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.
Cash flow and working capital analysis
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
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.
Management reports and accounts
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.
Financial planning and budgeting
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.