Since non-profit organizations do not have the liberty to self-finance themselves, money is the life and blood of their operations, and thus, it is essential to account for the funds they receive and spend. By employing accounting firms in Singapore to avail various accounting services, Singapore’s non-profits can ensure that every penny they earn or spend is well accounted for. There are plethoras of accounting services Singapore’s non-profits can get by hiring accounting firms in Singapore.
One of the most common accounting services Singapore’s non-profit organizations can avail by hiring an accounting firm in Singapore is basic operational accounting. It is crucial for all the non-profit organizations to generate and present financial information effectively so that they can use the data regularly for financial analysis and basic operational accounting helps to do just that. Moreover, the accounting services Singapore’s non-profits can avail by hiring accounting firms in Singapore include generating financial reports which would be important for them to conduct an independent audit or when their main donors wish to know how their money is being spent. It is also vital for non-profits to keep a record of their day-to-day expenditure through bookkeeping. However, for such bookkeeping services, Singapore’s non-profits usually prefer to hire in-house bookkeepers than hiring any firm.
Furthermore, by hiring accounting firms in Singapore the accounting services Singapore’s non-profit organizations can avail also include claiming input tax. In some cases, a non-profit can claim the input tax for non-business activities which could be claimable or not depending upon the type of activities. Accounting firms in Singapore have a better idea about which activities fall under the non-business category. The accounting services Singapore’s non-profits avail by hiring accounting firms in Singapore can also help them to plan and design their financial strategies.