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Thursday, 17 September 2015

7 Myths On Outsourcing Your Accounts

 
In modern time, outsourcing accounts and related procedures have become not only efficient and complementary but to some extent downright vital for organizational growth. Problem is most individuals and institutions seem to take it otherwise due to some dominating myths about outsourcing accounts. In fact, a study report published in 2014 shows that only a mere 16% of all international organizations reap the benefits of outsourcing their accounts and related procedures. Some seem to think it’s inefficient while others think they’re not eligible for outsourcing. A whole lot of myths are actively keeping individuals and organizations from accepting this service and it’s the aim of this article to bust the 7 best (or worst) of these in addition to a quick look at the benefits of outsourcing.



Myth#1: It depends on the size of the company
There seems to be two groups living under this delusion, one group thinks “we’re too small” while the other thinks the opposite. Frankly speaking, size doesn’t matter. Regardless of size when a company outsources its accounts and accounting procedures to a professional (known as outsourcer), they organize and focus based on the preset formal requirements. They do not handle anything “extra” that isn’t included in the agreement even if it’s related. They specialize in handling only this kind of procedures so big companies shouldn’t think that an outsourcer isn’t capable of handling their immense workload. On the other hand small companies should remember they aren’t the outsourcer’s only client and the “pool” is actually a collection of many small and big organizations.

Myth#2: Outsourcing accounts result in an overall reduction of control
In reality it’s the exact opposite. When you decide to outsource your accounts, you only “hand out” the processing procedure and not the approval power. Outsourcing requires identifying and codifying rules in a formal written agreement that otherwise would’ve stayed just inside an accountant’s head. Outsourced workloads are handled by following this formal procedure in a rigorous manner otherwise the outsourcer is discredited. And since the process is handled by a separate sector, the whole process becomes more transparent and efficient. This way, control becomes easier and more applicable. And since everything we know of is connected through the internet, you can always keep track of things personally.

Myth#3: It’s not secure enough
Since outsourcing can sometimes mean transferring accounts and accounting procedures overseas, people often feel the outsourcer is incapable of ensuring the needed safety. First, this isn’t accurate for the outsourcer’s own sake. Their security MUST match the service-level agreement (SLA) otherwise their key performance indicators (KPI) suffer. Breach of security agreements simply means going out of business for the outsourcer. The security procedure is their top priority and thus it’s reviewed and governed monthly (at least). Simply put, the security they provide is no less rigorous than an institution that you trust most.

Myth#4: Outsourcer doesn’t really understand the owner’s business
People tend to think that since their accounts are connected with multiple businesses, the outsourcer will not be able to keep track of the many systems involved. This idea dominates because most of us think that each organization follows a unique system of conducting business, which is not true. They might seem so due to the different methods of “execution” but in reality the core remains somewhat standard. Business hierarchy and related concerns always remain the same regardless of industry so the outsourcer doesn’t need to familiarize itself with a new system every time it take on a new venture. However, this could happen if the connected business IS actually completely unique in which case, the business persons themselves would face complexities before even considering outsourcing.



Myth#5: It’s too expensive
Sometimes outsourcing accounts is avoided for a completely different reason than trust, it’s considered too expensive to handle. It’s not necessarily true. All you need to do is to check the in-house, or the current, expenses you are paying right now and compare them with a potential outsourcer’s charges. It can be said with almost certainty that your current budget and invested resources will always surpass the expenses you have to bare for receiving the services of an outsourcer.

Myth#6: Outsourcers carry a lot of hidden costs
This idea comes into play because of the advantage mentioned in the previous myth. Since the outsourcer would always charge less to do more, many people think that in reality they include a lot of hidden costs to earn profit. That is actually the opposite of an outsourcer’s principle of execution. The main way they ensure this “less-costly” service is by providing economies of scale through process efficiency and labor arbitrage. And all this is ensured through rigorous organizational governance (as mentioned earlier). Also, keep in mind that the labor arbitrage allows the outsourcer to seek out professionals who’d willingly work for comparatively less payments. This is a major way in which outsourcers ensure their profit as well.

Myth#7: Outsourcing accounts is only good for reducing the number of staffs
If that is the only goal then yes, outsourcing would do that for you without compromising the related productivity and capacity. But it’s simply childish to think that we just want to reduce the headcount by outsourcing our accounts and accounting procedures. A few empirical observations of worldwide studies have shown that there is a significant demand for accounting professionals that CAN be met by employing multiple layers of client requirements to each professional. However, the availability of professionals also means that someone is always willing to ask less for doing the same amount of works without compromising quality. So an outsourcer will not only reduce headcounts but also makes the overall staff more efficient.

