ACCOUNTING AND BOOKKEEPING SERVICES IN SINGAPORE
All companies registered in Singapore must keep proper books of accounts as stipulated by the Singapore Companies Act. Good bookkeeping not only facilitates day-to-day account maintenance and drafting of financial statements for the submission of annual returns, but also provides insight for sound business decision-making as well as efficient financial management.
In turn, this will help you fulfill the compliance requirements stipulated by ACRA and IRAS and avoid unnecessary penalties.
Our accountants can compile your yearly accounts for submission to ACRA and IRAS. We specialize in maintaining a timely accounting system that allows you to manage your accounts cost-effectively.
Leave your accounting matters to us and free up your time for the strategic areas of your business. We offer a full spectrum of accounting and bookkeeping services that are cost-effective to companies that wish to outsource their bookkeeping function.
For newly incorporated companies, we shall provide you with our quotation for bookkeeping, accountancy and payroll services. For companies incorporated with existing books and accounts prepared, we welcome you to call us for a non-obligatory discussion. Our rates are based on volume of accounting transactions.
*Fees range from S$100.
Our Accounting and Bookkeeping Services includes but not limited to the following functions:
- General Ledger Maintenance
Prepare and customise of financial report for management such as Trial Balance, Profit and Loss, Balance Sheet
Overall analysis of financial results
Clearing backlog accounts
- Fixed Assets Ledger Maintenance
- Cash Flow / Budgeting
Accounts Payable Ledger Maintenance
- Accounts Receivable Maintenance
Aging report for accounts Receivables & Payables
- Management Reporting
Accounting is undoubtedly one of the most important aspects of any business and it needs to be handled with utmost care. Singapore Incorporation is one of the most reliable agencies when it comes to accounting services in Singapore. Our agency offers all-inclusive accounting services to give your business an excellent competitive edge. With our accounting assistance, your Company can surely attain a great reputation. Most importantly, we will help your Company fulfill the IRAS and ACRA compliance always in time.
We can put every account related thing in its right place irrespective of the current position of your Company. Over the years, many companies have largely benefited from our bookkeeping services in Singapore. On top of that, our experienced staffs will fully comprehend your financial goals and you can always rest assured of the best accounting advice from our accounting staff without having to pay any extra charge for it. Most importantly, this will certainly leave you with a better piece of mind to focus on your core business. -Here are the various accounting services that we offer:
Have you ever heard of Cloud Computing? With our Cloud Computing software, you can perform accounting operations anytime and anywhere over the internet. Also, it works equally well on all devices and browsers as it runs on the server. Ever since Cloud Computing evolved, it has brought about a huge flexibility for a lot of businesses and furthermore, one doesn’t need to have a background in accounting to use Cloud computing. We offer two types of Cloud Computing service; Xero Cloud Accounting Software and QuickBooks Online Services.
Compilation Financial Statement
In Singapore, it is mandatory for companies other than the private or dormant companies to file their audited reports to ACRA and for that, a Company needs to appoint an auditor within 3 months from the date of its incorporation. Once an auditor is appointed, it will be the auditor’s responsibility to audit the accounts of your Company before every annual submission. We can assure you of the best auditing service through our associated audit firms.
XBRL Financial Report
On 1 November 2007, ACRA made it mandatory for incorporated organizations in Singapore to submit their financial statements in XBRL. For those of you who aren’t much aware of XBRL, it stands for Extensive Business Reporting language which is specially used for presenting financial statements in light of online records or exchanges. The records can be exchanged specifically to auditors, and financial analysts, for various purposes. XBRL offers additional financial data, enhanced straightforwardness, reliability, and convenient dispersal of important financial data.
We offer proper accounting management to ensure that you submit your annual audited financial statements duly to ACRA and IRAS. Our accountants are highly reliable as well as proficient at their work that comprises day-to-day account maintenance, drafting of financial statements, providing useful financial insight about your company.
Setup of Accounting System
Accounting and bookkeeping are indispensable to every Company, be it small or big. We have years of experience to help you set up the most suitable accounting system for your organization which, of course, will require the use of the right accounting software. This will certainly improve the efficiency to a large extent in terms of recording and analyzing financial data.
What you will be expecting from us?
1.We will review and organize your financial documents (sales invoices, purchase invoices, delivery notes, goods inwards note, bank statements, etc) to maintain your accounts ledger in a timely manner.
2.We will assist the drafting of financial statements in accordance with the Singapore Financial Reporting Standards (SFRS) for statutory submissions.
3.We will help monitor statutory compliance and regulation issues and guide you to ensure that you understand all the accounts reports.
4.We will be working closely with you to address to your business’ accounting needs.
COMPILATION OF FINANCIAL REPORT
Financial Reporting Service * Our fees range from $S 400
Singapore companies are required to have their yearly financial reports prepared in accordance with the SFRS (Singapore Financial Reporting Standards). We have a dedicated team to prepare your financial reports for submission to both ACRA and IRAS.
