Why outsource your accounting services?

As for startups, small businesses or nonprofits, it is advisable to outsource skilled experts who provide accounting services instead of taking the risk and costs of hiring more employees. This allows such businesses to focus on core competencies instead.

What is outsourced accounting?

Outsourced accounting is a service provided by accounting experts who handle day-to-day accounts payable, accounts receivable, payroll management, preparation of financial reporting and many other services.

What are the benefits of outsourcing accounting?

1) Gain business reputation by keeping their financial records in good health, 2) Achieve transparency and helps potential investors determine the company’s performance, 3) Avoid any risk of non-compliance matters, 4) Get access to reliable, valuable and expert advice, 5) Big savings on hiring in-house accountants

Accounting and Bookkeeping Services in Singapore ✅

3 minutes read

Translate: Chinese

Get all your accounting and finances managed effectively with InCorp.

Accounting Service in Singapore

Under the Singapore Companies Act, your business needs to maintain scrupulous records of all business transactions, including invoices and receipts, sales listings and bank statements.

In addition, you need to follow strict compliance regulations set by both ACRA and IRAS to ensure you don’t risk any unnecessary penalties down the line. Following these regulations not only helps your company achieve transparency and clarity but also helps potential investors determine your company’s performance.

To stay compliant, your company needs to:

Establish a local registered office address in Singapore
Appoint an auditor within the first three months (but only if the company has corporate shareholders, more than 20 individual shareholders or an annual turnover exceeding S$5 million)
Determine a financial year-end
Continually notify ACRA of any changes to the company structure such as transfer of shares, increase in capital or the resignation of directors
Complete the following documentation each financial year

Estimated chargeable income (ECI)	An estimate of chargeable income for the Year of Assessment (YA) submitted within three months after the end of the financial year
Accounting records / Complex Accounting Assignments	Profit and loss accounts, a balance sheet, cash flow statement and equity statement
Tax returns	Audited/unaudited accounts with a tax computation form
Financial report (Financial Statement Preparation)	A financial statement for the company
XBRL Conversion	Filing of financial statements with XBRL format is available for eligible companies
Scrutineering & Polling Agent	Act as independent scrutineering and polling agents to ensure that voting procedures are in line with regulatory requirements

FAQs on Accounting and Bookkeeping

Why outsource your accounting services?
As for startups, small businesses or nonprofits, it is advisable to outsource skilled experts who provide accounting services instead of taking the risk and costs of hiring more employees. This allows such businesses to focus on core competencies instead.
What is outsourced accounting?
Outsourced accounting is a service provided by accounting experts who handle day-to-day accounts payable, accounts receivable, payroll management, preparation of financial reporting and many other services.
What are the benefits of outsourcing accounting?
1) Gain business reputation by keeping their financial records in good health, 2) Achieve transparency and helps potential investors determine the company’s performance, 3) Avoid any risk of non-compliance matters, 4) Get access to reliable, valuable and expert advice, 5) Big savings on hiring in-house accountants
What are ACRA’s accounting requirements?
Under the Singapore Companies Act, a business needs to maintain scrupulous records of all business transactions, including invoices and receipts, sales listings and bank statements. InCorp’s accredited accountants ensure your financial records are in line with the compliance regulations set by ACRA & IRAS.