Now that we’ve busted these myths, let’s take a brief look at the benefits more clearly.
· It’s time efficient. Less amount of time is employed to do the same amount of work.
· Increases earning by saving money on professional handling of your accounts and accounting procedures.
· You get the services of better experts at lower rates.
· Reduces distractions by moving most of “active” processes to the outsourcer.
· You get access to better account-keeping tools that otherwise remain “unreachable” due to their expensive nature.
· Lastly, your account is handled by a bigger group of experts which ensures more reliability and performance.

Knowing the facts from the myths is the first step toward successful outsourcing of accounts.

Wednesday, 6 May 2015

In House VS Outsourced Accounting Services

It is very important for a business to have accurate and up to date accounting books. Accurate and up to date accounting information enable business operators to manage and control resources and finances accurately and effectively. Correct accounting information will also help you to know whether you are making profit or loss. As you business grows, you need to keep more accurate and hire more experienced professionals to manage your finances. In addition, as your business expands, the complexity of handling accounting issues increases. As a business operator, you can either have an in-built accounting department or outsource for professional accounting services provider. With those two options, you have to weigh the pros and cons of each option and make a very informed decision. The write-up focuses on the pros and cons of each option.



In-house and outsourced accounting

You outsource accounting experts when you hire professional accounting services provider outside your company. The company that you hire specializes in providing accounting services. Because the outsourced accounting services provider has been providing these services for years, they are very skilled and experienced to guarantee top-notch accounting services. Obviously, such service providers have the required personnel who are very skilled and experienced. In addition, such services providers have the best equipment and techniques. Professional accounting services provider can assist you business to:
- Develop the most realistic business plan
- Can help in conducting market research
- Can offer very creative marketing approaches
- Can also structure funding options as well as lending offerings
- Outsourced accounting professionals can review your business financial projection by incorporating the qualitative data presented and the business assumptions.

But you can also decide to have a full accounting department. One benefit of having an accounting department is that you can easily monitor the staff. However, you need to recruit and probably rent or build accounting office.With that said, let now keenly look at the benefits of outsourcing accounting services.

Benefits of using professional accounting services

Get more quality services and achieve high accuracy levels

As noted earlier, accounting service provider have the best staff and equipment that guarantee quality services. With outsourced accounting services, you can get up to 99.99% accuracy level. This ensures better management of the finances as they can handle all accounting issues smoothly and efficiently. Because the services providers are answerable to the authorities, hiring them will also help you to avoid tax penalties. Inaccurate payroll can lead to heavy tax penalties. Outsourcing accounting services provider will save your business from such hassles and ensure accurate tax processing.

Control overhead costs

No doubt, outsourcing accounting services will save you a lot of money. For example, when you decide to have a full accounting department, you will have to recruit, build or hire the accounting office for your employees. Outsourcing accounting services will not only improve the productivity of your employees but will also reduce the overhead costs. Professionals agree that you can save more than 25% of the wages if you outsource accounting services. There are no monthly wages; you will only look for the services when you need them. By outsourcing accounting services, the cost is fixed and well controlled according to your accounting needs.

Obtain on demand services

There are those times of the year when you may not require accounting services, and your business is also faced with the challenges of growth or the burden of scaling back. These are the times you want to avoid extra expenses and maximize the profit you are getting from your business. For example, you may want to lower administrative costs by retching some of your employees. Retching employees is not an easy task and may require long and complex legal processes. Outsourcing accounting services provider is the best options since you don’t require such processes to terminate their services. In addition, outsourcing accounting services provider gives you the flexibility you need enabling you to adapt to the prevailing condition.

Help to check fraud

Outsourcing accounting professionals is not only ideal for the business without the accounting department, but very vital for established organizations. Outsourced accounting service can help to check fraud by the employees within your business. The services providers are accountable for every transaction as well as accuracy and quality control.

Boost your employee’s morale

By hiring accounting services provider, you will let your employees specialize. Your employees are happy to do the tasks they are skilled and experienced in. Employee get humiliated when they have to multitask. Hiring accounting services provider will boost the morale of your employees. This will immensely improve their productivity and also increase profit.

Getting the competitive edge and full package of accounting services

Accounting is a dynamic niche that requires you to have the best personnel to handle your finances. Some techniques used some years ago are no longer in use. This is very true due to digital migration and advancement in technology. Professional accounting providers have the techniques to implement the latest accounting hardware, software, network apps and skills. They are also flexibility and can make rapid moves to guarantee a competitive advantage and also enable you to react to competitive threats.

