Singapore’s Leading Accounting Firm

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Singapore’s Leading Accounting Firm2023-08-04T13:51:09+08:00

Key Note

As one of the leading accounting firms, we provide professional accounting services in Singapore to clients. Such accounting services will be required after your company incorporation. While registering your company is crucial, maintaining a clockwork process for payroll, financial auditing and bookkeeping is necessary to sustain and expand your company. It will not only attract more business partners and potential employees but will also guarantee adherence to various business laws.

Singapore Accounting Services

The best way to relieve yourself of the time-consuming process of bookkeeping is to outsource accounting services. Improve cash flow, shorten the end-to-end cycle time for all processes, determine the profitability of the product lines for future expansion plans by outsourcing accounting services in Singapore with Paul Hype Page & Co.

Businesses that seek to benefit from tasks like payroll, accounting, auditing and financial reporting can outsource accounting services. Professionals who can manage internal financial processes will handle your business auditing. Their expertise removes the uncertainty from tasks like budgeting, processing payroll, and debt management.

To get your business on track to achieve your financial goals and meet the tax and reporting requirements, check out the common accounting services in Singapore that we at Paul Hype Page provide:

  • Cash Flow & Working Capital Analysis
  • Account Consolidation Services & Financial Statements
  • Management Reports & Accounts
  • Financial Planning & Budgeting
  • XBRL Filing of Annual Returns
  • Payroll Tax Reporting
  • Advisory Services
  • GST Filing
Financial planning and budgeting

1. 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.

2. Cash Flow and working capital analysis

Small Medium Enterprises (SMEs) and start-ups are usually clueless when it comes to analysing 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

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 road map
  • Developing and integrating of customised templates related to company’s finances
  • Integrating of insights to initiate and structure budgeting processes of SMEs

Filing Deadlines in Singapore

As per your company’s financial activities during the accounting year, it is essential to prepare your annual financial statements following the Financial Reporting Standards of Singapore. These are a few crucial deadlines to take note of to ensure you do not miss them!

Financial Year End (FYE)

The financial year end is a deadline to file reports. The date can be decided at the company’s discretion.

Estimated Chargeable Income (ECI)

Taxable income minus tax-allowable expenses will be required to be filled 3 months after the Financial Year End.

Annual Tax Return

Every company in Singapore is required to submit its annual tax return to the Inland Revenue Authority of Singapore (IRAS) on or before November 30. Singapore follows a preceding year basis for taxation, meaning that the profits earned during the financial year that ended in the previous year will serve as the foundation for filing the tax return in the current year.

Differences Between Accounting and Bookkeeping

Many small business owners do not know and understand the difference between outsourced accounting and bookkeeping – especially if they do not have a background on finance.

To sum up the difference, we detailed out a simple table below.

ACCOUNTING BOOKKEEPING
Used for business and financial analysis to guide overall business decisions Record keeping of all financial transactions
Follow-up function from bookkeeping Starting point for accurate analysis, usually coming from raw data (e.g. receipts, invoices, etc.)
More complex and requires strong financial analytical knowledge to dissect the figures to derive key action plans and financial statements Organisation of records and ledgers is the key skill required for this role with basic knowledge on financial reporting standards

Your Questions, Answered

We’ve picked the top questions that we get asked the most when it comes to accounting services in Singapore.

What are the typical accounting services?2022-06-27T15:04:08+08:00

The typical accounting services include account consolidation, preparing of financial statements, tax filing, audit, and advisory services.

Is a professional accountant necessary for businesses?2022-06-27T15:03:47+08:00

It is highly encouraged for every business to have a professional accountant to comply with the annual compliance and avoid penalties.

What is XBRL?2022-06-27T15:03:27+08:00

eXtensible Business Reporting Language (XBRL) is a language for e-communication for business and financial data. It provides major benefits in the analysis and communication of business information, and offers cost savings, greater efficiency, and improved accuracy and reliability to all those involved in using financial data.

What should I look for when hiring an accountant or accounting firm in Singapore?2022-06-27T15:03:08+08:00

It is important to know if they are chartered or certified. Hiring and engaging an accounting firm that has relevant experience in your field will definitely be a plus. You should also consider engaging a local accounting firm, so they are updated with the latest regulations.

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?2023-08-24T13:31:39+08:00

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

How do I evaluate if I should hire a professional accountant for my business?2021-01-19T10:04:50+08:00

You should consider hiring a professional accountant for your business if you are not familiar with Singapore’s corporate tax regulations, requirements, and tax laws. It is also a sign to hire a professional accountant for your business if you are not sure when to register GST (Goods and Services Tax).

How should one choose the right accountant?2021-01-19T10:04:35+08:00

When choosing an accountant, you 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.

Why must financial reporting be done by an independent third-party accounting firm?2021-01-19T10:03:52+08:00

Financial reporting must be done by an independent third-party accounting firm to ensure credibility. If a financial reporting is conducted by someone linked to the company, the results generated may be biased or deliberately falsified.

This may happen because the in-house worker may want to make the company appear to be in a better financial situation than the one it may be in. For this reason, it is advisable to use the services of an external accounting firm.

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. 

Singapore Accounting Articles

Learn more about the Singapore accounting landscape and beyond to understand more about the regulatory compliance needed.

What are the Benefits of Business Audits in Singapore?

What are the Benefits of Business Audits in Singapore?

What are the Different Elements in Payroll Management

What are the Different Elements in Payroll Management

How to Prepare Financial Statements in Singapore?

How to Prepare Financial Statements in Singapore?

13 Accounting Tips for Singapore’s Startups & SMEs

13 Accounting Tips for Singapore’s Startups & SMEs

Why Outsource Your Accounting Function

Your time is precious – spare your time and leave the hard work to us. Find out the top reasons to engage outsourced accounting services.

Cost Effective, Pay Less

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

Drive core business functions

Through outsourced accounting services, you can save hiring costs and instead, use these savings to reinvest in your company – for example, tapping on the Market Readiness Assistance Grant for business expansion with up to 70% funding.

These activities will increase revenue as compared to hiring an internal accountant that would not necessarily drive revenue.

Increase controls & reduce fraud

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.

Reallocate time resources

Get “instant employees” by engaging outsourced accounting services and save time spent on recruiting and training new staff.

Meet annual filing deadlines in confidence

By outsourcing the accounting functions, you would not be needed to worry about the submission or reporting deadlines as the service providers would do it for you. This relieves the burden of deadlines and allows the owner to focus on other aspects of the business.

Accurate, timely financial reporting

Outsourced accounting providers will honour the service agreement because they need it as part of their business as compared to permanent employees who probably only worry about the next pay check.

Outsourcing accounting services usually proves to have fewer errors due to this streamlining and thus, you would have to spend less time trying to rectify mistakes.

Stay updated with latest regulations

Another advantage of having experts is that they are updated with the latest regulations and legislations relating to accounting functions.

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Paul Hype Page & Co

Phone Number: +65 6221 4733

Address: 30 Petain Road Singapore 208099

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