Exempt private companies (“EPC”) are companies with no corporate shareholder in the company and the number of shareholders in the company is less than 20. Dormant companies and EPCs with annual revenue below S$10m could enjoy audit exemption under current Singapore Companies Act, Chapter 50 (the “Act”). These companies have a choice as to whether to have their accounts audited except where the law has prescribed that an audit is still required. This will help many companies reduce their business operating cost.
Companies that qualify for the audit exemption and have chosen not to have their accounts audited can file the unaudited accounts in place of the audited accounts. The unaudited accounts (including notes to accounts) must be accompanied by the Directors’ report and the Statement of Directors and they must be prepared in compliance with the Companies Act and Singapore Financial Reporting Standards. To meet these requirements, we assist our client to prepare unaudited financial statements with professional competence and due care.
All other companies are required to appoint an auditor within three months of incorporation and be prepared to submit audited reports to ACRA. The accounts must be audited annually.
Preparation of financial reports in compliance with FRS and Companies Act
Advices on accounting related matters
Provide timely reminder on the relevant deadline
We also offer a 3-in-1 Compliance package!
3-IN-1 COMPLIANCE PACKAGE -PACKAGE DEAL AT ONLY $S 880! ( U.P. $S 1,190 )
Our 3-in-1 Compliance Package provides the following services:-
Secretarial Work – U.P. $S 380
Compilation of Financial Report – U.P. $S 600
Tax Computation – U.P. $S 180
Submission of Estimated Chargeable Income – U.P. $S 30
TRANSCRIBE FINANCIAL STATEMENTS INTO XBRL FORMAT – Only $s 380!
We aid clients in transcribing their financial services into XBRL format and file it on their behalf.
The Accounting & Corporate Regulatory Authority (“ACRA”) announced on 30 September 2013 that the revised XBRL filing requirements will be implemented from 2 December 2013. Replacing the online FS Manager will be a new offline tool, BizFinx, for preparing XBRL financial statements and the BizFinx Portal, for submitting the Annual Returns together with these financial statements. With effect from 1 November 2007, ACRA implemented a new filing requirement for Singapore incorporated companies to file their financial statements (FS) in XBRL format . XBRL stands for eXtensible Business Reporting Language, and it is a worldwide language used in computers for the electronic communication of business and financial data such that they can be retrieved from online records and transferred directly to users such as auditors, regulators and financial analysts for various purposes.
Who is affected by the revised XBRL filing?
All Singapore incorporated companies (unless exempted below) which are either unlimited or limited by shares required to file their financial statements with ACRA will be required to file a full set of financial statements in XBRL format, according to a Minimum Requirement List within the new ACRA Taxonomy 2013 (i.e. Full XBRL). Filing of Option B (Partial XBRL), using FS Manager, will no longer be available.
Why the need for XBRL?
XBRL is an open-source software that enables the organization and management of financial data for research and analysis. It also facilitates the communication of financial information online and amongst businesses with significant accuracy and reliability.Most companies currently file their FS in PDF format. ACRA believes that the use of XBRL will achieve the objectives of facilitating the conduct of business, to streamline financial reporting and to enable the flow of financial information to the international business community, in Singapore, providing more value-added financial information and enhancing the regulatory environment with improved transparency and timely dissemination of relevant financial information,thus promoting a pro-enterprise environment.
XBRL enables source data to be tagged electronically, making the data machine-readable. Thus, the user’s system can automatically extract the information without the need for copy-pasting or keying-in. XBRL enables tagging of numbers, quantitative data and textual information. The benefits of XBRL go beyond compliance since any data collation process can be streamlined using electronic tags.
This filing requirement will not apply to:-
- Companies limited by guarantee;
- Foreign companies and their local branches;
- Banks, insurance companies and finance companies whose activities are regulated by the Monetary Authority of Singapore; and
- Companies that are allowed by law to prepare accounts in accordance with accounting standards other than the Singapore Financial Reporting Standards or the International Financial Reporting Standards;
Solvent exempt private companies (EPCs) will continue to be exempted from filing their FS with ACRA.
Insolvent EPCs and EPCs that are required by law to file their FS with ACRA will do so in XBRL format.
Which businesses are excluded from XBRL filing?
The following types of companies are exempted from filing their full set of financial statements in XBRL format, and will file their financial statements in PDF with Financial Statements Highlights in XBRL format instead:
- Companies which are (1) Commercial Banks; (2) Merchant Banks; (3) Registered Insurers; and (4) Finance Companies, that are regulated by the Monetary Authority of Singapore; and
- Companies allowed by law to prepare accounts in accordance with accounting standards other than SFRS, SFRS for Small Entities and IFRS (International Financial Reporting Standards).
Solvent exempt private companies (EPCs) will continue to be exempted from filing their FS with ACRA.
Insolvent EPCs will have the following options to file their financial statements with ACRA:
- A full set of financial statements in XBRL format; or
- A full set of financial statements in PDF with Financial Statements Highlights in XBRL format.
Companies limited by guarantee will continue to file only their financial statements in PDF format to ACRA.
Foreign companies and their local branches will also continue to file only their financial statements in PDF format to ACRA.