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What Singapore Accounting Services Can Offer To The Business

When you are talking about Singapore accounting services, perhaps your thoughts will only be limited to pages of spreadsheets, computers, gadgets, calculators, and lot of paperwork.

Of course, you can imagine a human accountant sitting beside a heap of accounting notes to ensure every transaction is well handled and recorded.

The truth is they offer a wide range of services to the business owner. They have proofed to be beneficial by the fact that they give you a full accounting package at an affordable cost. By hiring Singapore accounting firm, you are sure that all books of account will be updated in real time, go for an experienced firm which has been in the industries for some time to avoid any possible delay.

Following is the glimpse of what you can expect from the Singapore accounting firms to perform for you:

Bookkeeping Services:  Bookkeeping services refer to the basic and everyday accounting roles such as creating invoices for customers and preparing for their statements. Singapore bookkeeping service providers are also responsible for collecting debts and paying bills and reconciling bank accounts. The virtual bookkeeping service providers have the most professional accountants who can well manage your books by ensuring the accuracy of all business records.

Payroll Processing:  Your payroll processing is another important task that you can perform via online accounting payroll services. By outsourcing your accounting jobs you can rest assured that your entire payroll would be managed well by the experts who have real experience in this field.

Your payroll is the most important thing since your employee satisfaction mostly depends on it. The payroll service providers not only help you process payroll data in a cost-effective way but also help you manage other important tasks related to the payroll, for example, tax deductions, leave adjustment, bonuses, incentives, salary deduction etc.

Accounting Services:  The basic accounting services of your everyday needs can also be managed by the virtual accounting companies. As a business owner, you may have many different financial transactions to perform.

For example, payments and bills, annual turnovers, debts, credits, journals, penalties, profits etc. Handling all these financial transactions could be rather difficult and costlier if you want to manage the whole thing by hiring an in-house team of accountants.

Hiring Singapore accounting service providers can help you solve all these problems and will definitely save you a headache. The virtual accounting service provider will not only keep track of your financial obligations, but the company can also prepare checks for you to sign and have them mailed to you. However, it is important to limit the access to your bank accounts as well as your financial data in order to maintain the security of confidential data.

Accounting services Singapore can actually help you save your time and money. Most of these companies offer you service on a contractual basis and hence, they are dedicated to what they offer. Unlike the in-house accountants, you don’t need to pay the extra money or incentives.

It is also easier to manage an outsourced accounting service than managing a team of in-house staffs. Hence, these Singapore accounting service providers could be the best ally for your business.

Singapore Accounting and Business Services Pte Ltd

10 Anson Road #16-12,International Plaza,Singapore 079903

 

 

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EU VAT CHANGES FOR 2015

There are two new directives, first for the fast reaction mechanism aimed towards preventing VAT fraud. Second one is for the optional and temporary application of the reverse charge mechanism in relation to supplies of certain goods and services. Quick Reaction mechanism provides the legal basis to the countries that are members of the EU to integrate an emergency measure in they are in position to serious case of sudden and massive VAT fraud.

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USES OF FINANCIAL REPORTS

Financial statements may be used by different stakeholders for a multitude of purposes. Owners and managers require financial statements to make important business decisions affecting its continued operations. Financial analysis is then performed on these statements, providing management with a more detailed understanding of the figures.

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FUNDAMENTAL ACCOUNTING

Financial statements are prepared according to agreed upon guidelines. In order to understand these guidelines, it helps to understand the objectives of financial reporting. The objectives of financial reporting, as discussed in the Financial Accounting standards Board (FASB) Statement of Financial Accounting Concepts No. 1, are to provide information that

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SAVE ON TAXES

Value Added Tax (VAT) is a tax on consumption levied in the United Kingdom by the National Government. It was introduced in 1973 and is the third largest source of government revenue after Income Tax and National Insurance. It is administered and collected by HM revenue and customs, primarily through the Value Added Tax Act 1994. VAT is levied on most goods and services provided by registered businesses in the UK and some goods and services imported from outside the European Union.

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ACCOUNTING 1 ON 1

Financial statements are prepared according to agreed upon guidelines. In order to understand these guidelines, it helps to understand the objectives of financial reporting. The objectives of financial reporting, as discussed in the Financial Accounting standards Board (FASB) Statement of Financial Accounting Concepts No. 1, are to provide information that

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PROPER INVOICE INFO

Financial statements are prepared according to agreed upon guidelines. In order to understand these guidelines, it helps to understand the objectives of financial reporting. The objectives of financial reporting, as discussed in the Financial Accounting standards Board (FASB) Statement of Financial Accounting Concepts No. 1, are to provide information that

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Registered Address services / Virtual Office Address Services

Registered Address services / Virtual Office Address Services

Our Registered Address services / Virtual Office Address Services cater for the convenient of registration of business or company, can be also used as a confidential address for personal mails as well as mailing address on corporate stationery like namecards, letterheads. Our Registered Address services / Virtual Office Address Services will not only save cost on office rental, staff but also provide your business a professional team that are dedicated to your business.

We provide a prestigious address for registered office which is located in the heart of Singapore Business District (CBD) area.
Virtual Office Address / Registered Address Services includes:
• No Setup Fees for Settiing up Virtual Office Address / Registered Address Services Account
• Instant Approval for Virtual Office Address / Registered Address Services Signup
• Secure Online Payment for Visa, Master, Paypal, AMEX (Through Paypal)
• Self-Collection of Mails and Parcels between Mon – Fri: (9am to 7pm)
• Address as Accounting and Corporate Regulatory Authority (ACRA) Registered Address
• Address as Mailing Address
• Receiving of Normal Mails, Air Mails, Parcels or Registered Mails
• Mail Forwarding Services Available Upon Request
• S$4.80*/Month (24 Months Signup + 3 Months Free) [S$115 for 27 Months Service]
• *Limited period only!

