For every small or big business owner, accounting is a very important aspect to consider. Accounting is also known as the language of the business. To make sure that the business never runs out of cash and remains profitable, you must have a great grasp on accounting fundamentals. Financial Accounting Advisory Services provides assistant in all financial issues of your new startup. You can also consult a Certified Public Accountant in Singapore who has considerable experience in serving startups.
Let’s check the accounting tips for startups as under:
- Track Expenses and Keep Records
Expenses are part of your business. Capital is very essential for the proper working of any business, and therefore it is crucial to keep a record of the cash’s inflow and outflow. Expenses never remain stable. Sometimes they are high and at other times they are low. To be prepared for all the scenarios, one has to monitor all the small expenses. The small amount remains unmonitored but, in the end, it piles up the large sum of your money. Make sure that you supervise all the expenses.
- Bookkeeping System
To record the complete financial transactions of your business, a Bookkeeping System is used.With Bookkeeping System, you can maintain the payable ledgers, bank reconciliation, general ledgers, and account receivables. All the types ofaccounts such as Balance Sheet, Cash Account and Profit and Loss account are also maintained.
Profit and Loss account shows all Direct and Indirect Expense, Direct & Indirect Income, Sales and Purchase Account. For easy access, keep organized folders on your computers.
- Allocate Tax Money
When you are a new startup in Singapore, the best practice is to treat the taxes as expenses. You can consider them very early in your financial calendar as taxes are predictable expenses. No matter if the figures from your business operations can somehow change, but the estimated figures can be determined easily. Allocating tax money earlier is the best practice. Yearly tax payments should be paid by saving your working capital.
- Track All Due Payments
Payments and invoices are a considerable part of our business but as we get caught up in other daily operations, we sometimes miss them both. You might have sometimes failed to collect your payments on time and also sometimes failed them to collect completely, which in turn results in your loss. You should keep a timely track of all due payments and also you should record the invoices that are paid to you. Note down the customers who are hard to collect money from, follow them at your preferred intervals.
- Go with The Professional Accountants
In order to keep your financial side of the business in an organized manner, the services of professional accountants are suggested. New business owners sometimes, due to limitation of working capital and to save money, do their business accounting by themselves. While with experienced accountants and Accounting Advisory Services, you will be able to keep your books up to date and save your business from penalties. So, the best practice is to go with professional Accounting Service Providers in Singapore.
Bestar has experienced and Certified Accountants in Singapore to help your new startup transact with the Inland Revenue Authority of Singapore (IRAS).