What is the right time to hire an accountant for my E-Commerce Store in Singapore

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What is the right time to hire an accountant for
my E-Commerce Store in Singapore?
Bestar Services Pte. Ltd
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What is the right time to hire an accountant for
my E-Commerce Store in Singapore?
Tax Planning While Being In Singapore

• Starting a business is almost everyones dream in
  todays era. Many business options are available
  depending on whether you want to start a
  small-scale business or a large-scale one.
  However, there is one business that has continued
  to grow significantly over the last decade and
  will continue to grow more in the future, and
  that business is E-commerce Store.
• E-commerce stores have seen a significant rise
  competition in the last couple of years.
  Singapore has given ample opportunities to the
  people living in Singapore across the globe to
  start their E-Commerce store in Singapore.
• E-commerce sales in Singapore in 2022 have
  dominated exceptionally well over the other
  sectors, and the expected sales at the end of the
  year are expected to grow to USD 9 Billion.

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What is the right time to hire an accountant for
my E-Commerce Store in Singapore?
Tax Planning While Being In Singapore

• Starting an E-Commerce store in Singapore
  requires investment, raising funds,
  incorporation, maintaining books of accounts, and
  more procedures. However, with Bestar Services,
  it is pretty smooth to start your business in
  Singapore. We help businesses with assistance at
  every stage, right from the incorporation to
  raising funds to accounting services, bookkeeping
  services, compilation of financial statements, HR
  payroll services, Tax Advisory Compliance,
  Business Advisory Consulting, more.
• In this blog we will walk you through why you
  need an accountant for your E-Commerce store in
  Singapore when is the right time to hire an
  accountant for your E-Commerce store in Singapore.

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What is the right time to hire an accountant for
my E-Commerce Store in Singapore?
Tax Planning While Being In Singapore
What is E-commerce Accounting?

• E-commerce accounting is often viewed as similar
  to traditional accounting. In reality, both are
  different. Traditional accounting primarily
  involves bookkeeping in which businesses record a
  list of their daily transactions, tabulating
  amounts, deducting operating administrative
  costs, cost of goods purchased sold, all
  other expenses to give you the generated income.
• On the other hand, E-commerce accounting involves
  much more aspects of accounting. It involves
  performing a wide range of accounting tasks apart
  from e-commerce booking, such as gathering,
  organizing, evaluating, reporting your
  businesss financial data for generating
  financial reports statements.

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What is the right time to hire an accountant for
my E-Commerce Store in Singapore?
Tax Planning While Being In Singapore
What is E-commerce Accounting?

• E-commerce stores operate the entire day for 10
  to 15 hours. Customers can walk in at any time
  during operating hours and purchase items in the
  store. Hence, it is essential to keep track of
  the transactions that happen throughout the day,
  which involves analyzing transactional data,
  inventory management, stores daily expenses,
  sales tax, more.

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What is the right time to hire an accountant for
my E-Commerce Store in Singapore?
Tax Planning While Being In Singapore
Why do you need an accountant for your E-Commerce
store?

• Hiring an accountant for your E-Commerce helps
  keep your bookkeeping financial statements
  sorted on a daily basis and keeps you updated
  with your store accounting financial data for
  decision-making.
• Hiring an accountant saves you ample time
  allowing you to focus on the core business
  activities (Sales Marketing). It will enable
  you to expand your business (store), generate
  substantial income in the short run, and make
  your business bigger in the long run.

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What is the right time to hire an accountant for
my E-Commerce Store in Singapore?
Tax Planning While Being In Singapore
Why do you need an accountant for your E-Commerce
store?

• Hiring an accountant from the reputed leading
  accounting service provider in Singapore is
  lucrative for your business. They are
  well-equipped with all aspects of accounting,
  bookkeeping, and preparing financial reports.
  They use the latest updated tools for maintaining
  your books of accounts. Also, the accountant is
  trained from time to time to be updated with
  modern concepts, tools, and updates in accounting
  financial laws.

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What is the right time to hire an accountant for
my E-Commerce Store in Singapore?
Tax Planning While Being In Singapore
Why do you need an accountant for your E-Commerce
store?