Accounting services professional offer full package of accounting services. Whether you are starting a small business or you have an established firm, you will get all the accounting services that you need. No doubt, the benefits of outsourcing accounting services by far outweigh the benefits of having in-built accounting department. It gives you a piece of mind because you are sure all you accounting issues are handled by the professionals. This saves you a lot of time and enables you to focus on more time on other very important issues. You can focus on your business growth. You will also avoid the small mistakes that can cost your business a lot of money.

What you should know when hiring business accounting providers.
You should look at the services they provide and ensure they have the accounting services you are looking for. Always hire an experienced and reputable service provider.

Wednesday, 29 April 2015

Revenue for Compulsory Audit



Most of the time, when it comes to the time to file for audit reports. Auditing is important for ensuring that there is good governance and responsible management of finances and resources. The audits conducted need to be independent in order to get a clear representation of what is really going on. This also helps to prevent any conflict of interest from interfering in the process. Below is an insight with this regard. 

The requirement governing the auditing of companies in Singapore depends on what the company was registered as by the ACRA. All the companies that must have a compulsory audit done must have annual revenues above S$ 5 million. But, for those that are below this expected revenue, they still have to keep maintaining all the relevant records for accounting. The financial statements must comply with the Financial Reporting Standards (FRS). These standards must be those that are prescribed by the Council on Corporate Disclosure and Governance.

The audited reports must be prepared under the following conditions. The first one is if the company has any corporate shareholder. The presence of a corporate entity as a shareholder means that there is need for ensuring that all accounts are being managed well. The second considerate is the annual revenue; it must exceed S$5 million. This is because editing can be a very expensive project; there is no need to stress the so called small companies. Where there are more than 20 shareholders, there is need to do audits on all the accounts.

The audits also depend on whether the company is solvent or insolvent. A solvent company is one that has the ability to cater for their debts by the time that the debt is due to be paid. On the contrary, insolvent companies are those that are unable to cater for their debts by the time the debts are due to be cleared. This helps in giving these companies that are insolvent the proper time and more finances to be used in their operations rather than on conducting audits.

Exempt private companies (EPC)

Private companies in Singapore are all considered as independent legal entities. Therefore the actions carried out by the management of these companies can lead to the company itself being sued. This is not considering the people running it. But, the company will be liable in case they fail to follow audit regulations required by the government. This also means that shareholders cannot be held accountable for any debts or in case a company incurs losses.

These are private companies with annual revenue of S$5 million or less. If the revenue for the year exceed the S$ 5 million then the audit becomes compulsory. These companies need not to have more than 20 shareholders. This is a regulation set by the government. All the shareholders in these companies must be individuals and not corporations. In case there is a corporate shareholder, at least one of the shareholders needs to be an individual. This individual must have shares less than 10% of the available shares . For the solvent companies in this category, the accounts must be audited but they do not need to attach the accounts. However, they must still fill out an online declaration of solvency. Without filling this declaration of solvency, there can be legal repercussions for the company. For the insolvent EPC, the accounts must be audited, but there is need to file the accounts.

Dormant EPC

These are companies that do not have any active accounting transactions going on in their accounts. For the solvent dormant EPC, there is no need for them to have their accounts audited. They will also not be required to attach their accounts, but they will need to fill out and complete online declaration of their solvency. For insolvent dormant companies, there will be no need to audit the accounts and the accounts must be filed.

Non –exempt Private Companies

These are companies which are limited by shares. The number of shareholders in these companies need to be more than 20 .but the maximum number of shareholders is limited to 50. Most of these companies are solvent. For the active ones, the accounts must all be edited and they must also be filed. The dormant ones do not need to be audited; however they must file all the accounts.

Public Companies

Public companies are companies that carry out Corporate Social Responsibility activities. These activities are done in the interest of the national government or the public. Public companies can either be listed on the stock exchange, or they may also choose not to be listed. Such companies have the ability to raise capital through offering shares to the public. The number of shareholders in these companies can be more than 50. They are usually listed as a company on the SGX and are limited by the shares.

These companies are mostly solvent. The active ones in terms of accounting transactions must have their accounts audited. All their accounts need to be filed. For the dormant ones, there is no need for audit but all the accounts must be filed. It is important to note that private companies enjoy a lot of freedom and can easily obtain loans from banks and other financial institutions. There are also measures put to ensure that private companies get more revenue. One such measure is by giving these companies tax exemptions for the first S$ 100,000.

