What Services Online Accounting Firms Offer to Modern Businesses

 

The role of accounting has undergone a sea change and so has their services. Traditionally accounting firms were largely responsible for book-keeping services but today they provide an array of services ranging from book-keeping to tax consultancy. It has become a culture that small or micro firms outsource their accounting and reporting firms to external accounting firms in order to achieve cost optimization, harness company’s resources in a better way and altogether focus on organization’s products, business and processes so as to remain competitive in the overall business landscape. Online accounting services by a professional firm are increasingly getting accepted by small and medium enterprises. The core advantage with such firms is that they have a dedicated team of professionals who can comprehend business processes of the clients and can provide tailor-made solutions. The following are several services that are provided by online accounting firms:

·         Accounting Service – The core focus of online accounting firms is on providing book-keeping services Singapore and accounting services. These firms specialize in financial reporting and hence garner more revenue from accounting of transactions for small or micro firms. Their services are very useful for those organizations that do not have enough knowledge of accounting or which are not willing to have their own in-house accounting department for several reasons.

·         Company Incorporation Service Singapore– Due to technical expertise, online accounting firms also provide company registration services. There are a whole host of activities that are categorized as preliminary activity for company registration. Documents like shareholding pattern, memorandum can only be prepared by an accounting firm that has experience in performing related tasks and assignments.

Also Read: Outsourced Accounting Service in Singapore

·         Income Tax Filing Services – Filing tax returns, computing advance tax numbers among other things are a set of different activities that are needed to be performed. This can be taken care of by an accounting firm having vast insights in the area. Consequently, such services related to direct tax are also provided by online accounting services.

·         Indirect Tax Advisory Services – Indirect tax is a wider and complex aspect that encompasses determining tax incidence, collecting tax, issues related to tax classification and statutory interpretation. All this can be addressed and adhered to by a professional firm. Hence to reduce down errors and ambiguities, indirect tax assignment ranging from calculation, interpretation and filing all are outsourced to the online accounting firms

·         Making several other documents - Drawing Financial Statements and making financial information presentable as per regulatory or statutory requirement is also one of many services that accounting firms provide. These firms promptly cater to the growing needs of clients to present financial data to or with different authorities. These online accounting firms help organizations to collect, classify and draft several statements in standard formats.

It becomes evident that in the modern financial reporting scenario the financial reporting, compliance mechanism is increasingly becoming the prerogative of professional firms as data can be fetched and transmitted by these firms online. These firms not just provide online services but retain data and represent organizations before authorities as well. Their services come in real time with a huge amount of cost savings also. The incorporation services Singapore provided by book-keeping firm Singapore has emerged as a new business avenue for professionals willing to use such services online.