• Hiring accounting services from Bestar Services
  gives you peace of mind. You will get your
  reports statements on time every month. Our
  accountants are well-versed in accounting
  financial concepts.
• If you are looking for customized outsourcing of
  accounting services in Singapore, then Bestar
  Services is your one-stop destination for
  outsourcing your E-Commerce store accounting
  bookkeeping services in Singapore. We ensure
  timely reporting of your E-Commerce store
  accounting bookkeeping and also help you file
  Income Tax well on time before the deadline.

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What is the right time to hire an accountant for
my E-Commerce Store in Singapore?
Tax Planning While Being In Singapore
When is the right time to hire an accountant for
your E-Commerce store in Singapore?

• The right time for hiring an accountant for your
  E-Commerce store in Singapore is ideally at the
  operation commencement of your store. However, we
  have listed three times when you must hire an
  accountant for your E-commerce store.

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What is the right time to hire an accountant for
my E-Commerce Store in Singapore?
Tax Planning While Being In Singapore
When you want to expand your E-Commerce store

• Every E-Commerce store has a hunger to expand
  once they are in operation. When you want to
  expand your business (store), it is important to
  delegate specific business tasks to focus on the
  core business activities (Sales Marketing). The
  best way of delegating business tasks is to
  outsource them.
• One of the vital time-consuming business
  activities is maintaining the books of accounts.
  When you expand your store, the number of
  transactions in a single day will increase
  substantially, and it will become challenging to
  maintain books of accounts generate financial
  reports in the long run.

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What is the right time to hire an accountant for
my E-Commerce Store in Singapore?
Tax Planning While Being In Singapore
When you want to expand your E-Commerce store

• Hence, we recommend hiring an accountant for your
  E-commerce store when you are planning to expand
  your store to ensure that the accounting,
  bookkeeping, financial reports, especially from
  an accounting service provider in Singapore who
  will ensure timely reporting of your books of
  accounts financial data, and will also file
  Income Tax on time.

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What is the right time to hire an accountant for
my E-Commerce Store in Singapore?
Tax Planning While Being In Singapore
When you want a professional to look after
Inventory Management

• In E-commerce stores, selling products doesnt
  happen through only one sales channel. E-Commerce
  stores sell products through multiple sales
  channels to generate more revenues from every
  source.
• When you sell products through multiple sales
  channels, it is vital to hire an accountant to
  monitor the Inventory Management for all sales
  channels. The accountant will keep daily
  bookkeeping of the Inventory of all sales
  channels leading to efficient robust Inventory
  Management for your store.

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What is the right time to hire an accountant for
my E-Commerce Store in Singapore?
Tax Planning While Being In Singapore
When you want assistance with Sales Tax

• Unlike business transactions, E-Commerce
  Transactions are different vary from country to
  country, as every country follows a different set
  of tax laws. E-Commerce businesses deal with
  multiple business parties from across the globe,
  and it becomes quite challenging for business
  owners to maintain books of accounts as per Tax
  Laws of different countries.
• Hence, it is crucial to hire an accountant from
  the top accounting service provider in Singapore
  who are skilled with the Tax Laws of numerous
  countries, will maintain your books of accounts
  with correct Sales Tax percentage transactions.

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What is the right time to hire an accountant for
my E-Commerce Store in Singapore?
Tax Planning While Being In Singapore
Conclusion

• After going through the entire blog, you would
  have understood why it is essential to hire an
  accountant for an E-Commerce store when is the
  right time to hire an accountant. If you want to
  hire an accountant for your E-Commerce store,
  there is no need to go searching around on
  Internet, as Bestar Services is here for you.
• We are one of the top 10 accounting service
  providers in Singapore. We have served thousands
  of businesses in Singapore in incorporating their
  business, accounting services, bookkeeping,
  financial audit, tax compliance, and more
  services.

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What is the right time to hire an accountant for
my E-Commerce Store in Singapore?
Tax Planning While Being In Singapore

• Contact us today to outsource your E-Commerce
  store accounting services booking to Bestar
  Services.

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