Hire Different Types of Accounting Services Singapore

Accounting Firms in Singapore

Different Types of Accounting Services

For a business owner out in the market in search of qualified accountants or accounting services Singapore, there are many options to choose from. Depending on the needs of the business, the owner can hire a specialist like, a forensic accounting firm or one of the top accounting firms in Singapore that offer complete accounting solutions.

SBS Consulting is one such accounting service that offers under-the-one-roof accounting solutions to its Singapore clients and has a considerable following of satisfied clients.

Accounting Firms in Singapore for Small and Medium Enterprises (SMEs)

The size, scope, expertise, and the domain it is operational in influence the type of accounting services sought out by the business owners.

  • The SMEs in Singapore may not need a forensic accounting firm on the regular basis but, they will definitely be on the lookout for the dependable accounting services to take care of their accounting needs.

  • On the other hand, the needs of a mature mid-level or a big-league private limited company may be different. It may be on the prowl to hire an accounting and audit company in Singapore that will help it in complete compliance with the statutory filing. It may also need expert advice in the industry matters to further its growth.

  • A multinational may be out there for shopping one of the top 4 accounting firms in Singapore to be fully compliant with the prevalent Singapore accounting standards.

Types of Accounting Firms in Singapore

By 2020, Singapore aims to become the accounting hub for the South-Asian region. In such a dynamic and fluid accounting atmosphere, Accounting services Singapore cannot help but, become specialists in one of its branches or out-shoots of accounting.

Outsourced Accounting Firms

The businesses, that do not want to process their accounts in-house, outsource it to the specialized accounting services providers. Accounting services Singapore like, SBS Consulting, work for their clients on contract. Accounting services fees charged by these firms are competent and cost-effective.

Under the auspices of their accounting and auditing services, these firms also offer the compilation of financial statements, director’s report, corporate accounting, forensic accounting, etc to their clients.

Bookkeeping Firms

Bookkeeping is a part of the accounting field. Bookkeeping services for small business and self-employed help in meticulously, recording business transactions of a firm for documentation and taxation purpose.

Audit Accounting Firms

Singapore audit and accounting firms verify claims made by the management in the financial statements of a company. They check for the truthfulness of the records of financial transactions in the name of company, efficiency of financial reporting standards, business processes, and procedures adhered to.

Auditing report submitted by these firms are aimed at revealing the true financial health of the client’s company. The report is useful for the investors, creditors, management, and the government regulators for decision-making.

Tax Accounting Firms

Singapore tax services solely focus their attention on their client’s taxation related matters. They guide their clients in individual income tax, business, and corporate tax filing. Some of them specialize in corporate tax or real estate tax.

Complete Accounting and Financial Services Firms

These firms can provide complete accounting solutions for their clients such as taxation, accounting, auditing, business consulting, risk management, etc. Top 4 accounting firms are the prime example of this type.

Risk Management Accounting Firm

These firms provide very specialized accounting services Singapore like business evaluation, internal auditing, and advice on maintaining the financial health of a business. These entities make their clients aware of the various risks related to their business.

The field of accounting in Singapore is a very competitive field and the players in the market offer complete solutions to each business entity. In fact, the field has evolved to the international accounting standards during the last couple of decades.

How Accounting Services Singapore help You Comply With SFRS?

In the past few years, Singapore has become one of the most preferred cities in the world, to invest and carry out businesses activities. In a bid to maintain a balanced business environment, the government of the city-state has imposed a set of stringent laws for the companies. Likewise, the statutory regulations of ACRA (Accounting and Corporate Authority) are the parts of its effort to keep the country’s legal system sound and stable. And, the firms specialized in accounting services Singapore help the businesses comply with the strict regulations of ACRA and other accounting standards. This blog will shed light on an accounting standard called Singapore Finance Reporting Standards (SFRS).


What is Singapore Financial Reporting Standards (SFRS)?

As per Companies Act (Cap.50), all companies incorporated in Singapore along with Singapore branches of foreign companies need to prepare and present financial statements complying with the Singapore Financial Reporting Standards (SFRS). As of now, SFRS seem to be substantially similar to the International Accounting Standards put forth by the International Accounting Standards Board (IASB). In recent years, there has been significant development and changes in financial reporting for which majority of foreign and domestic companies heavily rely on services provided by the accounting firms in Singapore.

Why Complying with the SFRS is Necessary?

Recently, ACRA has entered the scene for reviewing financial matters and monitoring statements, for its compliance with the Companies Act and SFRS. Therefore, Directors, legally responsible for preparation and presentation of their companies financial statements, are directly questionable for any breach identified by ACRA under the Financial Reporting Surveillance Program.

Thus, for effectively discharging duties and legal responsibilities in accordance with the Companies Act, it is necessary for every company director to seek valuable assistance from organizations providing accounting services Singapore.

About Financial Reporting Surveillance Program (FRSP)

As of now, many other countries like Australia, Europe, and the USA already have financial report surveillance programs in place, to monitor compliance of corporations and similar entities with the effective accounting standards. Additionally, taking legal or enforcement actions against the directors of companies having found submitted financial reports violates the accounting or financial standards, is not uncommon in these countries.

Singapore introduced FRSP standards in 2011 that came into existence after extensive efforts from ACRA. These standards were put forth to deliver confidence in the capital market and to keep the corporate market afloat, on the standards of integrity, transparency and quality of financial reporting.

Hire a firm providing accounting services Singapore to prepare the financial reports of your business in accordance with the guidelines of SFRS. The experienced and reputed accounting firms in Singapore are well aware of delivering accounting and financial reporting duties diligently, ensuring neither director has to face any questions regarding violation of SFRS nor the company reputation is at stake.