Importance of looking for a good bookkeeping Singapore provider
What should you consider when looking for a bookkeeping Singapore service that understands your business needs, from accounting to statutory filing? Finding the right bookkeeper is essential as he is not just keeping your books but also analyze and interpreted the numbers to provide you with insight into the business. He can also let you know the latest financial news or new You can concentrate on sales and more value-adding business activities.
The bookkeeper that you should be looking for
- Show awareness of your business needs
- Desire to work and grow together
- Knowledge of bookkeeping, reconciliation of book, control, statutory filing, etc
- Ability to meet your demand for reporting & business advisory
- Reinforcement/Engagement with a commitment to continually improving the processes
Businesses would need more than bookkeepers being simple number crunchers in the current age. Effective bookkeepers also need to help with business forecasts, manage risks and provide financial advisory to the client to help deal with the dramatically altered economic landscape.
Companies need to identify a particular accounting service that has value-adding capabilities beyond the primary task of accounting with an overall view of business performance.
Those who are ready for it will reap the rewards for their business.
Global economic uncertainty requires more from bookkeeping
Under 2022 global economic situation uncertainty due to war does affect a business’s cash flow and profitability – both fundamental to business survival & success.
Hence to improve business cash flow and profitability during these challenging times,
a business owner should take stock and adopt a risk management mindset, which means:
• Understand your business customers
• Track sales, cash, and debtors’ balances, quantities of crucial inventory items
The importance of financial management cannot be over-emphasized, especially when business conditions become difficult. While profits may be a measure of success, cash determines business survival.
Suppose a business owner continues to face issues or problems. As most business owners do not do audits, a good bookkeeping Singapore services provider is the closest financial professional that the business owner can rely on to provide insights besides just keeping the books.
What are the three questions to ask to achieve business excellence
For business excellence, the owner, with the help of the bookkeeper, has to answer three questions:-
• Is your business doing as well as it can? How are you accomplishing? How are you measuring it?
• How do you know?
• What & how should your business improve or change? What is essential to your company?
Knowing the answers to these three questions will provide insight for understanding your organization’s strengths & opportunities for improvement. This guides your planning & delivery efforts for business success, ensuring alignment throughout your organization.