Why is accounting important for my business in Singapore?

Accounting holds significant importance for several reasons.
Firstly, it's a legal obligation to report your accounts to the government, as this information is used to calculate taxes accurately. Secondly, accounting plays a vital role in internal planning and management within your organisation. Errors in accounting can prove to be costly, as inaccuracies in reports can lead to fines from the government for business owners.

Moreover, you likely base evaluations and strategic plans on these financial numbers, making accuracy in accounting essential for informed decision-making.