a particular site. Cookies allow web applications to respond to you as an individual. The web application can tailor its operations to your needs, likes and dislikes by gathering and remembering information about your preferences. We use traffic log cookies to identify which pages are being used. This helps us analyse data about web page traffic and improve our website in order to tailor it to customer needs. We only use this information for statistical analysis purposes and then the data is removed from the system. Overall, cookies help us provide you with a better website, by enabling us to monitor which pages you find useful and which you do not. A cookie in no way gives us access to your computer or any information about you, other than the data you choose to share with us. You can choose to accept or decline cookies. Most web browsers automatically accept cookies, but you can usually modify your browser setting to decline cookies if you prefer. This may prevent you from taking full advantage of the website.
LINKS TO OTHER WEBSITES
Our website may contain links to other websites of interest. However, once you have used these links to leave our site, you should note that we do not have any control over that other website. Therefore, we cannot be responsible for the protection and privacy of any information which you provide whilst visiting such sites and such sites are not governed by this privacy statement. You should exercise caution and look at the privacy statement applicable to the website in question.
CONTROLLING YOUR PERSONAL INFORMATION
We will not sell, distribute or lease your personal information to third parties unless we have your permission or are required by law to do so. If you have previously agreed to us using your personal information for direct marketing purposes, you may change your mind at any time by writing to or emailing us at info@aresstrategy.com If you believe that any information we are holding on you is incorrect or incomplete, please write to or email us as soon as possible, at the above address. We will promptly correct any information found to be incorrect.