TLDR
Yes, every new business in Singapore needs to do accounting. It’s not just a good idea; it’s the law.
Let’s talk about the legal requirements.
Legal Requirements
In Singapore, you have to:
- Keep Records: All sales and costs for at least five years.
- Annual Filing: File yearly financial statements.
- Audits: Some businesses must get audited.
Why Accounting is Important
- Track Money: Know where your money is going and coming from. Every business needs to track their cash flow.
- Make Decisions: Helps you decide what to invest in.
- Tax Filing: You need records for tax time.
- Loan and Investment: Banks and investors want to see your books.
How to Start
The best way to start is to keep copies of all receipts and invoices. Use an accounting software like Xero or Quickbooks. Take a class on Xero software training! We provide Xero courses so you can learn with us.
If you are a private limited company, hire an accounting firm like WLP Group. It’s best to have a professional handle something as important as your finances.
Make time each week or month to review your financial statements. Start now to set your business up for success!
