Accounting Services in Singapore for Streamlined Financial Management

Efficient and compliant financial management is crucial for any business operating in the competitive Singaporean economy. As a leading SME accounting firm, InCorp provides a broad spectrum of professional accounting services in Singapore including meticulous bookkeeping and strategic tax planning for emerging startups and established corporations.

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Navigating the Landscape of Business Accounting in Singapore

To comply with legal and regulatory standards, businesses with outsourced accounting services and bookkeeping services in Singapore find their choice efficient. These services encompass, but are not limited to:

• Financial reporting and recording
• Tracking of expenses and revenue
• Accounting system setup and implementation
• Compliance with ACRA (Accounting Corporate Regulatory Authority)
• Preparation of financial statements

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The Key Components of Accounting and Finance Services

Financial Statements: Balance Sheet and Income Statement

Financial statements are crucial in any business. They offer a transparent view of a company’s financial position and performance, which is crucial for correct tax filings and adherence to tax regulations. Not only does this information guide internal decision-making, but it also serves as vital input for external stakeholders. Preparing comprehensive financial statements involves:

• Maintaining complete and accurate accounting records, including the General Ledger, Fixed Asset listings, GST listings, and bank statements
• Regular bank reconciliations
• Recording, summarising, and reporting of financial transactions
• Creating essential financial reports, such as balance sheets and income statements

Compliance with Singapore Financial Reporting Standards (SFRS)

InCorp specialises in guiding companies through SFRS compliance. They ensure that financial statements provide a true and fair view of a company’s financial position, as required under Singapore’s Companies Act. This includes maintaining essential records that support statutory reporting and help retrieve documents for tax filing and SFRS compliance.

Accounting and Bookkeeping Services

According to the Singapore Financial Reporting Standard (SFRS) rules, every Singapore company must maintain accurate financial reports that align with accounting standards. These records consist of:

• A detailed Profit and Loss Account
• A Balance Sheet showing the company’s financial health
• A Cash Flow Statement monitoring the money coming in and going out
• An Equity Statement illustrating changes in ownership

In addition, Singapore companies must carry out and adhere to local bookkeeping compliance requirements. For example, IRAS dictates that companies must keep proper records and accounts for 5 years with supporting documents, such as receipts and invoices. As part of our accounting and bookkeeping services in Singapore, we are committed to the upkeep of your Book of Accounts, ensuring that they accurately represent the true financial state of your company. We help with financial reporting and analysis for various types of reporting periods, whether monthly, quarterly, semi-annually, or annually. 

Accounting System Setup

A robust and supported accounting system is important to perform accounting activities precisely. As part of our accounting and bookkeeping management services, we assist with implementing accounting systems, such as Xero, as well as staff training. Xero is a cloud-based accounting software that helps streamline financial performance and allows firms to obtain real-time insights into their financial performance. It features a user-friendly interface and comprehensive segments that make it an ideal choice for easy management for any business owner.

GST (Goods and Service Tax)

GST applies to most goods imported into Singapore and the country’s supply of goods and services. It is a broad-based consumption tax designed to cover various transactions. At present, the prevailing GST rate is 9%. We provide these GST-related services:

GST Registration

Singaporean businesses that expect or have experienced a taxable turnover exceeding S$1 million within 12 months must register for GST with the Inland Revenue Authority of Singapore (IRAS). Those entities are required to file GST returns every quarter. Note that any GST incurred by a company can be recovered as a claim from IRAS. Additionally, companies can voluntarily register for GST, even if their taxable supply does not exceed the required registration threshold.

GST Submission and GST Returns

GST-registered businesses are required to file GST returns, typically on a quarterly basis via the GST F5 form. The return includes details of the sales, purchases, GST collected on sales (output tax), and GST incurred on purchases (input tax). GST returns and payments are due one month after the end of the accounting period covered by the return. Businesses must file their returns electronically through the IRAS’ myTax Portal. It is important to file the return and pay the GST due on time to avoid penalties and interest charges.

GST Audit

A GST audit is a review or examination of a business’s financial records and transactions to ensure compliance with the Singapore Goods and Services Tax (GST) laws and regulations. This process can be initiated by the tax authorities to verify the accuracy of GST returns filed by businesses. At InCorp, our GST audit service involves checking the accuracy of your company’s GST returns data to ensure compliance with statutory obligations.

