Accounting & Bookkeeping

in Singapore

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Accounting & Bookeeping
in Singapore

Our bookkeeping and accounting services will translate your business transactions into useful financial information relating to your company performance in Singapore.

You will be able to review your company financials using the management report package generated by us,
which can include the following reports:

  • Balance Sheet
  • Profit and Loss
  • General Ledger
  • Accounts Payable / Accounts Receivable Listing
  • Fixed Asset Schedule
  • GST Report for GST Registered Clients

FREQUENTLY ASKED QUESTIONS (FAQ)

Entering all transacted accounting records such as sales invoices, purchases invoice, receipts and payment vouchers into computerised accounting system on a monthly, quarterly, mid-year or yearly basis. By the end of a periodical service, the Income Statement, Balance Sheet, General Ledger, Journal Listing, Debtors Aging Report and Creditors Aging Report will be generated for your review and approval.

If you are like most successful business owners, you should focus your time and energy on building up your company’s sales and expansion.

We strongly encourage small to medium enterprises (SMEs) and Multinational Corporations (MNCs) to outsource their accounting function to enjoy the following benefits:

  • Outsourcing allows you a lower fixed cost; sometimes as low as 40% of the salary of a full time employee!
  • CPF, AWS, Bonueses, Overtime, Medical Insurance. All these things add up and can be a burden for a company. Outsourcing clears you from these responsibilites.
  • Staff turnover isn’t a problem because you aren’t burdened with accounting staff.
  • Accounting software is expensive and costly to maintain. Why should your business bear these costs?

In short, let a professional do a professional’s job! Let us do your job!

You can if you want to.
Medium-sized or larger businesses can maintian full-time accountants, smaller enterprises and SMEs usually hire a bookkeeper and consult an accountant on an annual basis.

If you wish to engage full-time bookkeepers or accountants, ensure that they are up-to-date with the requirements of the Inland Revenue Authority of Singapore (IRAS) and the provisions under the Singapore Financial Reporting Standards (SFRS), which affect accounting and tax statements. Also, as many businesses are making the switch to automation and cloud accounting, bookkeepers must have the necessary capabilities to carry out their record-keeping functions seamlessly. In the case of financial fraud, bookkeepers and accountants can play a key role in manipulating financial books and results. They also do a thorough background checks (recommended) if you wish to recruit candidates for these roles.

Alternatively, Bizsquare Accounting can deliver insightful information on your business’ corporate finances through accurate accounting services to help you manage your business effectively and maintain corporate liquidity. This frees up your time to focus on the other core aspects of your businesses. Among all the other benefits, enjoy the peace of mind knowing that your financial records are properly kept while complying with Singapore’s accounting regulations.

Every business is unique, we recommend smaller firms with teams of up to 10 staff outsource all their bookkeeping and accounting tasks. SMEs with more than ten but less than 75 employees can consider engaging a full-time bookkeeper and outsourcing their accounting functions.

Bookkeeping and accounting are inter-related and often go hand in hand. There is no meaning in financial statements, for instance, if entries in a business’ books are incorrect. If you are a business owner planning for a long-term growth, you will require both accounting and bookkeeping services.

By having both bookkeeping and accounting services, you will be well-positioned in achieving your business goals.

Bizsquare Accounting recognises that it is essential for our clients to have access to timely and accurate financial information to ensure their competitive edge. Thus, we provide a complete range of computerised accounting services for companies in Singapore, including:

  • Monthly, quarterly, yearly of full sets of accounting services
  • Outsourcing of accountant
  • Compilation of unaudited financial statements

A Singapore registered company must keep accounting records as well as any other documents that can explain the company’s business transactions and financial position for a period of at least five years after the completion of the transactions or of operations to which they relate.

Our fees are fixed and we do not have any hidden fees.

No you will not. On the contrary, you will have more control over your business as you will have up-to-date financial information for crucial decision making when you outsourced the accounting to us, you will have better use of your valuable time and working capital to plan for business expansion.

All directors of the company are responsible for the accuracy of the records, regardless of whether or not they are involved in the business operations or otherwise.

Companies meeting all of the following criteria are not required to have their accounts audited and can file unaudited accounts:

  • Total number of shareholders is less than 20;
  • Annual revenue does not excess $10 million;
  • Value of company’s total assets does not excess S$10 million;
  • Number of employees does not exceed 50.

Companies that do not meet the above criteria are required to file audited accounts.

The unaudited financial statements include Directors’ Statements, Complilation Report, Statement of Financial Position. Statement of Comprehensive Income, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Unaudited Financial Statements.

It shall be prepared in accordance with Companies Acts and Singapore Financial Report Standards (“SFRS”).

It shall be signed by company directors and lay before the company AGM. A company must submit its unaudited financial statements to ACRA for its annual return filing and submit it with Form C or Form C-S (Tax Return) to IRAS for tax purposes.