After a year or two of operations, it is likely that you’ll be operating with enough profit to consider hiring professional tax services in Singapore. However, is there a real right or wrong time to hire professional services? The answer to this is both yes and no. Hiring too early can mean that you don’t gain any real benefit. You may be spending a great deal of your profits hiring an accountant, however as your profits are not yet high enough, they may not be able to save you enough in tax. Alternatively, you may leave it till it’s too late to hire a professional. By then, your accounts may have gotten out of hand, leaving your new accountant with a mound of work. So, when should you actually hire a professional to help with your finances? Here are the best reasons we recommend you look into corporate tax services in Singapore.
You Need Help Creating A Business Plan
Creating a business plan can be extremely complex and without the right knowledge and skills can go completely wrong. If you choose to involve an accountant with the process of producing a business plan, they will be able to use their accounting software to add financial data and other several reports to it. This will ensure your plan is supported by financial documents which will add to its credibility and overall changes of success. The earlier you hire an accountant, the sooner they will be able to provide you financial knowledge to back up your plan. This is ideal to do at the very start and will almost certainly help to save you money later down the line.
You Need Suggestions For The Legal Structure Of Your Business
Many new business owners do not realise that businesses often have very different legal structures. The legal structure you choose to work with will depend on several different factors. You can consider everything from limited companies, limited liability partnerships or corporations, to sole traders or proprietors. Each of which will vary from one country to another.
By hiring corporate tax services in Singapore you can analyse each option to find the best that suits you. For example, you may choose the option of working as a sole trader, working as a self-employed individual under your own name. In this situation, a financial professional may be able to save you money on your tax using your living expenses. At the same time, this means you will be personally liable for any business-related obligations. If your business fails to pay a supplier or contractor, any defaults may come back to your personal possessions.
On the other hand, with a limited liability structure, the liability of the business is limited to the assets that are owned by the business. This means that your personal possessions cannot be touched should the business default on a payment. An accountant will help to explain in detail the legal structure that will best suit your business.
You Need Support Managing Your Finances
While at first your day to day finances can be managed by a single person, they can quickly become too complex once your business starts to expand. If you begin to feel like you’re losing control of your finances, then tax services in Singapore can help you get back on track. An accountant can help you with many different internal finances such as salaries, total revenue and monthly profits. They can take care of everything, putting all data into comprehensive graphs so you can quickly analyse changes over time.
If the accountant you hire uses a cloud-based software (most modern accountants will) they will be able to share your business accounts with you extremely fast and without hassle. With easy to understand graphs, you’ll be able to track your cash flow with ease and ensure you meet your financial objectives.
You Want To Delegate Your Operations
One of the biggest challenges you will have to overcome as a small business owner is to delegate control of certain areas. At first, you’ll be used to managing everything yourself, working your own hours, building your own strategy and determining your own finances. While this will feel great for a while, it can quickly become too much and you may soon feel overworked.
At first, it’s common to feel like nobody can manage the business as successfully as you. This will prevent you from delegating which can actually cause more harm than good. Eventually, you’ll burn yourself out from stress and your workload. This is when you have to learn to let go of certain areas of the business. You’ll have to learn to trust other people who will handle areas for you, ensuring you can focus on areas that are most important.
By delegating your company’s financial affairs, you can significantly reduce your workload. By choosing the right accountant, you can be confident that your company’s financials are in good hands. Once you’ve handed over your finances to an experienced accountant, you’ll be able to focus on areas such as marketing and improving your day to day operations. Though at first this will feel strange, it will be liberating in the long run. Some of the most successful business owners in the world are as great as they are due to delegation. It’s a skill you must learn and one that will take you far when done correctly.