For more information on our Virtual Office Address / Registered Address Services, please contact us or call us at 6221 2789

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Business

Business Registration in Singapore

We can assist you to register a Business registration with the Accounting and Corporate Regulatory Authority (ACRA) as according to the Business Registration Act (Cap. 32).

A business firm is a much simple form of setting up a business, as it required low setup cost, has low maintenance fee, It can be either a sole proprietorship or a partnership. Registration is normally done within 30 minutes.

And if you have already registered a Business for sole proprietorship / partnership with ACRA and now wish to convert it to a Private Limited company. We can also assist you to do a conversion.

Sole Proprietor (self-employed)

A Business firm owned by one company or an individual who is Singapore Citizen or Permanent
  Resident running a business on his/her own behalf
All the profits generated by the business will belong to the sole-proprietor
Pay Personal income tax on the profits generated by the business
Required to contribute to CPF Medisave (Individual rate between 6-8%)
The sole proprietor has absolute say in the running of the business firm

Partnership
– Consists of more than one person
– May have between two and twenty partners
– All partners have equal rights in the management of the partnership
– Unlimited liability
– Foreigner only can register if there is a Singapore local resident manager
– Pay Personal income tax on the profits generated by the business
– Required to contribute to CPF Medisave (Individual rate between 6-8%)

Limited Liability Partnership

– Has the flexibility of a partnership, with the benefit of limited liability
– Minimum of 2 members
– Each member’s personal income is derived from profits and are taxed at personal income tax rates
– Compulsory to appoint a local manager

Striking Off / Closing Down Of Company
A company may apply to Accounting and Corporate Regulatory Authority (ACRA) to strike its name off the Register pursuant to Section 344 of the Companies Act.
ACRA may approve the application if it has reasonable cause to believe that the company is not carrying on business and the company is able to satisfy the criteria for striking off e.g.:- the company must not have any assets and liabilities, no outstanding penalties with any government authorities and etc.
We are professional trained and have many years of experience in handling the striking off of companies, all our clients are assure of a smooth closing down of their company.

Our Service includes:

We can assist in striking off or closing down an inactive company with the Accounting and
  Corporate Regulatory Authority (ACRA)
Assist your company on the tax clearance with the Tax Department, Inland Revenue Authority of
  Singapore (IRAS)
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Accounting

 

1. Flexible accounting service for Yearly / Quarterly / Monthly period, with a fee from $50 onwards.
There are absolutely No Hidden Costs!
2. Provide accounting services to Company that required Outsourcing of accounting services, to cut cost in
employing full-time account staff
3. Provide Accounting Report:
Income StatementBalance Sheet
General Ledger
Trial Balance
Debtors Ageing Report
Creditors Ageing Report
Bank and other Reconciliation
Audit Schedule
Payroll
GST
We prepare the accounts according to the Singapore Accounting
Standards and Companies Act
Provide consultancy and advice on your business performance, whereby you
can get an independent opinion on the performance of your business operation
We can advise you on how to keep your documents so that your documents
will be neat and tidy.
Provide timely reminder on the relevant deadlines and financial report matters
4. Preparation of Unaudited Financial Report
5. Review and computation of tax and deferred tax provisions for inclusion of the financial statements
6. Goods and Services Tax (GST) Preparation and Registration
Goods and Services Tax (GST) is a broad-based consumption tax levied on import of goods, as well as nearly all supplies of goods and services.
Required by ACRA, a Singapore registered company with an annual turnover of S$1million is liable to register for GST.
Our service includes consultation and submission of your corporate profile for GST application.
7. Tax Planning – Corporate & Personal Income Tax computation (IRAS)
8.  Filling up and submission of Form C / Form B / Form P (IRAS)

Companies in Singapore are business entities that are registered under the Companies Act, Chapter 50. Under this act, your company has its own properties, can be sued and is entitled to perpetual succession. Business rules in Singapore can be somewhat confusing, but if you hire the services of an accounting service, you will be assured of staying in compliance with the laws and regulations.

Business owners, especially small business owners and entrepreneurs, have quite a few jobs to perform. Retaining the skills of accounting services Singapore can help ease the load and give you more time to focus on core business techniques. Hiring an accounting firm is less expensive than hiring many employees to do different jobs.

Some of the services provided by an accounting firm include:
Accounting services we offer, well, accounting. High-level accounting is available in accounting service firms. The services of an accountant include creating budgets, finalizing financial statements and preparing tax returns for state, local and federal entities. Accounting services offer audit and business valuation services plus they can monitor the depreciation of assets and help you determine cash flow strategies. You can also use accounting service in Singapore to help with fraud issues or set-up computer accounting systems.

Additional services offered by accounting services in Singapore include entrepreneurship and management. Accounting services can reduce risk and waste plus help you increase innovation and learning. Your clients will be presented with an entirely new way of working with your business. This will help increase trust and customer loyalty. Customers will know you now have the professionalism behind you accounting methods.

If you are in need of secretarial and accounting services Singapore, hire a company that follows the law of Singapore. The Singapore Companies Act instructs that all Singapore incorporated companies appoint a secretary for the company. Good secretaries can help you maintain minute books, prepare minutes and take minutes at annual general meetings, help with annual returns and update development in compliance regulations.

If you need a service to help your firm go public and meet the necessary requirements, you need to hire an accounting service. You can hire this type of service on a long-term or short-term basis. Use them when reports and financial issues are very heavy or on a continual basis. They are here to help you succeed.

 

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