Outsourced Accounting Services in Singapore

According to the Companies Act, all incorporated companies in Singapore are obligated to file annual returns with the Accounting and Corporate Regulatory Authority (ACRA). Effective in December 2019, ACRA has enhanced the filing system to make it more convenient for businesses. All you need to do is visit BizFile+. Once there, find the “eServices” tab and select “Local Company.” Under “Annual Filing,” select “Annual Return by Local Company.”

You will need to pay S$60 and submit the Annual Return 30 days after the Annual General meeting. In succeeding years, submitting the returns will be much easier as the form will be pre-filled. All you need to do is to check the accuracy of the form and provide the missing information.

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.

Whether you’re a small company or a large corporation, having an accountant is a must.

An accountant does not provide basic accounting needs such as payroll and bookkeeping,, but can also help you write a strategic business plan, give you advice on your business structure, help acquire the necessary licenses, comply with tax regulations, and set up a reliable bookkeeping system for you. They lessen the financial workload so you can focus on growing your business.

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 exceed S$10 million;
• Value of company’s total assets does not exceed 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, Compilation 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.

No. On the contrary, you will have more control over your business since 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.

Accounting services include entering all transacted accounting records such as sales invoices, purchases invoice, receipts and payment vouchers into a 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

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 long-term growth, you will require both accounting and bookkeeping services.

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

According to ACRA, all companies need to file all financial statements and reports in XBRL format. Fortunately, ACRA has provided a free BizFinx tool, which will make your preparations easier.

A group account is necessary only if you have several businesses under your belt. When you have a group account, both the parent company and the subsidiaries can work as a single entity.

Although individual accounts give you insights into each of your businesses, you need to consolidate all other individual accounts to get the bigger picture. This is where group accounts come into play. The purpose of having a group account is to see your company's financial position in relation to the other businesses you own. So despite the different legal structures, you can compare data and gain valuable insights to boost your business.

Let a professional do a professional’s job! 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, Bonuses, Overtime, Medical Insurance. All these things add up and can be a burden for a company. Outsourcing clears you from these responsibilities.
• 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?

A Singapore registered company must keep accounting records as well as any other document 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.

Corporate Services Singapore 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
• Group consolidation and reporting
• Compilation of unaudited financial statements

Yes, our fees are fixed. We don't engage in cheap sales tactics of listing high fees and then giving ‘discount’ in order to trick customers. We practice fair, transparent pricing policies and do not include any hidden costs. Corporate Services Singapore has developed a strong reputation over the years for affordable fees and high level of customer satisfaction. We do not lock our clients by giving more than 3 months notices like many other service providers. We believe that good service is built by establishing long-term customer relationship. We strive to provide realistic and objective information about timelines, services, and fees so you can make informed and crucial decisions for your business.

While medium-sized or larger businesses can maintain 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.

Also, in the case of financial fraud, bookkeepers and accountants can play a key role in manipulating financial books and results. Thorough background checks are recommended if you wish to recruit candidates for these roles.

Alternatively, one-stop corporate secretarial firms such as Corporate Services Singapore can deliver insightful information on your business’ corporate finances through accurate accounting services to help you manage your business effectively and maintain corporate liquidity. Services may include:

• monthly, quarterly and yearly of full sets of account services
• maintenance of general ledger accounts receivable ledger and accounts payable ledger
• compilation of unaudited financial statements
• group consolidation and reporting

This frees up your time to focus on the other core aspects of your business. 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.

While every business is unique, we recommend that 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 function. For more information, read our guide on outsourcing your accounting and bookkeeping functions.