Accountants Drive Small Business Growth

With long adjusting periods, mass layoffs, and new realities, the pandemic witnessed new startups and small businesses mushrooming across the globe, with Singapore as no exception. 

In fact, according to Channel News Asia (CNA), more than 103,000 new firms had been estimated to be set up between 2020 and November 2021, while 73,000 Singapore-based businesses had to shut down in the wake of COVID-19*. With several successful unicorns, the post-pandemic inflation and revenge spending are now being followed by a corrective recession.

Such rapid changes in the political, social, and economic spheres, coupled with new tax laws and compliance regulations, have left even the most veteran entrepreneurs and small business owners scrambling to stay afloat.

In a post-pandemic reality, economic, social, and financial recovery has been gradual, especially for small businesses. The problems, according to our experts, stem from a lack of knowledge and access to professional financial counsel.

Any business, irrespective of its size, industry, or offerings, is dependent on the bottom line of profits for survival. As such, expenses, earnings, sales, and revenue form a core part of every decision and rationale. The slightest miscalculation or improper analysis of findings, especially in the case of small businesses that have limited resources, is fatal.

Hence, accountants and bookkeepers are the primary drivers of stability and growth for small businesses. Moreover, they offer the following exclusive benefits:

1. Localised Knowledge:

Whether it is a simple compliance report or modern taxes, all often require an in-depth knowledge of local laws, best practices, and filling systems which are often exclusive to certified professionals.

2. Technical Know-How: 

In the current business landscape, businesses are shifting towards the adoption of digital solutions in their day-to-day operations. For most professional services such as accounting, tax preparations, payroll, and even invoicing, they involve the use of digital technologies. Keeping up with the latest technology, accessing cloud accounting software such as Xero, is also easier through accounting firms.

3. Ease in Reporting and Analyzing:

As small business owners, they focus on growing their businesses and attending to their daily operations which often leads to financial tasks of bookkeeping, reporting, and statement preparation taking the backseat.

Our team of accounting specialists at Little Red Robin helps small business owners not only leverage the above benefits but also provides regular end-to-end support from software and account set-up to year-end financial statements and tax preparations. 

Set up an appointment with our experts today!