Bookkeeping Services SG for the Small Businesses in Singapore

Bookkeeping Services Singapore

Bookkeeping Services For Small Business

 

The bookkeeping is the practice of systematically recording financial transactions of business. It enables the owners in knowing the true financial state of their businesses. Many of them hire bookkeeping services Singapore for the task.

The small business owners focused on providing their services and products to the best of their ability, generally, prefer to outsource it to accounting services that offer expert bookkeeping services SG. However, some of them take upon themselves to do the bookkeeping for the business on their own. However, the task requires knowledge of the accounting principles, Singapore Financial Reporting Standards (SFRS) and Singapore taxation.

Why the Startup & Small Business Hire Bookkeeping Services SG?

The hiring of bookkeeping services SG is really beneficial to the startups and small businesses especially when there are a few employees to take care of the customers’ needs. These firms set the newbie entrepreneurs free to chase the customers without having to go through the invoices and receipts at the end of the each day.

As per the ACRA’s (Accounting and Corporate Regulatory Authority) ruling, every business in Singapore has to regularly update its books of account. The bookkeepers employed by these firms are tasked with the recording of each and every financial transaction of their client’s business offering detailed break-up of all expenses. The qualified bookkeepers working in these firms are conversant with the latest changes in the rules and regulations. They are also well aware of the basics of auditing process and know how to treat profit in the books of accounts.

The aim is to tally the actual expenses of the business with that of its recorded expenses. It is very important in establishing the transparency of the in-house processes and the reliability of the reports produced by the management and tabled at the annual general meeting of the company.

Bookkeeping Accounting Services on the Offer in Singapore

The prominent bookkeeping services SG deliver following services.

  • Preparation of profit & loss statements

  • Quarterly bookkeeping services

  • Preparation of balance sheets

  • Fixed Assets Ledger

  • General Account Filing

  • Bank reconciliations

  • XBRL statements preparation

  • Cash Flow Statements

  • Financial Analysis for weekly, quarterly, monthly, annual periods

  • Singapore Financial Reporting Standards (SFRS) Services

  • Preparation of Directors’ Report

Advantages of Outsourcing Your Bookkeeping to Accounting Services SG

Following are a few benefits of employing an experienced bookkeeping firm in Singapore.

Accurate Statutory Compliance

The accounting services assist the business owners in resolving all the financial discrepancies and in keeping the accounting books up-to-date by accurately recording the business’ financial information into the appropriate ledgers.

They take charge of the task and helps the clients in discharging their legal obligations. They also lend their expertise for the XBRL conversion of the financial data and timely XBRL filing.

Establishing the Credibility of the Management

Following the recommendation of ACRA and maintaining the books of accounts in an updated state lends the credibility to the data. Employing one of the bookkeeping services SG for the task is as much beneficial to the management as it is for the benefit of its investors.

The data accumulated through the bookkeeping is, later on, used for the accounting purposes. It is used to prepare various financial statements and reports. Together they enable the management in knowing the financial health of the company.

Data-Driven Decision Making

The financial data gathered and recorded by the bookkeepers in a systematic manner enables the management in decision making. It helps them in taking corrective actions as well as planning for the future of the business.

The hiring of bookkeeping services SG, cost-wise, is a better option than investing in an in-house accountant and investing in the setup. The fees charged by these firms are according to the volume of financial transactions of the business and are affordable. They even upscale or downscale their bookkeeping services to accommodate the surge or decline in the clients’ business transactions.

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Outsource XBRL Filing & Tackle Your Compliance Satisfactorily

XBRL Filing Services in Singapore

Singapore XBRL Filing Requirements

 

ACRA (Accounting and Corporate Regulatory Authority) is a strict but just governing agency in Singapore. It has ordered that all incorporated companies registered in Singapore must resort to XBRL filing for submitting their full set of financial statements. The mandate applies to the companies that are unlimited or limited by shares unless they are exempted by the authorities.

What is XBRL Filing?

The ACRA’s mandate came into effect on 3 March 2014 and clearly mentions that the XBRL filing must be as per the revised filing requirements. ACRA has provided the companies with BizFinx, web portal, for the filing purpose. The agency has also provided the XBRL preparation tool on this portal. It has been a quite a while since the implementation of the mandate but still newly registered Singapore companies need to get acquainted with it.

XBRL is an acronym for eXtensible Business Reporting Language. The purpose of using it for the filing of financial data is to make the data easily accessible and retrievable in a structured manner. The financial data accumulated by the ACRA as well as the other governing bodies all over the world represents a very valuable source.

The data needs to be made available to the Auditors, Regulators, Financial Analysts and the organizations that are interested in studying economic factors. These professionals can use the data to predict the market trends and to forecast the changes in economies.

XBRL filing assists ACRA in delivering value-added financial data to the experts. It also helps in formulating a worthwhile response to the market trends by making changes to the regulatory environment. It is expected to improve transparency and dissemination of financial information in a realistic time-frame to improve its usefulness.

XBRL Filing Requirements for Different Types of Companies

Following table details the filing requirements set by ACRA for the different companies.

