Today tax and accounting services are provided online by a number of tax professionals and firms. With the advent of technological solutions, coupled with digital infrastructure of tax, other institutions and regulatory bodies it has become possible to have online advisory and compliance services. Accounting and Book-keeping have become possible on the back of cloud based database and ERP accounting packages. The approach of providing online accounting services has made setting up a company in Singapore more convenient. It also takes into account tax and accounting services which is further promoted by governments taking into account following multiple benefits.
Fast, frequent and swift provision of services – Tax and accounting services can be provided swiftly with the availability of online and unified database driven software packages. Such accounting packages allow receiving raw data and posting of accounting entries at the tax professional’s end. Subsequently, the recorded entries can be jointly shared, retrieved or extracted at any time. This helps in achieving cost optimization. This will reduce the data redundancy and editing of accounting records can be by any user for further use and reference.
Prompt filing of tax and other documents – Hassle free filing of tax returns can be given effect to the use of online dedicated tax return platforms. This also facilitates more returns being filed in a given time frame. This reduces operating cost for tax professionals and increases the overall revenue for tax services providers. This also helps tax authorities or departments to exercise control of the number of people filing taxes. Also, tax authorities can notify any change in return forms in online mode thereby providing real time updated return forms for tax filings.
Quick assessment – Filing returns also have a real benefit of faster assessment of tax proceedings. The tax authorities can review tax and accounts related data of assesses for doing assessments, finalizing and approving financial information of assesses. The process of expediting tax assessment proceedings also has an indirect benefit of receiving back tax refunds quickly. After completing tax proceedings, tax authorities on the basis of online information and more streamlined procedures can pay back tax refunds on time.
A new avenue expanding the size of industry – Online tax services have paved the way for opening up of a new industry where more jobs are being created. Digitalization of conventional practices and procedures have resulted in higher participation from next generation tax professionals.
Hiring tax professionals from across the globe – Online accounting services create an opportunity of hiring the best talent across the globe. Best and motivated talent can be hired to provide refined services effectively. In today’s global perspective there is a dire need of a global talent pool that can help businesses increase efficiency and optimization which eventually can be achieved only by having an innovative and dedicated team that can converge on thoughts and issues transcending geographical boundaries.
Financial Statements can be readily drawn – Online databases can help professionals draw financial statements, financial projections readily. Data can be channelized and presented in multiple forms and formats. Also, the jobs or tasks can be performed from multiple locations thereby providing a high degree of ease and convenience at work.
Setting up a company in Singapore or providing tax and accounting services online have brought in large benefits to every stakeholder. In modern context it has helped tax professionals from scaling up, to having cost optimization to simplifying tax assessment procedures. Accounting Bookkeeping service have also been made more systematic with the further advancement of online accounting services.
