What Kind Of Accounting Services Do You Need To Register A New Company?

WHAT KIND OF ACC OUNTI NG SERVICES DO YOU NEED TO REGISTER A NEW COMPANY? w w w. t n p l .c om . sg

W HE N S TART I NG A NE W B US I N ES S , T H ER E A R E MAN Y T H I NG S T O TH I NK ABOU T , S U C H A S T H E T YP E OF B US I NE S S ST R UC TU R E T O S E LEC T , TH E PR O DU C T S OR SE RVI C E S T O O F F ER , AN D H O W T O GE T F IN ANC E, AMO NG O TH ER T H IN G S. T H E AC C OU NT I NG S E RVI C ES N EC E S S A RY F OR NE W B US I NE S S RE G I S TRATI O N AR E O C C AS I ON ALLY OVE R LOOK E D , N EVE RTH ELE S S . E VE RY BU S I NE S S N EE DS AC C OU NT I NG , BU T START U PS MAY F I N D I T PA RT IC U L AR LY C H ALLEN G I NG .

WHICH KIND OF ACCOUNTANT DO YOU REQUIRE? Here is a look at the many sorts of accountants and their duties T he task of re cordin g all fi nancial transactions inside an o rgan isation falls to the bookke epe r. T his includ e in putting in vo ice s, payme nts, and re ceipts into th e accou nting so ftware. T hey also give fi nancial rep orts and re con cile bank state me nts.

Compared to bo okkee pe rs, CPAs are certifi e d account ants who provide more compre hen sive se rvice s. A lo ng with o ve rsee ing all of a company' s fi nancial op eratio ns, t hey also produce t ax reports, audits, and fi nancial state men ts. The y might also off e r manage rial and fi nan cial plann in g advice .

THE DISTINCTION BETWEEN A BOOKKEEPER AND AN ACCOUNTANT You must decide which accounting services you require when starting a new fi rm. Here is a comparison between the two in case you're not sure whether you need an accountant or a bookkeeper: Accoun tant: • Prepares fi nan cial state me nts as well as tax re turns • An alyze s fi nan cial dat a and makes re comme ndat io ns t o improve company pe rfo rman ce • Provide s fi nan cial plan ning and budge ting advice Bookke ep er: • Re cords daily mone tary t ransactions • Balance s bank and credit card stat eme nts • Produce s invoice s and othe r reports as ne eded

What services are provided

by Accountants?

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In it ial com pany regi stration i nclu de assi st in g y ou in se le ct in g t he r ig ht org ani sati onal str u ct ure , subm it ti ng all requi red d ocument s and p ape r wor k, and off er ing gu idance on h ow to m anage yo ur tax responsi bi li ti es from the o utset .

T his re fe r s to maki ng su re that your b usin ess con si st en tly com pli e s wi th al l appl icable l aws and t ax reg ul ati on s. T hi s can en tail prepar ing and subm i tti ng ye ar l y fi nan ci al stat em en ts, B AS forms, PAYG sum maries, et c. , as wel l as p rovidi ng gu idance on l eg al ch an ges t hat m ig ht h av e an i mp act on your comp any.

Fi nan ci al re por t in g com pri ses th e d evel opm en t o f re curr i ng fi nancial reports for m anagement th at prov i de in fo rmati on on th e org ani zati on 's fi n anci al si tuati on. Thi s m i ght be an yt hin g from str ai gh tfor ward profi t-and-l oss stat em en ts to comp lex bud gets or cash fl ow e st im ate s.

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