Accounting

Why do you need bookkeeping?

Inland Revenue Authority of Singapore (IRAS) and the Accounting and Corporate Regulatory Authority (ACRA) make it a requirement for all business entities in Singapore to keep proper accounting records and documentation.

Bookkeeping is a significant part of any business as it provides a record of your day-to-day financial operations. Time is a precious commodity to business owners so outsourcing the bookkeeping function to reliable and professionals is the best option.

Our bookkeeping services include the following:

1. Preparation and recording of accounting entries

2. Bank and cash reconciliations

3. Preparation of general ledger and accounts schedules

4. Preparation of management report which is inclusive of the following:
   (a) Statement of Profit or Loss;
   (b) Statement of Financial Position;
   (c) Accounting schedules;
   (d) Fixed assets listing;
   (e) Trade debtors and trade creditors aging reports; and
   (f) Bank reconciliation reports.

5. Preparation of schedules for audit purposes (where applicable)

6. Liaise with and address queries from auditors (where applicable)

We utilize mobile and cloud base technology like Xero to provide our clients with real time financial information.

Why do you need compiled financial statements?

You will typically need financial statements for the following purposes:

1. Annual General Meetings

2. Tax submission to IRAS

3. Accountability to shareholders of the Company

In some instances the financial statements are used to:

1. Obtain banking facilities

2. Apply for government grants

3. Meet regulatory requirements in specific industries

Our compilation services include the following:

1. Preparation of full set of financial statements including the following:

   (a) Directors’ Statement
   (b) Statement of Profit or Loss and Other Comprehensive Income
   (c) Statement of Financial Position
   (d) Statement of Changes in Equity
   (e) Statement of Cash Flows
   (f) Notes to the Financial Statements

2. Consolidation is done where applicable.

Our Fees

Bookkeeping

Compilation

Basic compilation from $500

Compilation of Parent Company with Group Level reporting $500 - $1,000 additional

Translation of Financial Statements to XBRL format from $300