Bookkeeping Services in Singapore
Bookkeeping service involves systematic maintenance of account books to help with the smooth running of the company. It is a record of year-round entries for the financial year, including profit and loss statements, ledger accounts, account receivables and payables, and bank reconciliation statements.
Since keeping books is essential but a tedious process, it might help to let professional bookkeeping services in Singapore do the needful for you. When professionals manage your financial reporting, it is easier to track financial statements, track sales, inventory, and purchase orders.
Professionals understand the need for submitting annual account statements as per ACRA and IRAS standards.
Singapore Accounting and Bookkeeping services
All Singapore-incorporated companies must maintain proper account books to comply with the Singapore Companies Act. In Singapore, a private limited company must fulfill two primary filing obligations. The company must submit an Annual Return to ACRA in June, while in December, it must file its Corporate Income Tax to IRAS.
Good bookkeeping is all about the maintenance of day-to-day accounts and the drafting of financial statements. This is essential for the submission of annual returns, besides providing an insight into the financial management of the company.
Based on the financial documents, a professional bookkeeper in Singapore:
- Reviews and organises financial information to maintain accounts ledger.
- Ensures proper financial management as per the principles laid down by the International Accounting Standard Board (IFRS).
- Helps in drafting accurate financial statements in compliance with the Financial Reporting Standards.
How the process goes
A complete set of accounting records forms the basis of compliance requirements. A company’s financial statements are used to compute income tax, which is then presented to the shareholders in the Annual General Meeting.
The following information is required for Singapore bookkeeping purposes:
- Expense notes
- Sales and purchase orders
- Journal vouchers
- Payment vouchers
- Bank statements
- Inventory listing
- Tenancy agreement
- Payroll summary
- Hire purchase statements
- Plant and equipment register
- Debtor and creditor control
Professional bookkeeping services help with the following:
- Maintain general ledger
- Maintain accounts payable ledger
- plant and equipment register maintenance
- Maintain accounts receivable
- Management reporting
- Bank account reconciliation
- Financial analysis
- Books cleanup
- Review financial statements on a monthly, quarterly, and annual basis
- Monitor statutory compliance issues
Business financial statements provide important information for banks, investors, and financial analysts about the company. Financial institutions look for the company’s annual income statements, balance sheet, and cash flow statements report before sanctioning loans to SMEs.
Additionally, Singapore accounting and bookkeeping services provide valuable insights into the company’s operation cost and efficiency for regulatory compliance, better profit visibility, and finance control.
Financial documentation must be completed by year-end. Bookkeepers in Singapore prepare detailed financial reports for corporate tax returns besides accurately preparing and filing GST returns to enable companies to claim tax returns correctly. This ensures that a company can correctly claim each credit and submit to IRAS.