Timely and accurate financial information is crucial for a company to maintain its competitive advantage in today’s dynamic business environment. This is no different in Singapore. For this reason, there are a myriad of accounting service providers across Singapore who work with all sorts of companies. This is not surprising, as accounting today is a very competitive field. These accounting service providers offer a large variety of services for those seeking them. Some of these services will be described and explained in the following paragraphs.
Accounting Services Commonly Offered in Singapore
Among the accounting services which are frequently offered in Singapore are cash flow and working capital analysis, accounts consolidation, management reports and accounts, and financial planning and budgeting.
The purposes of cash flow and working capital analysis are to help small and medium enterprises (SMEs) identify, assess, and address gaps in the management of their working capital and cash flow. Several of the services included under this category include drafting of engagement letters, conducting of pre-project diagnoses, integration of measures proposed by small business owners, conducting of management review sessions, and addressing of potential areas for improvement with regard to the company’s expenses or revenue.
Accounts consolidation services are intended to allow a company’s shareholders or management understand the current financial status of the company. This is done by providing them with consolidated financial statements. Such statements are reflective of the financial results of all entities owned by the company as well as the company’s original assets. Some common consolidation services include services related to goodwill on consolidation, inter-company transactional processes, adjustments from cost to equity accounting, fair value adjustment, and purchase price allocation.
Services related to management reports and accounts provide accurate and timely financial and statistical information required by managers. The managers will then use the information to make day-to-day and short-term decisions for the organization’s internal audiences such as department managers and the chief executive officer. These reports normally include information on available cash, outstanding debts, sales revenue generated, state of accounts payable and accounts receivable, trend charts, variance analysis, and other statistics.
The purposes of financial planning and budgeting services are to help SMEs structure and implement proper planning and budgeting practices in managing their financial resources. Among the services classified as financial planning and budgeting services are analyzing of past financial performance pertaining to revenue and expenses, developing of an implementation roadmap, developing and integrating of customized templates related to the company’s finances, and integrating of insights to initiate and structure the budgeting processes of SMEs.
Of course, these are not the only accounting services offered in Singapore. Some other accounting services that are not part of any of the prior categories include the XBRL filing of a company’s annual returns, payroll tax reporting, compilation of accounts for dissolution or tax clearance purposes, advisory services, setting up of proper accounting systems, and many other invaluable services.
As one a leading public accounting firm in Singapore, we at Paul Hype Page & Co specialize in meeting the accounting and accounting-related requirements of businesses in Singapore, no matter how complex they may be. Our accounting team will ensure that all your company’s accounting needs are handled properly.
Who Needs Accounting Services
As there are many accounting services to choose from, it is to be expected that each service is typically targeted at certain companies. As has been mentioned, SMEs usually need to make use of financial planning and budgeting services as well as cash flow and working capital analysis. This is because using such services will normally lead to better management of finances and subsequently boost the company’s bottom line. Accounts consolidation services are mainly used by subsidiaries, associates, those who have business operations or investments away from their company’s headquarters, and large corporations comprised of multiple companies. All sorts of companies need accounting services regarding management reports and accounts, but none more so than holding companies from abroad. These services are especially useful for such companies, particularly if they have a regional office located in Singapore. This is because these companies need this information to better monitor and make decisions on further expansion within the Asia-Pacific region.
If you require professional, affordable, and high-quality accounting services for your business, contact our team at Paul Hype Page & Co. Depending upon your business requirements, we can partner with your internal accountant, bookkeeper, business advisor, controller, or sometimes, your entire Finance and Accounting department.
Why Accounting Services in Singapore Are Important
Accounting services do not only benefit companies. They also have a net positive effect on Singapore’s economy and corporate sphere. One reason for this is because the dynamic Asia-Pacific market is growing at a rapid rate. Therefore, foreign demand for expert accountancy services as well as talent is on the rise. One of the Asia-Pacific countries which stands to gain from this increase in demand is Singapore. Due to the high concentration of accounting firms there, Singapore is well-positioned to take advantage of the growth possibilities that have arisen in this sector.
Singapore is striving to be a leading location for accountancy, both in the Asia-Pacific region and on the global stage. The country plans to do so by developing its accountancy talents, thought leaders, and professional entrepreneurs, among others. One way that Singapore intends to do this is by increasing the scope and improving the quality of accounting services offered there.
The Singaporean government and tax authorities also benefit when companies make proper use of accounting services. This is because businesses often have to deal with complex tax issues which cannot be solved internally. By utilizing accounting services during tax season, these issues will be handled accordingly. This is because those who offer accounting services understand everything that must be known about the relevant tax laws, business news, and government regulations. Therefore, everyone in the company can be assured that all matters regarding taxation and tax planning will have been properly managed, while the government and tax authorities will know that the company’s tax issues will have been solved in a proper, timely, and legal manner.
Who Is Allowed to Offer Accounting Services
In Singapore, only certain people and firms are allowed to offer accounting services. Firms which offer accounting services must have received clearance from the Accounting and Corporate Regulatory Authority (ACRA) to do so. Firms which have received accreditation from organizations such as the Association of Chartered Certified Accountants (ACCA) or the Institute of Singapore Chartered Accountants (ISCA) are more reputable. The people in the firms who offer these services must also have the requisite qualifications, certifications, and experience. All financial reporting must be done by an independent third-party professional chartered accountant firm to provide a factual report to the company’s headquarters. Freelance bookkeeping and accounting services, however, can be performed by freelance accountants as is implied by their name.
It is evident that high-quality accounting services are needed by every company in Singapore. Even if a company were to hire its own accounting team, there are simply too many matters that need to be addressed, thus making the handling of accounting matters more costly and time-consuming than necessary. This is why outsourced accounting is of utmost importance.
Fortunately, there are many high-quality accounting service providers all over Singapore, and Paul Hype Page & Co is one of them. As a Singapore-certified public accounting company and a full practicing member of ISCA, we provide a full range of computerized accounting and bookkeeping services for our clients. We have vast experience regarding accounting and auditing services. Thus, you should know that your company’s accounting matters will be in good hands after you have contacted us for our services.
An implementation roadmap is a business strategy which details a specific plan. This plan is intended to help a business attain its corporate objectives. Most businesses would benefit from having a well-crafted implementation roadmap.
There is a possibility that if financial reporting is done by someone linked to the company in question, the results generated may be biased or deliberately falsified. This may happen because the in-house worker may desire to make the company appear to be in a better financial situation than the one it may actually be in. For this reason, it is preferable to use the services of an external accounting firm.
There are no restrictions placed on foreign accountants in Singapore. Any accountant who has obtained the necessary qualifications and work permits (if the accountant is a foreigner) may work for a Singapore company.
Need to seek professional help? For further questions, call us at +65 62214711