It is important to note the above since in cases where people do not know where their companies stand. They end up conducting unnecessary audits or even handing in information that is not required. Others also end up ignoring the process and this leads to serious implications. Always note that whenever the revenue exceeds S$ 5 million, this is a ground for compulsory audit, no matter the nature of the company. Only dormant accounts are completely exempted from auditing. This is because they will not have any changes in terms of accounting information. The audits need to be done in good time, and they must be based on the real situation in the companies. This is an insight.

Sunday, 5 April 2015

7 Mistakes To Avoid For Small Business Accounting

Before fully plunging into the discussion, it is imperative to get the basics clear. What is a small business? There are usually sole proprietorships, privately owned corporations or partnerships with a relatively small number of employees. There are innumerable small businesses in Singapore accounting for more than 50 percent of all jobs and sales. Small businesses are the life line of the economy and therefore their importance cannot be overstated. Of course, the basic motivation of starting a business is to make profits. Thereafter, maximizing on these profits is important for it is the only way to grow. But is this always achievable? Certainly not; there are several mistakes that small business managers make especially on bookkeeping that hinder the business from attaining its full potential. Below are some small business accounting mistakes to avoid lest you risk nose diving your sales.



Mistakes to Avoid For Small Business Accounting
1. The first killer accounting blow to your business is receipts. Where are your businesses’ receipts? If your business has not yet learnt to consider receipts for what they really are, which is cash; you might need to provide them with the motivation to keep up with them. If the authorities are to look at your tax returns, legitimate write-offs will come from only the purchases backed with receipts. It therefore follows that the lack of receipts directly denies you write-offs. In such a situation, your business throws cash out of the window. As a remedy, devise a system, whether electronic or manual that will file every single receipt.

2. Secondly, wrongly recording big purchases is a petty, but very serious financial mistake. The full understanding and knowledge of the distinction between short and long term assets can save your business tons of cash. It is painful to lose out on tax breaks by hulling all purchases made into one basket. For instance, packs of folders and new letter head designs are immediate consumables that should go under basic expenses. On the other hand, company vehicles and new computer systems are long term assets which will depreciate with time as they remain under use.

3. Mixing business and personal finance is a dangerous ploy. Its ultimate damages will turn out as monstrous. Many new business owners who do not have the expertise and experience to manage a business have the tendency of forgetting to demarcate the boundary between business and personal monies. It is not very hard to find yourself between a rock and a hard place by having business money scattered all over. Imagine how difficult it can get explaining to the authority intermingled business finances. Having a designated bank account for your business is the only solution to this problem.

4. Another grave mistake small business make is not having a definite management plan for their earnings. Planning is important, it is the torch light and guidance for every step a business should follow. It is not uncommon to find a company without a well stipulated earnings management plan. They usually withdraw money from one account for utilization in another without correctly accounting for it. The confusion this can cause is unimaginable. A well structured business will correctly account for expenditure, including savings and investments. To succeed, small business managers should have a master plan outlining how money will be spend.

5. Managers will fringe in surprise when the financial records of their business do not add up. The sole cause of inaccuracies in financial reports is the inconsistent recording of expenses and assets. When the person in charge of finances is not using the correct method to perform cash flow allocation, inconsistent financial records are inevitable. The neatest and safest way to straighten your financial records is the cash accounting procedure. Through it, you will be able to easily follow how cash is flowing in and out of your company business. Computerized payroll systems and accounting software are other helpful tools to protect you from running into financial blunders.

6. When too many individuals can access the financial records of a business or a company, they are bound to contain errors or alterations. No business, regardless of its size and mode of operation, should have unlimited and easy access of financial files be granted just to anyone. That can be suicide for the business. To curb such a menace, special software’s with several security hurdles that limit the access to a company’s financial files is the only solution. If possible, only those employees whose role is accounting should have access to accounting records.

7. Lack of an efficient file backing up strategy is another great mistake with severe side effects. Whether you are using a computerized or manual filing system, loss of files is a very common problem that businesses run into. Since the operation and future of the business might heavily rely on certain records, the disaster caused by their loss is unthinkable. This is one of the easiest mistakes to avoid. As a manager, instill in the employees dealing with financial records the delicateness of financial records and hence the importance of a backup plan. This may entail the use of a new cloud computing system, or a seamless combination of both online and offline backup methods. Some records have no replacement. As a result, it is only safe for a business if they are backed up.

