Accounting Services for Small Businesses

Whether you’re running a home-based business or an online blog shop, it’s important to properly manage your accounting processes. 

Having a good record of your transactions will help you to evaluate your business performance and make the appropriate decisions. You can hence consider engaging accounting services for small businesses to help you manage your finances.

Accounting Services for Small Businesses

Whether you’re running a home-based business or an online blog shop, it’s important to properly manage your accounting processes. 

Having a good record of your transactions will help you to evaluate your business performance and make the appropriate decisions. You can hence consider engaging accounting services for small businesses to help you manage your finances.

Types of Accounting Services Small Businesses Need

Bookkeeping Services

An accurate and neat set of financial transactions is a great start to running a successful business. 

Engaging bookkeeping services can keep your financial information organized, making it easier to work with other parties such as lenders and investors.

Accounts Payable (A/P)

When purchasing goods and services from other companies, it’s possible to miss a payment, pay a bill twice, or even pay a bill that isn’t legitimate. 

A/P services such as bill sorting, organization, and making payments are provided to help you avoid such costly mistakes.

Accounts Receivable (A/R)

The problem many small businesses face is not having enough staff to manage A/R. 

Having A/R services will help your business receive timely payments from your customers, and ensure faster processing of any outstanding invoices.

Payroll Processing

Small businesses sometimes struggle with their payroll processes and thus, cause a delay in payments. 

Outsourcing your payroll processes can be a wise decision as experienced accountants will help ensure punctual payment of salaries and CPF contributions.

Tax Preparation

The most common reason small businesses will outsource their accounting processes is to file year-end tax returns.

Tax services can also help you cope with the completion and filing of other legal documents and stay updated with the latest tax laws.

Financial Reporting

Many small businesses overlook the preparation of financial statements such as the income statement, cash flow statement and balance sheet. 

Accounting firms prepare these critical documents to provide you insights that may help improve your operations.

Benefits of Engaging Accounting Services for Small Businesses

Save costs

Manpower is often costly for small businesses. Outsourcing can hence help you save on employment staff as you don’t need to hire a full-time staff to take care of your accounting operations.

Tap on professional accounting expertise

If you’re a new small business owner, it can take twice the amount of time to handle your accounting processes as compared to an accountant who has undergone formal training.

Leave the hard work to experienced accountants as they prepare your financial reports. From there, you can use the information to make meaningful business decisions.

Tap on professional accounting expertise

If you’re a new small business owner, it can take twice the amount of time to handle your accounting processes as compared to an accountant who has undergone formal training.

Leave the hard work to experienced accountants as they prepare your financial reports. From there, you can use the information to make meaningful business decisions.

Getting assistance on other services

When expanding your small business, you may require assistance in other aspects of your operations.

At Podwerx, we offer corporate secretarial services and can assist you with the application of any licenses or passes needed for your business. 

This will also free up time for you to focus on your business development!

Choosing the Right Accounting Services for Your Small Business

There are many types of accounting services offered by accounting firms. So how do you decide whether you should outsource your accounting processes, and which is the right firm for you? Here are 3 things you can consider when making your decision: 

Your business needs and objectives

Here are some questions that you can ask yourself:

  • Do you need the service on a daily basis? 
  • Are you willing to work with a cloud-based accounting firm? 

If your answer is yes to both questions, you can consider outsourcing your accounting processes! 

Here at Podwerx, we’re dedicated to understanding your needs and offering the right plan for your business!

Costs or other budgetary considerations

You’ll also need to figure out how much you’re willing to spend on accounting services for an in-house employee versus outsourced services. 

When hiring a full-time employee, don’t forget that your costs will include their salary, taxes, and other employee benefits.

You may be surprised to see how much money you could save by outsourcing the services to an external team of professionals like Podwerx!

.

If the accounting  firm is a good fit for your business

When choosing a firm to outsource your accounting processes to, it’s important to make sure you’re comfortable with the company, culture, and the individuals who will work on your account. 

Rest assured that you can rely on our highly experienced accountants to offer excellent accounting services. We take on a collaborative work attitude to address your concerns and provide the necessary support.

Why choose Podwerx?

Flexible accounting packages

Podwerx offers a comprehensive list of accounting services suitable for small businesses from different industries.

Our accounting service plans will be tailored to your needs, ensuring that you pay affordable prices for the services you engage us for.

Flexible accounting packages

Podwerx offers a comprehensive list of accounting services suitable for small businesses from different industries.

Our accounting service plans will be tailored to your needs, ensuring that you pay affordable prices for the services you engage us for.

Knowledgeable team of accountants

Our accounting experts are knowledgeable on the major areas of difficulties that small businesses may face when it comes to handling financial transactions. 

We can hence also provide in-depth consultations to assist you in managing your business operations.

FAQs

Should I hire an accountant for my small business?

You should hire an accountant for your small business if you need help with the collection, analysis, and reporting of financial information. 

Here at Podwerx, our accountants can efficiently organize and interpret your financial data in order to help you make better business decisions.

How much should I pay for accounting services?

The average price of outsourcing your accounting processes depends on the complexity of the services required. In some cases, bookkeepers and accountants charge by the hour but most accounting firms offer monthly and annual service plans. 

Get in touch with our accounting experts and we’ll advise a suitable plan for your business based on your budget. 

What are the best accounting softwares for small businesses?

There are many different types of accounting software available with varying capabilities and price tags. The most common ones include Quickbooks, Xero, FreshBook,s and Wave. 

Podwerx utilities Quickbooks with our system to allow convenient access to all accounting features on one main dashboard, making your processes more efficient.