Accounting Services in Singapore
All companies need proper accounting and bookkeeping system. It can take a lot of time and efforts to be done all alone. At Accorp, we offer full range of bookkeeping and accounting services in Singapore. Be it from dormant company to a Company with comprehensive transaction involving derivatives or fair value accounting, we have our inhouse experienced and qualified Chartered Accountants to consult and assist you in preparing an accurate set of accounting for your Company’s audit purposes. Our accounting and bookkeeping services are strive to ensure your company fulfil the Company’s internal reporting purposes and also external compliance requirements from ACRA and IRAS. Account services is a business function where employees manage the experience of customers and clients. This function is common in service-based organizations such as banks, credit card companies, financial services businesses and marketing agencies. A primary role of the account services department is to communicate with clients and to resolve problems. In order to kick-start your Company’s accounting system or you’re not satisfied with your current accounting services and thinking to change to a better option, you need to determine which type of accounting system you prefer to setup or change.
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, the mobile cloud accounting system is the best-recommended choice for your business, gives you a better overview of your finances, improves collaboration with your team so as to gain more business opportunities ahead of your competitors.
Why proper accounting systems important for your business?
Other than the bookkeeping services, we also providing various accounting services, not limited to the followings:-
Consolidated Financial Statements
Consolidated financial statements provide a comprehensive overview of a group’s operations. Without them, management or shareholder would not have an idea of how well respective individual enterprise is doing and as a group level. The consolidated financial statement will reflects the financial results for all respective entities it has as well as the original assets for each of the entities.
Financial Health of an Enterprise
Our Consolidated financial statements services give a clear and accurate picture of the financial health of the group because each individual financial reports from the subsidiaries do not surface up the financial problems for most of the time. Our independent service is able to assist you to prevent your subsidiaries from hiding their losses and liabilities.
ACCORP’s Consolidation services including the followings:
Consolidation for Subsidiaries
- 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.
Consolidation for Associates
- Adjustments from cost to equity accounting.
- Elimination of unrealise profits/losses.
Most private limited companies in Singapore are no longer required to have their accounts audited if they satisfy certain conditions.ACCORP provides an unaudited financial statements designed specifically to comply with ACRA’s and IRAS’s statutory requirements.
Cash Flows is the Pulse of your business
A company may have revenues and appear profitable, but slow collections of invoiced sales can impede its ability to meet its current financial obligations. Delinquencies in payments to employees, vendors and other creditors can grow to the point of putting the company out of business. To get a picture of your cash flow over a specified period of time, create a cash flow statement.
Cash flow in your business is like the waves of an ocean, with revenue washing in and payments for expenses flowing out. A picture of cash flow is not easy to capture because the ebb and flow of money in your business is constantly changing. Still, you need a handle on your cash flow so you can discern trends in cash management and keep your company solvent.
Do business owner realise that their accounting falls behind when they are focusing on their marketing, business operation or busy driving a new project. Issues arise when the deadline for filing of annual return and submission of income tax are approaching. Catching up is time-consuming and also distracting from their business. If you face time constraints in management of bookeeping, or facing issue of getting competent staff with limited resources, just let us, the qualified accountant be your outsource employee. Talk to our accountant to find out how you can get your books back in order.
Our reporting package provides accurate and timely financial and operation information required by managers to make day-to-day and short-term decisions.
For Overseas holding company
This is extremely useful for overseas holding company that has a regional office in Singapore and would like to obtain financial and operation information to monitor and make strategic decision on their local expansion. It is critical that the report is prepared by an independent third party professional chartered accountant firm to provide factual reporting to HQ
Having problems in working out deferred tax computation for your reporting either internal management reporting or to the auditor?We are able to assist in preparing this computation using a designated template.
We apply procedures for the review of accounting systems and internal controls which our clients may ascertain that:
- 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.
Our work facilitates the implementation of internal controls that help achieve the aforementioned objectives while ensuring the more effective preparation of financial statements.
ACRA Announces Revised XBRL Filing Requirement and Releases New XBRL Preparation Tool for CompaniesACRA announced on 30 September 2013 that the revised XBRL filing requirements will be implemented from 2 December 2013. Replacing the online FS Manager will be a new offline tool, BizFinx, for preparing XBRL financial statements and the BizFinx Portal, for submitting the Annual Returns together with these financial statements.Fast, Reliable Professional Service — Get Help With Your XBRL Filing!We strive to complete the XBRL filing within 3 days. Call or email us today to get your quotation! What do we need to prepare XBRL? We need only the scan copy and word copy of the full set financial statements to prepare the XBRL. What is XBRL?
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).
Insolvent EPCs will have the following options to file their financial statements with ACRA:
- 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.
Companies limited by guarantee will continue to file only their financial statements in PDF format to ACRA. Foreign companies and their local branches will also continue to file only their financial statements in PDF format to ACRA. What are the advantages of preparing the XBRL voluntary? Free data analysis will be made available at ACRA’s new one-stop financials filing portal, BizFinx. Company directors and officers can log into BizFinx Portal to generate the free analysis within 30 days after filing their AR form with a full set of financial statements in XBRL format. This analysis is only available once a year upon the filing of the AR by the company and companies can utilize these data to:
- 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.
Whether you’re setting up a new company, division or switching accounting system, we’ll make the experience seamlessly works for you and your team. And it comes with an affordable phone and email support too! At a minimal level, we will work out the followings and add on any other services you deem necessary: –
- Custom Chart of Accounts
- Set up bank accounts + feeds *
- Customise dashboard *
- Branded invoice template *
- Issue logins for your team *
* Only available for Xero Accounting System Setup
We will provide you consultation services in relating to your company’s account filing system, preparation process, and the basic process control required to be in place. This is essential in ensuring all the accounting and other records are properly kept as required by Singapore Companies Act.