Type of Company

Filing of Financial Statements

Public / Private companies (limited/unlimited by shares), except those under

(a) and (b)

Full set of XBRL financial statements

specific companies regulated by MAS, i.e. commercial banks, merchant banks, licensed insurers, finance companies regulated by MAS

(Note: Only the above-specified types of companies regulated by MAS are exempted from filing of a full set of XBRL financial statements. Other types of companies regulated by MAS, e.g. money changers, are required to file a full set of XBRL financial statements.)

Financial statements highlights (FSH) in XBRL format + PDF copy of financial statements

companies allowed by law to prepare accounts in accordance with accounting standards other than SFRS, SFRS for Small Entities and IFRS

FSH in XBRL format + PDF copy of financial statements

Solvent exempt private companies (EPCs)

Exempted from filing financial statements, but are encouraged to file with following options:

  • full set of XBRL financial statements or

  • FSH in XBRL format

Insolvent EPCs

Options of:

  • full set of XBRL financial statements; or

  • FSH in XBRL format + PDF copy of financial statements

Companies limited by guarantee

PDF copy of financial statements
(XBRL filing not required)

Foreign companies and their local branches

PDF copy of financial statements
(XBRL filing not required)

(Source: ACRA)

How to Do XBRL Filing?

The best recourse for the Singapore companies, both, existing and start-ups in dealing with the XBRL filing requirements in place is to appoint an accounting services like SBS Consulting. The experts in such services use latest software tools to accomplish the task. By paying affordable XBRL filing fees, the companies can ensure their statutory compliance in the most satisfactory manner.

Of course, they have the option of doing the task on their own by visiting the ACRA portal BizFinx.  ACRA has made the directors of the companies responsible for the annual filing of their company’s financial statements. That is why they must keep in mind that it is an important task and any mistakes in the filing are not tolerated by the officials. They can be summoned for an explanation and may face fines and/ or more.

Do You Not Feel the Need of Hiring Professional Accounting Services Singapore?

accounting firms in Singapore

Outsourcing to Accounting Services

Time is money for a small business owner. Spending it on technically challenging and a time-consuming task like preparing financial statements is a kind of a waste. Moreover, doing it accurately does not earn the business any money as it is a non-core activity. Have you ever thought about hiring one of the experienced accounting services Singapore to do it?

Save Resources by Outsourcing to Accounting Services

Here is a situation that you must tread cautiously to ensure your accurate and timely statutory compliance as dictated by ACRA. You need to decide whether to hand over your books of accounts to a third-party accounting firm in Singapore or keep them close to your chest. You can do them yourself or hire an in-house permanent accountant for the task.

By the way, the term ‘third-party’ may have raised doubts in your mind about the sanctity of your financial transactions. The accounting firms in Singapore employ professional accountants are well versed in the Singapore Financial Reporting Standards. They are tight-lipped and are known to keep their clients’ confidences. Your business data is safe with them.

The Certified Accounting Professionals (CPAs) have industry-wide experience. They use state-of-the-art accounting software, and obviously, they are aware of the latest changes in the rules and regulations. It helps in ensuring the accuracy while preparing their clients’ financial statements.

The accounting services fees are affordable as they charge by the volume of transactions. If you search far and wide, you may even find more than one accounting services Singapore willing to offer your Small and Medium Enterprise (SME), a customized package.

Accounting Firms in Singapore Helps in Reducing Overhead Costs

The small business owners need to invest every minute of their time in selling their products and services and maximize their returns on investment. In most of the cases, these individuals multitask to do so. It is the only way they can face the competition and stay in the business.

To put it in bold letters, they cannot afford to spend time on their accounting books. Appointing one of the experienced accounting firms in Singapore is a very viable option for them.

Benefits of Accounting Services in Singapore

Accounting services Singapore extend themselves in order to accommodate their clients’ needs. The businesses seeing a significant jump in the volume of their business transactions during the particular seasons, festivals or due to other circumstances can ask their accounting firms to upscale its services. And during the slack, they can ask to downscale it. Following are the services a business owner can expect from the accounting services like SBS Consulting:

  • Singapore Accounting Software Assistance

  • Singapore Professional Accounting Service

  • Recording Full Set of Account Transactions

  • Preparation of Cash Flow Statements

  • Singapore Group Consolidation

  • Singapore Bank and Other Accounts Reconciliation

  • Accounts Payable (AP)

  • Financial Statements Preparation

  • Directors Report /Compilation Report Preparation

  • Compilation of Accounts

  • XBRL Statement Preparation

Appointing a reputed and experienced accounting firm in Singapore proves beneficial to the owner of the small businesses. The payment of a small amount of fee guarantees them the services of veteran bookkeepers and CPAs.

Moreover, they do not have to hire an in-house accountant and invest in computer servers and costly software tools. It also absolves them from managing leaves, holidays, CPF contributions, employee benefits and etc. overheads that are associated with the hiring of a permanent employee.

One of the benefits of using accounting services is that the SMEs and the start-ups do not have to invest in computer, latest software, and related IT services. They simply need to outsource their accounting needs to these qualified professionals who take care of their statutory compliance in the most satisfactory way.