Accounting

We put your paperwork in order

Stacks of paperwork waiting to be organised? You could take a lot of time to do it, or let us handle it, pain-free. After putting things in order, we provide you free consultancy to continue to do so, so that you feel organised, all year round.

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Our suite of accounting services

BOOKEEPING +

Bookkeeping is the recording of transactions (invoices, expenses, bank charged) into accounting books / system. It is not only the keying in of expense description and amount but also in accounting categories for business overview and filing purposes. Some people do this manually, by looking at physical receipts and keying it in. This is very time consuming. Some use OCR technology to electronically capture data into a system, this reduces the time spent on bookkeeping and we usually encourage our clients to use some of these apps that we partner with.

FINANCIAL REPORTING +

Financial Reporting is the closing of management accounts through the reconciliation of bank and cash statements to accounting system. This reconciliation helps to ensure completeness and accuracy of the accounts. This includes the preparation of the Balance Sheet and Profit & Loss Statements, currently known as the Statement of Financial Position and Statement of Profit and Loss and Comprehensive Income, balance sheet schedules (including fixed assets) and detailed accounts (General Ledger)

VENDOR PAYMENT +

Vendor payment is the processing of payments to vendors and recording of payments in the form of Payment Vouchers or online systems. Typically the processing of payments is done through bank transfers. If by Cheque, the obtaining of signatories or payment approval is not included.

FINANCIAL STATMENT +

The Financial Statements is a financial report comprising the Statement of Financial Position, Statement of Profit and Loss and Comprehensive Income, Statement of Changes in Equity and Statement of Cash Flows. It also contains disclosures in relation to the above 4 Statements and is in accordance with the SFRS.

SETUP OF ACCOUNTING SYSTEM AND PROCESS +

The setup comprise our recommendations of the top cloud accounting systems suited to your business needs. Thereafter, we will setup the Chart of Accounts and accounts presentation, which is important for ongoing analyses and data retrieval. This includes our understanding of your business. We will also create a standard workflow to aid your ongoing accounting process and provide training of user/s to input ongoing data into accounting system.

Let machines do the work

We are experts in using app integration to help you in your organisational process workflow. Connect your shopfront (e-commerce, patient management, invoicing), HR system, Claims system, Banking platforms with your accounting system to eliminate duplication of data input and spend time on things that matter.

Reliable reports you can count on

Good reports give a better view of your business and enable you to plan for growth.

Financial Statement - Sample Report by ISCA

XBRL - Sample report from ACRA

In their annual filing to ACRA, Companies must attest to the fact that the financial reports provided are a truthful presentation of its assets and liabilities following the applicable standards for recognition and measurement of such figures.

These financial statement assertions are those we abide by to perform your reports. Some are for you to ensure, but most are ours.

Meet your deadlines

We remind you of your deadlines so you don’t have to think about them.

Solution Packages

Sole Proprietor

$200/mth

Perfect for Sole proprietors, Freelancers & Professional Services

Annual Financial Reporting (10 txn/mth)
Bookkeeping*
Personal/ Corporate Income Tax

Basic Corporate

$350/mth

Perfect for Startup or
Small Enterprises

Corporate Secretarial
Quarterly Financial Reporting (30 txn/mth)
Bookkeeping*
Corporate Income Tax

Enhanced Corporate

$600/mth

Perfect for Small-Medium Enterprises,
Social Organisations

Corporate Secretarial
Monthly Financial Reporting (30 txn/mth)
Bookkeeping*
Payment processing
Payroll(3-5pax)
Corporate Income Tax

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Corporate Income Tax $600/y

GST Preparation $100/m

Financial Reporting $100/m

Bookkeeping $150/m

Corporate Secretarial $650/y

Unaudited Financial Statements $600/y

Vendor Payment $60/m

Payroll $25/pax

FAQS

Why do businesses need accounting? Is accounting important? +

Accounting is a way to track your income and expenses, and also your company’s assets and liabilities – what people owe to you and what you owe to people, whether it is cash or services. A historical data of this, if done well, helps you to see the profitability of a particular project, department, product or your entire company. It is good data for future budgeting and cash management. Most importantly, you have an obligation to report your accounts to the these reports will enable the to calculate how much tax you owe and your exemptions.

What are the accounting standards in Singapore? +

In Singapore, accounting standards are known as Singapore Financial Reporting Standard (SFRS) and are based on the International Financial Reporting Standard (IFRS). All Singapore listed companies must comply with the SFRS. For small entities, the SFRS for Small Entities, which is based on the IFRS for SMEs can be used. For charities, the Charities Accounting Standard can be used.

Is it necessary to prepare financial statements? +

Yes, unless you are a private exempt company that is solvent. Even so, it is good practice to have financial statements. All Singapore incorporated companies are required to file financial statements (FS) with ACRA in XBRL format or PDF copy of FS authorised by directors, or both, except for Singapore exempt private companies that are solvent. If you own a sole proprietorship, partnership, limited liability partnership, or limited partnership, you are not required to file FS with ACRA.

For more information click here.

What is an exempt private company? +

A private company can have not more than 50 members. An exempt private company can be a private company with less than 20 members, and does not have any corporations holding beneficial interest in its shares.

What is a transaction? +

A transaction is any payment to suppliers, salary payments, expenses reimbursement or customer transfer. It can also be a deposit into or withdrawal from the bank. Bank fees and charges will not be considered a transaction. We ask for your transaction volume to gauge the amount of work our accountants may need to look through or process, depending on what services you require. Our accounting services pricing are only based on the number of transactions only if materially more man-hours is required.

What is XBRL? +

XBRL is the open international standard for digital business reporting, used around the world and provides a language in which reporting terms can be authoritatively defined. Those terms can then be used to uniquely represent the contents of financial statements or other kinds of compliance, performance and business reports. XBRL lets reporting information move between organisations rapidly, accurately and digitally. From 1 May 2021, there are revised XBRL filing requirements and Full or Simplified templates to be used by companies to meet the revised filing requirements and data elements

Do I have to file XBRL? +

Not necessarily, unless you are a public listed company, private exempt company that is insolvent, a company regulated by MAS. If you are a small and non-publicly accountable company, you may file FS in Simplified XBRL template. Companies limited by guarantee are only required to file PDF copy of FS authorised by directors.
For more information, click here

How should I start? +

Click here to contact us. We’ll come back with you for a quotation for the services. Submit your documents to us via cloud drive or postal courier. We process all the paperwork for you.