Our Professional Accounting Services Protect Your Business Reputation
As an outsource accounting service provider, we ensure that your business fulfills the compliance requirements stipulated by the regulatory authorities in Singapore to uphold the integrity of your company’s reputation. You can expect swift and exceptional accounting service in the areas of:
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
Services Provided:
- Recording of business transactions in an orderly manner on monthly, quarterly or annual basis
- Preparation of management accounts comprising income & Balance Sheet Statements on monthly, quarterly or annual basis
- Maintenance of the following: –
- General Ledgers
- Account Payables/Account Receivables Listing
- Fixed Assets Schedules
- Bank Reconciliation and audit schedules
- Handling queries raised by auditors
3 key benefits of outsourcing your accounting functions:
- Cost saving and timely availability.
- Your valuable time, Focus on Growth.
- Go paperless yet never miss a deadline.
What make us different?
We have a team of professionally qualified accountants and tax agents with professional qualifications from relevant bodies such as ACCA, CPA and CA (Singapore).
COMPLIANCE WITH LATEST STANDARDS AND REGULATIONS
We would keep track of all the changes and implement them as and when required, making sure that our clients are always in the good books of the financial market regulators.
Get in touch with our accounting expert today!
Q&A
How can accounting services help my business?
Whether you run a small business or a multinational corporation, every business can benefit from some sort of accounting services.
Accounting can help your business succeed by giving you insights into the overall financial health of your company, offering a precise report of your cash flow, demonstrating opportunities for growth and keeping you organised and accurate when filing your taxes
How do outsourced bookkeeping work?
When you outsource your bookkeeping, you will have to grant your vendor full access to your company’s financial information. Some companies prefer to grant vendors a “read-only” access to ensure no external parties have access to company’s funds. In general, outsourced bookkeeping should be digitalized for ease of convenience.
Outsourcing your bookkeeping can look different depending on your business’s size and needs. Smaller businesses typically outsource their bookkeeping to a local Certified Public Accountant (“CPA”), while larger corporations outsource their accounting to larger firms like BoardRoom. When you outsource your bookkeeping the firm you have outsourced to will typically handle all your taxation requirements such as tax strategy, tax preparation and tax filing.
What is included in accounting/bookkeeping services?
This will vary depending on the bookkeeping firm, but typically accounting agencies will offer tax strategy, tax preparation, and tax filing services.
If you are looking for a service that is all-encompassing, you should also seek an accounting service that offers payroll processing, account reconciliations, financial strategising, and more.
What do companies look for in accounting firm?
What you should look for in an accounting firm will depend on the size and complexity of your business’s needs.
If you run a smaller business and simply need some help filing taxes, then ask family and friends for a trustworthy recommendation for a CPA. Make sure that they have the necessary licenses and certifications.
If you run a larger company and need something more sophisticated, it is recommended to examine the firm’s scope of service, as well as their experience and their accounting tools.
When do i outsource accounting management?
There is no “perfect” time to outsource accounting management, but as a business owner, it would be ideal to start your business with your accounting services already established.
Having said that, it is also quite common for companies to outgrow their small accounting solutions and seek more scale-friendly alternatives.
Why do businesses need accurate bookkeeping?
If you run a business, it is crucial for you to keep track of your business’s finances. This means tracking your profits and losses, as well as filing your taxes correctly and timely, and ensuring that your business is compliant with current tax regulations.
How Afitty can help in Accounting Services?
Here at Afitty, we have been helping companies across Asia and China with their bookkeeping and accounting services. Our experienced professionals are committed to filing your taxes and keeping your business tax compliant.