By Running an enterprise without an accounting department is a risky and poor decision. Cash flow problems can quickly surface. I learned it the hard way when we’re making our logistics firm afloat. In recent years, we have experienced surging growth after the height of the 2020 COVID-19 pandemic. Conducting business without hiring accounting and tax services in Singapore is a no-go for me as a starting entrepreneur.
A Business Without An Accounting Solution
Anyone who has worked in the office has to go to accounting to take care of the business finance and cash flow. However, it wasn’t something I would think about during the height of the COVID-19 pandemic and the circuit breaker happening at the time. The business wasn’t booming, and it was an uphill battle for us. I even had that suspicion and thought my employees could arrange a fraudulent scheme since I never brought about the idea of opting for forensic accounting in Singapore.
What I’m trying to paint here is that our business is in a vulnerable state at that period. Decreasing business opportunities and increasing expenses can happen in a blink of an eye. We had a time when our basic bookkeeping and accounting wouldn’t do the cut for us. I noticed that the simplest and most essential financial tasks were slipping before our fingers.
The road to disaster seems eventual to me those days. Extra taxes, audit failures and penalties were some of the problems that our company was facing that period more than a year ago. Part of the problem was me, who was keeping a hold of our potential to solve the problem without hiring an accounting company in Singapore.
I learned to manage and control our logistic business the hard way. As a starter, I knew I would be bound to make mistakes which cause harm and risk the survivability in the industry. The industry we are in is highly competitive and opting for tax and forensic accounting would be a nail to the coffin before we knew it.
How We Found The Right Solution?
After that realisation, I decided to outsource an accounting solution for our firm. CLA TS has proven to be the exact accounting solution we’ve been looking for in our firm. Without a doubt, they have the technicalities and knowledge in applying accounting management and payroll processing. Their personnel also have an in-depth assessment of the health of our current finance and taxes. With their team of professional accountants, we were able to create more opportunities for our business and increase our profit for a few months working with them.
Overall, we were all pleased to have CLA TS working with us to sort and manage our finances. We realise how significant what we were missing these recent years of operating our own without a well-structured in-house accounting department. I would recommend CLA TS for its skill and expertise in providing accounting solutions that every business might need, especially if you’re looking for a tax or sustainability reporting in Singapore.
