Many businesses in Singapore regard accounting services as a waste of money and believe that the money thus saved can be better used elsewhere in the business. What they should consider is that this is false economy and a good accounting services company in Singapore can actually save you a lot more money than the fees that you pay them. Moreover, outsourcing your accounting services will leave you with a lot more time to concentrate on developing your core business. Moreover, you can dispense with the necessity of unnecessary overheads in the form of an in house accounting staff. Just take one aspect of expert accounting services. If you were taking care of your own taxes, you may not know very much about it and your records may not be acceptable to the tax authorities. However an expert accounting Services Company will be totally familiar with all the tax requirements and can streamline your tax assessments while making sure that you do not overpay your taxes.
Here are some of the many services that an accounting services company in Singapore can provide for you:
Day-to-day bookkeeping services including recording of income and expenditure, preparation of bank reconciliation statements monthly, handling sales and trade debtors as well as purchases and trade creditors, recording all assets and liabilities, maintained a record of items liable to Goods and Services Tax , maintain the general ledger and prepare monthly trial balances.
Management information reports
Preparing profit and loss accounts and balance sheet, and generate an analysis of the ageing of debtors and creditors. Also the preparation and submission of quarterly GST returns as applicable.
Statutory accounting services
Preparation of financial statements according to ACRA requirements, preparation of consolidated statements including cash flow statements and statements of changes in equity, computation of tax provisions for inclusion in the financial statements, preparing head office reporting packages and so on.
Corporate and secretarial services
Maintenance of statutory records for incorporated companies, preparing and filing of all the requisite returns and forms with ACRA, drafting resolutions and recording the minutes a for board meetings and shareholders meetings, providing advice on compliance with the relevant provisions of the Companies Act, handling registration of foreign companies and acting as company secretaries.
Computation of salaries and Central Provident Fund, she payroll reports as well as payment of salaries and CPF dues including disbursement of salaries directly to employee bank accounts, confidential pay slips, all year-end returns necessary for payroll activity and to maintenance of leave records.
Singapore tax planning services
Ensuring tax compliance on every count and providing expert tax advice for corporate tax, partnership tax and personal income tax, structuring and planning transactions (whether domestic or cross-border) for the maximum tax efficiency, structuring tax efficient remuneration packages for employees and computation of taxation provisions.
Accounts Payable Services
Processing of payment for expense claims by employees and invoices submitted by vendors, issue of vouchers and checks and disbursement of payments to employees and suppliers.