In summary, how a business handles its records, with particular reference to financial records can either make or destroy the business. Receipts, planning, bank accounts, backing up of files, security of financial records, consistency and accuracy in keeping records are some of the factors that require serious consideration when dealing with a company’s finances. Payroll is another factor that determines the survival of a company. True, employees are the backbone of a business. A payment system that leaves employees complaining is a bullet in the feet of a company. A mistake with the payroll system can easily stall the company. When financial matters get out of hand, it is always important to enlist the help of experts. There are many companies with top notch professionals in the field, and having them on your team should get your business back on track. All you have to do is find a good financial consulting company. 

Wednesday, 1 April 2015

How to Read and Analyze a Profit and Loss Statement?

The Profit and Loss Statement provides you with important means of tracking your business progress. Therefore, it’s one of the most important documents associated with your funds. When you run a business in the competitive environment of Singapore, you need to understand how the Profit & Loss Statement works. In this guide, we have explained the structure of the P & L Statement, and how you can use this statement to manage your business in a better way. The Balance Sheet and the Profile & Loss Statement are two major financial documents. They are most familiar to business owners and executives. Out of these two, the Profit & Loss Statement is simpler to understand. It has a simpler and straightforward format. It’s worth mentioning that once you have understood the Profit & Loss Statement, you should also understand how the Balance Sheet works.




Purpose of the P & L statement
The Profit & Loss Statement is known by many different names. Sometimes, it’s also referred to as a Statement of Financial Performance or an Income & Expenditure Account. As the names suggest, the primary purpose of the P & L Statement is to list all the income and expenses. The difference between your income and expenses determines either the loss or profit you have made for a specific period. This allows you to analyze your performance.

Here’s how you read the Profit and Loss Statement:
Check the Math -
It’s worth mentioning that there may be some printing errors in the P & L Statement, even in the ones produced by some of the largest Singapore companies. In case you find an error, you may uncover something to change the entire result. In addition to this, when you run through the subtracting and adding, you may improve your understanding of how all the numbers fit together.

Focus on the Bottom Line -
The bottom line is whether your business has made any profits or incurred losses. Needless to say, it’s better when the bottom line of the P & L Statement shows a positive number. This means, your business can keep the lights on and pay the employees without borrowing any money. However, if the bottom line of the statement is preceded by a negative sign, enclosed in parentheses or printed in red, it means your expenses exceed the revenue. You need to find out the reasons for the losses, and make necessary changes to your business strategy.

It’s important to understand that net loss once in a while does not lead to disaster. Many new companies in Singapore don’t expect to turn any profits in the first couple of years. It’s also possible that your business is cyclical, such as agriculture. In case your business grows corn, and there was not any rain this year, you’re likely to incur losses. 
On the other hand, you need to make sure net losses don’t become a trend. The company needs to generate profits, and possess sufficient funds to manage business during the down times. A Profit and Loss Statement can give you a good idea about where your business is heading. 

Consider the Sources of Income -
All the sources of income should make sense for the business. For instance, if you run a cotton candy business, sales income from the local county fair seems right. However, if one income line is just a Gifts from Friends, it’s definitely not sustainable. You need to have some options for the next year when your friends don’t come through. It’s possible you’re reviewing the statements for a big museum. In this case, 10% of your income may come from admission fees, while 90% income was generated from ticket sales of a special exhibit. If you plan to organize a special blockbuster every year, it’s fine to generate such income. However, if it was an isolated incident, you need other sources of income. In simple terms, your revenue model should be sustainable. 

Notice the Expense Categories -
You need to make sure that the expense categories seem logical. For most business organizations in Singapore, you can see wages, salaries, rent, insurance, interest, supplies and some other things. You need to make sure nothing is missing from the expense categories. For instance, if your business has more than hundred employees and you don’t see any mortgage interest or rent, you need to know why. If there’s an office, you need to know how it’s being paid for. 

Look at the Biggest Expenses -
If you run a service business, you should expect to see a good number for salaries. In case it’s a manufacturing business, supplies and materials may be a significant total. On the other hand, you need to check the ratio between salaries and number of employees. If your employees are being overpaid, you may notice a big number in the salary category. In the Profit and Loss Statement, you need to check why you have been borrowing money, and from which parties. 

Compare Numbers for Different Years -
In most cases, the P & L Statement has a separate column with figures for the prior financial year. If your Profit & Loss Statement does not show the percentage change in each category, you should calculate the numbers yourself. You should also question significant changes in the statement. For instance, you need to check why the sales are 50% percent lower than last year. Similarly, you need to know why insurance has gone 20% lower. This information in the Income Statement can help you learn where you have been going wrong, and what you have been doing right. This is one of the most important functions of reading your Profit & Loss Statement. 

