Maintaining proper bookkeeping in Singapore
Every company in Singapore is responsible for maintaining its reputation as a trusted business. In relation to this, all firms are required to maintain proper bookkeeping and accounting records. Maintaining good books will in turn help companies fulfil the compliance requirements stipulated by regulatory authorities ACRA and IRAS.
Leave your accounting matters to us and free up your time for the strategic areas of your business. As a one-stop Singapore corporate service provider, we can help you maintain proper books from bookkeeping to payroll processing.
Singapore Based Accounting Outsourcing Services
Why outsource to CSH? It is cost-efficient, hassle-free and you will not be bound by the compliance responsibilities.
Outsourcing your accounting and administrative function to CSH allows you to focus on strategic issues to stay competitive. You no longer worry about HR issues, fixed overheads (e.g. salary, recruitment and training costs and staff benefits) or even software obsolescence and system downtime. There is no longer a need for you to keep up with the changes in accounting standards. Let us handle the routine and mundane tasks while providing the timely and essential information you need for strategic planning.
What’s more, we provide professional advice and timely delivery of accounts, with total client confidentiality at competitive rates. These services indirectly help reduce cost and allows you to concentrate on your operations, thereby translating into increased productivity and efficiency.
We offer a comprehensive range of services that are often customised according to client’s needs. Hundreds of SME clients across many industry rely on us to provide accounting services in these areas:
Our outsourced accounting services go beyond the routine book-keeping, and are perfect for SMEs, start-ups, and branch offices of foreign companies
For SMES: Our personalised service offerings can deliver assistance on compliance issues like GST-related matters, and even the analysis of a company’s financial position.
For start-ups: We can help set up accounting systems, procedures and policies according to your business environment.
For branch offices of foreign companies: We essentially become your outsourced accounts department. This ensures timely submission of financial reports to your head office, and we will also highlight variance and key performance indicators to the local General Manager.
- Review and understand client’s document process flow, information system, and reporting needs
- Customise report formats according to client’s needs
- Plan a schedule to meet submission deadline/s
- Adopt a systematic and cost-effective process that starts from data entry to completion of accounts
Our services include:
- Set up of proper accounting systems, accounting procedures and policies
- Accounting-related administrative services like preparation of payment vouchers, provision of cheque signatory, bank in and filing of cheques.
- Preparation of financial reports and schedules as follows:
Monthly financial statement inclusive of:
- Profit and loss statement
- Balance sheet
- Trial balance
- Fixed assets schedule
- Bank reconciliation
- Sales and cost of sales matching analysis
- Cash flow forecast
- Profit and loss statements by project
- Departmental reports
- Variance reports
- GST returns submission
- Highlights on key performance indicators
Ad hoc accounting
CSH has the resources to respond at short notice to attend to ad-hoc assignment as well as urgent accounting work. Some services we offer include:
- Clear ‘messy’ accounts and backlog
- Take over the accounting function on a short-term and temporary basis, normally when the company is in the process of restructuring or when the accounts department is under-staffed due to unforeseen circumstances
- Prepare financial statements to meet deadlines imposed by ACRA, IRAS or financial institutions
- Reconstruct accounts from incomplete record
Compilation of unaudited financial report
The process of compiling and filing your financial report is a very tedious one, and we can help take the load off your shoulders. Even in the case where your company is exempt from audit, you are still required to prepare a full set of financial statements including explanatory notes, accompanied by the directors’ report and the statement by directors, and prepared in compliance with the Financial Reporting Standards (“FRS”).
At CSH, we take efforts to keep up to date with changes to the FRS, ensuring that our clients are in compliance with the standards. You can be assured that any financial reports and statements are compiled with professional competence and due care.
Your company may be exempted from an audit if:
- It is an Exempt Private Company (“EPC”), which means no corporate shareholder in the company and the number of shareholders in the company is not more than 20.
- Annual revenue of the company does not exceed S$5 million for financial years starting on and after 1 June 2004.
- Shareholders who represent 5% or more of a company’s ordinary shares do not request for an audit
Preparation of financial statements in XBR
The Accounting & Corporate Regulatory Authority (ACRA) requires Singapore incorporated companies to file their financial statements in XBRL (or eXtensible Business Reporting Language) format. XBRL is an open standard 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, financial analysts for various purposes. Learn more about XBRL.
Directors of the companies are responsible of ensuring the correctness and accuracy of financial statements in XBRL format filed with ACRA. They are advised to check the information to be filed before authorising any parties to submit the information on behalf of the company to ACRA.
Companies can choose to get their staff to prepare the financial statements in XBRL format using ACRA’s Tools(BizFin). Alternatively, you can engage our services to assist in the preparation.
The CSH advantage
Preparation of financial statements in XBRL requires some accounting knowledge and it is time-consuming. A company’s director will most often dedicate this task to a junior accounts personnel. The dilemma, however, is whether directors should spend extra time to check that: (1) the statements prepared in XBRL format and; (2) the XBRL filing, are both done correctly.
As such, outsourcing the preparation and filing to a professional accounting services firm like us will give directors the peace of mind in meeting the company’s compliance needs. This enables directors and business owners to focus on business-critical operations and core activities without having to worry about the processes behind this requirement.