• Accounting Services in Singapore

In any company, accounting services are of critical importance. Companies that fail to acquire the necessary accounting services can expect to experience many problems. On the other hand, a company with people who can adequately and competently carry out accounting services will benefit greatly from such services.

A key step in the incorporation of a company in Singapore is the installation of accounting services. Accounting services in Singapore can help you to do more than just meet any tax and reporting requirements.

Accounting Services Commonly Offered in Singapore

Some of the accounting services that are commonly sought for are cash flows and working analysis, account consolidations, management reports and accounts, and the financial planning and budgeting. Let’s take a look at them individually!

1. Cash Flow and working capital analysis

Small Medium Enterprises (SMEs) and start-ups are usually clueless when it comes to analyzing and identifying, assessing, and addressing their working capital and cash flow. They include:

  • Drafting of engagement letters
  • Conducting pre-project diagnoses
  • Integration of measures proposed by business owners
  • Conducting management review sessions
  • Any field of feedbacks on how the company can improve on its expenses and revenue

2. Accounts consolidation services

Account consolidation services are required to allow management team to understand the company’s current financial status. The consolidation reflects all of company’s assets and original entities.

The service includes calculation of goodwill on consolidation, inter-company transactional processes, adjustments form cost to equity, fair value adjustments as well as purchase price allocation.

3. Financial planning and budgeting

The purpose of planning and budgeting services are to help SMEs to structure and implement proper budget practices while managing their financial resources. Some services included are:

  • Analysing of past financial performance regarding revenue and expenses
  • Developing implementation roadmap
  • Developing and integrating of customised templates related to company’s finances
  • Integrating of insights to initiate and structure budgeting processes of SMEs

Advantages of Outsourcing Accounting Services

More companies in recent years have chosen to outsource their accounting services after comprehending the significant benefits that arises when accounting services are outsourced. Some of the advantages include:

1. Less likely for fraud to occur

Fraud is an unfortunate yet common occurrence among providers of in-house accounting services of SMEs. In-house accountants will find it easier to manipulate numbers in order to make them appear more favorable to the individual companies and hence, the level of trustworthiness and accountability is compromised.

On the other hand, while outsourcing for accounting services, the accountants that are not directly related to the information given will be overseeing all reports, minimising the chances of committing a fraud.

2. Reduced cost

The costs of hiring in-house staff for the purpose of handling accounting services to the cost of using an outsourced accounting service is much more expensive.

3. Proactiveness

Accountants that were outsourced tend to be more proactive and it would be more efficient for the company as compared to in-house accountants. This is because an outsourced accounting team generally consists of many experienced accountants with high level of compliances and reliability.

Wan Yi
TIP: Check out the 10 benefits of outsourcing your company’s accounting functions here!

Why are Accounting Services Important in Singapore?

Not only does accounting services benefit companies, it also provides an overall net positive effect on the economy of Singapore. The rapid growth in the Asia-Pacific market, led to an increase in foreign demand for expert accountancy services.

The Singapore government and tax authorities also benefits when companies make proper use of accounting services. When dealing with complex tax issues which cannot be solved internally, the relevant accountants will help deal with it.

The relevant accountant understands everything that must be known regarding accounting services such as Tax laws, business news, government regulations, etc. Hence, the authorities can be assured that all matters regarding taxation and tax planning will be handled properly and submitted in a proper, timely, and legal manner.

Looking to incorporate a company in Singapore or looking to outsource your accounting function? Reach out to us and see how we can help in your journey to business success!

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FAQs

How should SMEs owners choose the right accountant?2021-09-20T13:40:59+08:00

When choosing an accountant, SMEs’ owners should ensure the candidate is a certified or chartered accountant. Of course, hiring an accountant with relevant experience in the business field will be a plus. 

Do SMEs need to hire a professional accountant?2021-09-20T13:40:27+08:00

It depends on the owner’s background and expertise. If an SME business owner has no clue where to start and the basic accounting knowledge, it is best to hire one to make sure the company is complying with the annual compliance.

How do SMEs owners evaluate if they should hire a professional accountant for their business?2021-09-20T13:39:44+08:00

SMEs owners should consider hiring a professional accountant for their business if they are not familiar with Singapore’s corporate tax regulations, requirements, and tax laws.

Where can I hire a reliable professional accountant?2020-12-11T13:20:55+08:00

You can hire a reliable professional accountant from Paul Hype Page. We are the leading and trusted accounting service provider in Singapore.  

Can Foreign Accountants work for Singapore companies?2020-06-22T12:31:27+08:00

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. 

Why must Financial reporting be done by an independent third-party accounting firm?2020-06-22T12:31:13+08:00

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. 

What is an implementation roadmap?2020-06-22T12:30:36+08:00

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. 

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4 Discussions

  1. MAGDELYN MEM September 25, 2021 at 10:57 pm - Reply

    OK… I want you help me about my share.. With USA… I want take my 50% personally…..

  2. V Soma February 8, 2020 at 2:54 pm - Reply

    Request for Quotation for Audited Accounts for Year 2019/2020

    Dear Sir/Madam

    Greetings from Glomax Maintenance Services Pte Ltd!

    We would like to get a quote for auditing our accounts for Year 2019 and 2020.

    V Soma

    • Kumaran Tiwiyah February 12, 2020 at 10:45 am - Reply

      Hello Soma,

      Our apologies, but we do not provide any all-in-one auditing packages. However, you might be interested in some of our other packages such as compilation of financial statements which costs S$600, tax computation and filing of Form C which costs S$600 per filing, and bookkeeping which costs S$600 per annum.

      Please contact us for further information.

      Thank you for your question.
      Paul

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