Bookkeeping Services

Bookkeeping

For most small businesses, bookkeeping may seem like a time-consuming task. Let our experienced professionals assist you with the following:

• Setting up books according to your company’s needs
• Computerized bookkeeping based on original documents provided by your company
• A complete set of financial reports, including: balance sheet, profit and loss statement, trial balance, general ledger, accounts receivable, accounts payable, bank reconciliation, fixed asset register, etc.
• Handling GST (Goods and Services Tax) applications
• Preparing and submitting GST returns (GST Form 5)
• Year-end closing to meet audit and tax requirements, including preparing account details
• Drafting financial statements with appropriate notes

Accounting Review

You may have your own bookkeeper maintaining the company’s accounting records. However, they may not have the experience or knowledge to complete the final financial reports. You just need to provide your company’s balance sheet, profit and loss statement, and general ledger records.

We will review these for you and suggest relevant amendments.

Annual Financial Statements

Singapore's Companies Act requires that a company's first Annual General Meeting (AGM) be held within 18 months of incorporation. Company directors must declare that the accounts comply with accounting standards and provide shareholders with a true and accurate reflection of the company’s financial condition.

Our certified accountants can assist your company in preparing financial reports, which include the following:

• Directors' Report
• Directors' Statement
• Income Statement
• Balance Sheet
• Statement of Changes in Equity
• Cash Flow Statement
• Accounting Standards
• Financial Statement Notes
• Detailed Profit and Loss Statement

XBRL Reporting

As of March 3, 2014, Singapore-incorporated companies (unless exempted) are required to submit complete XBRL financial statements. According to ACRA regulations, all companies (whether limited by shares or unlimited), including dormant companies, must file XBRL financial statements according to reporting requirements. However, companies such as solvent exempt private companies or dormant companies that have applied for exemptions are not required to prepare XBRL statements. Detailed explanations are provided below.

XBRL (eXtensible Business Reporting Language) is a language based on XML used for exchanging and defining financial information. XBRL financial statements must be submitted when your company files its annual return, so you need to prepare the relevant financial reports before filing the annual return.

Exemptions from XBRL Filing:

• Certain financial services companies regulated by the Monetary Authority of Singapore (e.g., commercial banks, licensed insurance companies, finance companies)
• Foreign companies and their branches
• Companies allowed to prepare financial statements under accounting standards other than SFRS, SFRS for Small Entities, or IFRS
• Exempt Private Companies (EPCs) with the following conditions:
  • No more than 20 shareholders
  • No corporate shareholders (i.e., all shareholders must be individuals)