Running a business is so tiring and fun at the same time. Exciting times when you are building your business up from scratch and trying to reach out to new markets and hiring new people to speed up your growth.
You are also someone who will have to not just act as the CEO but also the marketing manager and also the sales person. Not forgetting that you will likely need to do up some parts of the accounts as well.
School does not teach you all this things and when you are thrown into the world, you will have no idea that you need to do certain parts of the business without even knowing how it should be done properly.
For most business people, they will start to realize, accounting is not as easy as they thought it will be.
So the golden question is also this, how often how often should you do your Singapore Bookkeeping Services?
There’s no hard and fast rule for this but the rule will be set for you dependent on whether your business is GST registered or not.
If your business is GST registered, you will need to do your computations every 3 months to do your submissions. In this case we will recommend for such businesses to do their bookkeeping work monthly or every quarterly. As you will not want to delay filing your GST returns. This is something that most people will be able to do better.
But for businesses that are smaller than $1 million in revenue and therefore are exempt from having GST filings, you will just need to get things done once a year. Once a year of Bookkeeping services means you can also save on the fees paid to your Singapore Bookkeeper.
This will be great for a small company that is trying to keep cost low and also to keep themselves nimble.
There is not fixed rules for this work to be done monthly or yearly, it really is dependent on how often the business owner wants to find out about their business and also how well they are doing.
For those business owners who wish to be in control and find out how much they are making monthly or spending monthly so that they can make decisions, this will be great for them.
Koh Management is a Singapore based accounting services company and we wish to assist you with your requirements. You can also use our Singapore Incorporation services to set up your business and also appoint us as your corporate secretary through our Singapore Corporate Secretarial services.
Thank you for reading our article on “How often should you do your Singapore Bookkeeping Services?”
How often should you do your Singapore Bookkeeping Services?