Audit Liaison

An audit liaison serves as the crucial link between a company and its external auditors during the audit process. At InCorp, this process involves our accountants connecting with clients’ auditors to compile answers and clarifications for any queries raised on the books prepared. This often requires a deep understanding of the company’s operations, financial processes, and the specific areas under audit. As the primary point of contact between the company and the external auditors, our accountants are responsible for facilitating clear, consistent, and effective communication, ensuring that both parties understand each other’s needs, questions, and responses.

Drafting Services for Director’s Report

All companies in Singapore must prepare and submit an Independent Auditor’s Report along with the Director’s Report as part of their statutory annual submission obligations. This requirement applies to companies with an annual revenue surpassing S$10 million, those with more than 20 individual shareholders, or any company with a corporate entity among its shareholders. These reports are essential for a larger framework to foster strong financial governance. These bolster investor trust and protect shareholder interests by ensuring adherence to sound financial practices.

Financial Statements in XBRL (Extensible Business Reporting Language)

The majority of companies in Singapore must submit their financial statements in the XBRL format using the BizFinx filing system. It facilitates the efficient analysis of financial data. Its adoption in Singapore aims to enhance the clarity, dependability, and prompt distribution of financial information within the business sector.

Payroll Services

In Singapore, it is imperative for companies to prepare and process employees’ salaries on time and accurately to avoid facing heavy penalties. Therefore, having a reliable payroll system and a competent professional to assist you will ensure that you stay compliant with local regulations.

Business Support

Apart from the services mentioned above, there are also other forms of accounting-related business functions that companies may require help with. Some of the business support services we provide are:

• Invoicing
• Accounts Payable (AP) and Accounts Receivable (AR) tracking
• Banking transaction support
• Cashflow analysis

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Tailored Solutions for Diverse Business Needs

InCorp provides scalable solutions that grow with your business. These tailored services accommodate the changing dynamics of your company as it expands. Whether you are a startup, SME or MNC, there is a customised accounting solution to meet your specific financial requirements.

Startups and Small Businesses

Establishing a robust financial base is vital for small businesses, especially for startups. These services include expense tracking, payroll processing, and managing grant-related transactions.

Larger MNCs and Listed Companies

For larger corporate entities, accounting needs become more complex. Here, outsourcing the entire accounting function to firms that provide a full spectrum of services becomes valuable. These services range from basic bookkeeping to preparing statutory financial statements for audit. InCorp can help you manage daily transactions, maintain accurate records, and ensure timely financial operations, thereby supporting the overall financial health of the corporation.

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Optimising your Business Operations by Outsourcing

Outsourcing accounting services has become a strategic move for businesses seeking to optimise their operations. It alleviates additional work and stress for staff and saves resources needed for training. More importantly, it allows businesses to focus on their core competencies.

Enhancing Cash Flow with Strategic Management

This is achieved through a comprehensive analysis of accounting requirements, diligent expense tracking, and the strategic implementation of cost-saving strategies.

Transforming Financial Data into Growth Opportunities

The wealth of financial data generated through the accounting process can be overwhelming. Professional accounting services can decipher this raw data, translating it into actionable insights that pave the way for business growth and strategic decision-making.

Financial Analysis for Informed Decision-Making

Financial analysis is a crucial aspect of accounting and bookkeeping services in Singapore. It aids businesses in:

• Interpreting financial data
• Providing a clear understanding of their financial health
• Identifying potential growth opportunities
• Examining historical data to gain insight into their financial trajectory
• Projecting future performance

Implementing Cost Control Measures

Implementing cost control measures is a strategic move that can significantly improve a business’s profitability. By offering our SME accounting services in Singapore, we are able to assist businesses in this endeavour by providing detailed cost analysis and identifying areas where expenses can be reduced. Through budget management and variance analysis, these services contribute to maintaining cost discipline, thereby improving a company’s profitability.

Assessing Technological Capabilities

Technological capabilities play a significant role in the modern accounting landscape. When choosing a professional accounting company in Singapore, their ability to leverage modern accounting software and online platforms should be a key consideration.

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Why InCorp as your Accounting Services Provider in Singapore

A dedicated and experienced accounting team is crucial for delivering quality service and providing expert advice to alleviate management stress. InCorp offers accounting services for small businesses in Singapore which includes providing valuable insights and strategies to fulfil all your accounting needs without encountering unnecessary financial troubles. We leverage advanced software tools to enhance financial operations and enable business owners to concentrate on strategic planning. This allows business owners to dedicate more time to core business activities as the team efficiently handles financial administrative tasks.