Accounting Services in Singapore
convention bookkeeping Services system
Do you prefer the convention bookkeeping system which you are able to see the result of the Company’s financial performance on a monthly basis
cloud bookkeeping services system
LIVE cloud bookkeeping system enable you to view the financial performance from your laptop, tablet or your mobile phone anytime and everywhere you wish to with the available of internet access.We strongly believe with the current fast changing business environment today, mobile cloud accounting system is the best recommended choice for your business, gives you a better overview of your finances, improve collaboration with your team so as to gain more business opportunities ahead of your competitors.
Consolidation of Accounts
- Consolidate worksheets by add across the financial information.
- Fair value adjustment / purchase price allocation.
- Goodwill on consolidation.
- Non-controlling interests.
- Pre-acquisition and post-acquisition reserves.
- Inter-company balances.
- Inter-company transactions and unrealised profits/losses.
- Adjustments from cost to equity accounting.
- Elimination of unrealise profits/losses.
Compilation of financial statements
Preparation of Cash Flows
Cash Flows Budgeting
||Overhaul Account|| services for backlog accounts
Management Reporting Package to management of holding company or auditor
Preparation of deferred tax computation
Internal control review
- Their financial controls are effective.
- Their financial statements are reliable and compliant with effective laws.
- Their financial processes are in accordance with the company’s internal policies and procedures.
- The company’s assets are adequately safeguarded against fraud.
XBRL filing of Annual Returns
XBRL stands for eXtensible Business Reporting Language, a language used in computers to present financial statements such that they can be retrieved from online records and transferred directly to users such as auditors, regulators and financial analysts for various purposes. More information on XBRL can be found at www.xbrl.org. The Accounting and Corporate Regulatory Authority (ACRA) implemented a new filing requirement for Singapore incorporated companies to file their financial statements (FS) in XBRL format as of 1 November 2007.Why the need for XBRL? Most companies currently file their FS in PDF format. ACRA believes that the use of XBRL will achieve the objectives of facilitating the conduct of business in Singapore, providing more value-added financial information and enhancing the regulatory environment with improved transparency and timely dissemination of relevant financial information. XBRL enables source data to be tagged electronically, making the data machine-readable. Thus, the user’s system can automatically extract the information without the need for copy-pasting or keying-in. XBRL enables tagging of numbers, quantitative data and textual information. The benefits of XBRL go beyond compliance since any data collation process can be streamlined using electronic tags. Who is responsible for the correct representation and accuracy of information? Directors of the companies will continue to be responsible for the correctness and accuracy of FS in XBRL format filed with ACRA. They are therefore advised to check the information to be filed before authorizing their company or persons to submit the information on behalf of the company to ACRA. Who is affected by the revised XBRL filing? All Singapore incorporated companies (unless exempted below) which are either unlimited or limited by shares required to file their financial statements with ACRA will be required to file a full set of financial statements in XBRL format, according to a Minimum Requirement List within the new ACRA Taxonomy 2013 (i.e. Full XBRL). Which businesses are excluded from XBRL filing? The following types of companies are exempted from filing their full set of financial statements in XBRL format, and will file their financial statements in PDF with Financial Statements Highlights in XBRL format instead:
- Companies which are (1) Commercial Banks; (2) Merchant Banks; (3) Registered Insurers; and (4) Finance Companies, that are regulated by the Monetary Authority of Singapore; and
- Companies allowed by law to prepare accounts in accordance with accounting standards other than SFRS, SFRS for Small Entities and IFRS (International Financial Reporting Standards).
- A full set of financial statements in XBRL format; or
- A full set of financial statements in PDF with Financial Statements Highlights in XBRL format.
- Benchmark themselves against peers.
- Compare their performance against competitors.
- Gain a competitive edge with improved analytics.
- Understand industry trends and make appropriate decisions.
- Achieve cost savings within your company with better business insights and quicker and more accurate decision-making.
- Compare, share and transmit data with related subsidiaries and different company divisions even if different accounting systems are being used.
Setting up new accounting system
- Custom Chart of Accounts
- Set up bank accounts + feeds *
- Customise dashboard *
- Branded invoice template *
- Issue logins for your team *