6 reasons why you should appoint audit services Singapore for your company
1. You are required by law to perform an audit on your business
So you are running a business and this is something that many people do not know but there are requirements for audit exemptions.
If you have a revenue of more than 10 million dollars and an asset value of 10 million dollars and above as well.
You will be required by the Singapore Law to perform an audit of your business and submit such values to the government.
This is to ensure that your accounts are done in accordance to the requirements of the Singapore Government.
2. You are required by your landlord to perform an audit on your business
Do you run a retail business in a shopping mall?
Out of many of the shopping mall owners and operators in Singapore, a large amount of them take a share of the revenue of the businesses that actually operates within their malls.
So the thing that allows the shopping mall to be sure of the numbers that are submitted to them and confirmed that they are accurate and true.
Is to have an external auditor perform an audit service on the books of the retail shop to prove that the business is declaring true numbers to the landlord operators of the shopping mall.
This is quite commonly done audit and needs to be done on an interval of usually 3 months and submitted to the malls promptly.
3. You are required by your suppliers to perform an audit on your assets
Suppliers may want to extend some credit to your business.
But the question is, do you have assets to guarantee payment to them when they are due?
This is one question that many businesses are always facing.
How do you give your suppliers confidence that you are to be trusted with a good number of credit terms.
Longer credit terms gives you better cash flow and better cash flow basically means you have a better time managing your money flow in the business.
This is something that is to be done if you are to want to grow your business much faster than the cash you have today!
4. You are planning to sell your business and need to perform due diligence
You are getting old? Or you are keen on moving on to another job or business.
The current business is making a decent profit and you are thinking it is better off selling the business for an amount than to just let it close done.
For most buyers, they are keen to take over a running business that is profitable and can return their investment within a couple of years.
Buyers are definitely concerned if the numbers they saw are actually real and not something that is made up to get a bigger offer from them.
The best way forward is to appoint an independent auditor in Singapore to help with getting the books checked and externally audited with Singapore Auditor Services.
This way, they can buy the business with a peace of mind that they are paying for what it is worth, at the appropriate price.
5. Your business partners or investors are concerned about the accuracy of the numbers
Sometimes the sleeping partner that has invested money into the business but does not run the business may be concerned that he is not seeing the truth.
He or she may request for an audit be done on the business to prove that the numbers reported are real and factual and that it can be trusted.
This is also sometimes something that happens when relationship between investors and management of the company falls out.
6. You just want to ensure that the business is run properly
You are a business owner that is overseeing the whole business but you are not sure if the accounts or the sales department is doing everything right.
You may have inventory that are worth millions but you are also not sure if they exist because you haven’t been there for a while.
The business owner may order an audit to be done so that the whole company is running as per what is expected and what is supposed to be there is there.
Conclusion
There are many more reasons why you should run an audit on your Singapore Company.
We are working closely with many Singapore Audit Firms that will be glad to work with you on performing such work for your business.
Speak to us to find out more and for a link up with a highly qualified professional in the auditing field right now! 6 reasons why you should appoint audit services Singapore for your company