- December 9, 2017
- Posted by: UpVue
- Category: E-Commerce Stores, Industry Guide
Accounting services are in huge demand all around the world but it has gained even more popularity in the Singapore because of some new implementation of the taxes. Twenty years ago, the purchases were completely different but with the time it got complicated and then accountants step up to the platform in order to help. Singapore is recently facing a change in the taxes and most of the big ecommerce businesses will then require an accountant for the help.
Goods and services tax might soon be levied on e commerce purchases from overseas online vendors because the government of Singapore is looking to diversify its tax bases and to capture the value of fast growing sectors. Now, goods purchases totalling less than $400 and digital services such as music downloads from e-commerce firms based abroad are exempt from the 7 per cent GST.
But Singapore could join other countries such as Australia and South Korea in levying GST on foreign companies that sell goods and services to their residents online. This could mean getting big e-commerce players to register for GST here if they sell to Singapore consumers, or getting customers to pay tax on goods and services they buy online.
This is what experts have to say but if its going to happen in Singapore then the accounting services in Singapore will be on high demand. There are many known accounting firms that handles the accounting problems for e commerce business and also helps people in setting up a e commerce business. They use the tools, services and technology to keep the accounting of the business well maintained and ensures that it runs smoothly.
Not only with the new GST but accounting services in Singapore can also help e commerce businesses in many other aspects.
E commerce controller services:
The professional accounting services offers e commerce controller services with which business owners can have a good financial insight of their business. Most of the accountants includes unlimited phones and email consultation services as well so that the business owners can get the answers that they need without worrying about the time and bills. This controller services from accountants covers many operational and conservative tasks. You can get a customized plan for your business and can include the services that you want.
E commerce business process optimization services:
With accountants and professional accounting services you will get the strategic guidance and tactical plans that can help in the growth of the business. The site strategy and implementation are the services that you can enjoy. They can also help the e commerce businesses in selecting the multi channel for themselves and to select the right tools and processes. The accounting services works as an external guidance and helps in the growth of e commerce businesses.
Sales tax services:
As mentioned above that Singapore will face a change in the GST for the e commerce businesses. As sales taxes are complex in nature that is why it is hard for anyone expect accountants to understand the terms. Professional accountants understand the complexities of the sale tax compliance for online sellers and service providers. That is why they can help in implementing a manageable sales tax compliance process. They put together all the inventories and connect it to the marketplace and shopping carts and get the information that can help them in managing the sales tax effectively. Hiring their services seems to be an expensive task but in the long run they help you in saving a big amount in the form of taxes. They put their effort in saving the sales tax costs and with the news GST rules in Singapore you will definitely be looking for an accounting service in Singapore. So, you can consider accounting services in Singapore to run an e commerce business successfully and even for the company registrations in Singapore.