Accounting & Bookkeeping
What we Offer
We offer a comprehensive range of accounting and bookkeeping services for your company.
Outsource Your Accounting and Bookkeeping To Us
Need Help? Get In Touch With Our Accountants
Every business establishment, including sole proprietorships, partnerships and private limited companies, is required by law to maintain accounting records in full compliance with the Singapore Companies Act and Singapore Financial Reporting Standards. Your businesses in Singapore will have proper and healthy accounting and bookkeeping records with the help of our professional accountants. Depending on the needs of your business, our accounting and bookkeeping services and solutions can be scaled up or down.
Accounting & Bookkeeping Services
Our accountants can prepare your annual accounts for submission to ACRA and IRAS.
We specialise in maintaining a timely accounting system so you can manage your accounts efficiently. The Singapore Companies Act requires all companies registered in Singapore to maintain proper books of accounts. Good bookkeeping not only makes day-to-day account maintenance and financial statements drafting easier for annual returns submission, but it also provides insight for sound business decision-making and efficient financial management. Our services include but not limited to the following accounting functions:
- Management Accounts Monthly, Quarterly, Year-End Preparation and Review
- Annual Financial Statements Preparation and Review
- General Ledger Maintenance
- Accounts Payable Maintenance
- Accounts Receivable Maintenance
- Bank Reconciliation
- Fixed Assets Ledger Maintenance
- Cash Flow / Budgeting
- Books Clean-up
- Financial Analysis
Frequently Asked Questions
When you engage our Bookkeeping Services, you will be allocated an accountant who will work closely with you on your accounting needs.
Our accountant will evaluate and organise the information to develop and maintain your accounts ledger based on the financial records you give to us on a regular basis. The accountant can also assist you in drafting financial statements for statutory submissions in compliance with the Financial Reporting Standards (FRS). The following information is required for bookkeeping purposes:
- sales invoices
- purchase invoices
- expense receipts
- bank statements
- payroll summary
- tenancy agreement/invoices
- inventory listing
- statement of loans and borrowings/hire purchase
Your dedicated accountant will also help monitor statutory compliance issues and work with you to ensure you understand all the accounts and reports.
For Bookkeeping Services, we will need to know the detail of your business in order to provide you a final and reasonable quotation.
For newly setup company, we would require the following information:
- Business nature
- Financial year end
- Number of bank accounts and number of pages of the bank statements per month
- Any private use of the bank accounts
- Expected monthly revenue and number of sales transactions
- Expected number of transactions for expenses and purchases incurred during the financial year
- Any schedule is prepared to monitor the sales made and the purchases incurred by the Company
- Whether the company is GST-registered
- Any hire purchase or loan is obtained
- Any investment made during the financial year
- Currency involved in sales and purchase (and the type of foreign currency)
- Frequency of preparation of accounts – Monthly, Quarterly, Bi-annual or Annual basis
- Does your Company have any internal accounting software and do you need our accountant to perform on site?
- Does the account need to be audited?
For existing company, kindly provide the additional information as follows:-
- Last 2 years financial statements with detailed income statement
- Latest management accounts (balance sheet and income statement) and the accounts schedule
- Last 4 quarters GST Return filed
Why Prepare Management Accounts?
Management accounts are financial reports produced for the business owners and managers, generally monthly or quarterly, normally include a Profit & Loss Statement and a Balance Sheet. In principle they are similar to year-end accounts but are less formal and are personalised to the user’s requirements. The two key differences between Management Accounts and Financial Statements are:
Difference in Objective
Financial statements look back in time to review how your business has performed in the past year, while management accounts look ahead and make predictions about the future growth and profitability of your company.
Difference in Audiences
Financial statements are read by external audiences such as banks, authorities and investors. Management accounts however, are read by business owners and management.
Why Prepare Financial Statements?
Financial statements provide detailed and important information about a company's financial position, performance and cash flows that assist users in making economic decisions. There are two types of financial statements – audited and unaudited financial statements.
For audit-exempt private limited companies/small companies in Singapore, their accounts can be presented in the form of unaudited financial statements.
Financial statements are required because:
1. This is a legal requirement in Singapore. Section S201 of the Singapore Companies Act requires the directors of a company to prepare financial statements that comply with the “Singapore Financial Reporting Standards”.
2. The Inland Revenue Authority of Singapore requires companies registered in Singapore to prepare financial statements and tax computations for annual corporate tax filing.
3. You might be required to submit your financial statements to ACRA, the Accounting Corporate Regulatory Authority of Singapore, within the specified filing deadline if your company does not qualify for audit exemption, or if it does qualify for audit exemption but becomes insolvent.
Frequently Asked Questions
Small Companies are exempted from statutory audit. A company qualifies as a small company if:
- it is a private company in the financial year; and
- it meets at least 2 of 3 following criteria for immediate past two consecutive financial years:
- total annual revenue ≤ $10m;
- total assets ≤ $10m;
- of employees ≤ 50.
XBRL stands for eXtensible Business Reporting Language, a language used in computers to present financial statements such that they can be retrieved from online records and transferred directly to users such as auditors, regulators and financial analysts for various purposes.
As of 1 November 2007, the Accounting and Corporate Regulatory Authority (ACRA) implemented a new filing requirement for Singapore incorporated companies to file their financial statements in XBRL format.
All Singapore incorporated companies (unless exempted below) which are either unlimited or limited by shares, are required to file a full set of financial statements with ACRA in XBRL format, according to the Minimum Requirement List within the new ACRA Taxonomy 2016 (i.e. Full XBRL).
Solvent exempt private companies (EPCs) is exempted from filing their financial statements 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 need to file only their financial statements in PDF with ACRA.
Foreign companies and their local branches will also need to file only their financial statements in PDF with ACRA.