Think About the Relationships Between Numbers -
In most Singapore companies, employee benefits account for a significant cost. This may include health insurance, parking passes and retirement plan contributions. If your salary line doubles, but benefits go up by just 10%, you should consider this an anomaly. You need to know the reason your new employees don’t qualify for benefits. While going through your Profit and Loss Statement, these were the most basic things you should read. A better understanding of your P & L Statement allows you to take the right steps to boost your business. If you still experience any problems, you should consult a reputed and experienced professional. 

Sunday, 29 March 2015

7 Awesome Facts on Your Balance Sheet

Balance sheet is an important thing in most companies today. This document is very useful to describe the whole finance situation of any companies. When you want to grow your own business, you should take a look at this document very carefully. Make sure that you have proper and complete document, so you can manage the finance in your company easily. This article can give you some interesting facts about this document. If you want to learn more about this document, you can take a look at this article today. There are some important things that you have to know about this sheet. 

 


1. It is the only document that can cover everything in the business

If you want to manage your business easily, you should learn about how you can use this document. This file is going to cover all important details and things about your business. When you are creating this balance sheet, you are going to list all assets, liabilities, expenses, and also profits in this sheet. You can control the finance situation in your company easily when you are looking at this document. Because of this reason, this document becomes very important to support your business growth properly. Many business owners want to hire professional accountants who are able to create an accurate balance sheet for their companies. If you want to have a successful business, you need to learn about how you can create this document properly. 

2. It is easy to check any missed points in this sheet

This document allows you to monitor the finance situation and condition in your business easily. You don't need to spend your time for taking care of your finance. This balance sheet has several parts that should be equal. When these parts don't match each other, you should look for any missed points in your document. Because of this reason, this document is very essential in the financial report in any companies these days. Creating the best financial report or document should be done accurately, in order to create the best financial report that has accurate result. It is recommended for you to check this document in your company regularly, in order to get all benefits and advantages from this document. 

3. It is the main key to get access to any financial institutions

When you want to contact any financial institutions to ask for support from these institutions, you need to have proper balance sheet in your company. This document can allow all other parties to check your company's situation and growth rate. When you want to borrow some money from other institutions, you are required to submit this document in your application form. There are many great opportunities that are available on the market, especially when you have this type of document in your own company. This financial document is very important to support your business growth. 

4. Can be combined with other documents

There are several documents that are available in the financial statement or report. You can combine some documents, such as financial statement, cash flow report, balance sheet, and many other documents. The combination of those documents can help you create accurate financial report for your company. All data in these documents should match each other, in order to avoid getting any serious issues in the future. You can use the combination of those documents, in order to maintain the overall finance situation in your company. It is recommended for you to check all documents before you create the whole financial statement or report for your own company. 

5. Good for any audits

Your company may receive some audits from certain associations. These audits are going to take a look at your company's condition. If you want to pass any audits easily, you should learn about how you can create the best balance sheet for your company. Most auditors are usually looking for this document, especially when they want to audit any companies in Singapore these days. This document is very required in any types of audits in this country today. If you have complete document and accurate balance sheet document, you will never have to worry about any audits. This document has similar format across any countries in the world. It can be the best financial statement that can show your business growth rate. 

6. Quick look at your company's condition

It is recommended for you to control the growth of your company. It is very easy for you to use this balance sheet to control the movement and growth of your company. This document can present the company's financial record at this particular time. Therefore, you are able to check the finance situation of your company at this moment. If you want to have quick access to your company's situation quickly, you can consider using this reliable document today. You can check all elements in your company when you look at this document, for example assets, liabilities, and also owner's equity easily. 

7. Can be used as a meeting material

If you want to grow your business quickly, you should have several meeting sessions in your company. You can use this document as an important meeting material in your company. You can discuss about this document with other team members in your company. There are many great things that you can extract from this balance sheet, especially when you want to discuss about anything with other members. It is very easy to take a look at your company's situation, especially when you take a look at this document. 

Those are some great facts about your balance sheet. This document is very important to support your company. You will be able to improve your business performance easily when you are able to create this document accurately. It is also a great idea to hire the best accountant to take care of this document. You need to find the best accountant who has good knowledge and skills in this industry. This accountant should also have good experience in this financial industry. You need to make an accurate balance sheet for monitoring your business growth easily.