If you are a business owner in Singapore, one business service you really need to have is bookkeeping. Bookkeeping is basically a data entry function which will help a business owner track down expenses, assets and income of the company. If you don’t have your own bookkeeping services Singapore yet, then you ought to search for the right Singapore bookkeeper right away. With the right bookkeeper on the job, doing business will get easier and you can have some peace of mind.
When Should I Hire a Bookkeeper for My StartUp Company?
Usually, it is a good idea to get your own bookkeeper shortly after Singapore company setup. If you have no idea how to look for a bookkeeper, you can search for the right one at accounting companies. Bookkeeping is part of a company’s accounting function so such companies will probably be able to refer you to bookkeepers.
Some bookkeepers are more experienced than others. It’s up to you whether you should hire an experienced bookkeeper or a new graduate. Some may recommend you hire the experienced one since they are easier to train. However, experts might be more costly to pay. If you are on a strict budget, going with a new graduate might be more affordable.
Benefits of Hiring the Right Bookkeeper
Your company really needs the right bookkeeper so that the business can be monitored. The “numbers” of your company are one unequivocal way to determine if the business is doing well, or not. Search for the right Singapore bookkeeper so that you gain the following benefits:
- Company management is able to check the in-flow of income versus the rate of spending of the company.
- Company management will be able to conclude if the business remains profitable over time.
- You can evaluate investments for their profitability versus the financial standing of the company.
- Company management will be able to determine if cost-control measures should be implemented.
- You may prevent the government from penalizing the company for erroneous business decisions based on inaccurate data entry. (A good example of this is when the company accountant computes for the wrong amount of taxes to be paid to the government).
- You may check if the company needs to apply for a business loan from the bank.
Having a capable bookkeeper on board is really crucial to all these. The bookkeeper is the management’s “eyes on the ground” who can see transactions up close. This relationship is like the performance of an orchestra. Yes, the orchestra is dependent on the conductor (management) but the conductor cannot produce music (financial reports). It is the musicians (bookkeepers) who can each generate part of the overall composition.
Bookkeepers are not, by training, inclined to become managers. Ideally, though, bookkeepers and management will work together seamlessly for the benefit of the company. If they don’t, the performance fails and chaos ensues. But the company will be poised for greatness when bookkeepers and management can work harmoniously together on common business goals.