Accounting Firms in Singapore Offer Customized Accounting Services to Small Business Owners
The Accounting and Corporate
Regulatory Authority (ACRA) of Singapore regulate the businesses, public
accountants, and the accounting services in Singapore. ACRA, unlike other
government regulators, also facilitates for the promotion of these entities.
As a national regulator, ACRA
demands strict statutory compliance from these entities. For this reason,
Singapore businesses are better off with the assistance of accounting services
in Singapore.
Compared to other countries, it
is easier, seamless and effortless to open a company in Singapore. Although it
depends on individual choices, ACRA advises foreigners to take assistance from
external firms offering Singapore company registration services. There are many
firms in Singapore offering incorporation services along with many other
corporate business services like, accounting, auditing and taxation to
different national and international clients.
Accounting Services for Small and
Medium Enterprises in Singapore
Singapore's taxation year or the
Year of Assessment (YA), starts on 1 January and ends on 31 December. However,
in case of many Singapore companies, the end of their financial year does not
coincide with stipulated date, i.e., 31 December.
These business entities still
have to complete their financial reporting and tax filing, as per the due dates
issued by ACRA and IRAS (Inland Revenue Authority of Singapore). They need to
host an annual general meeting and table their financial statements for the
review and approval of their shareholders.
Genuine and accredited accounting
firms in Singapore assist its clients to maintain their books of accounts, by
offering their flawless and punctual Accountancy Services Singapore.
These firms ensure that each and every financial transaction is entered and
accounted for. These firms also offer preparation of bank reconciliation, XBRL,
and directors' reports, along with the financial analysis on weekly, monthly,
quarterly and annual basis.
The well-known CPA firms, while
preparing the financial statements of clients prepare a balance sheet, profit
and loss statement and cash flow statement. The 'books of account' maintained
by the client, plays a major role in preparing these statements. Most of the
entries and inputs in these statements are retrieved from what is found in the
client's books of accounts. These financial documents are prepared in
compliance with the Singapore Financial Reporting Standards (SFRS). In addition
to that, different types of transactions are treated as per the set principles
and governing practices of the governing bodies.
In order to offer unmatched and
high-quality accounting and auditing services to the clients, firms offering
accounting services employ only experienced and certified auditors. These
professionals are trained to structure their auditing reports on the data
contained in the books of accounts, submitted by clients for inspection. After
the auditing reports are prepared and authenticated by the prime service
provider, these reports are submitted to shareholders, investors, employees,
management and the government regulators for analysis and approval. A
comprehensive auditing report serves as a definitive medium for the client, to
take speculative decisions about the future course of their business.
Therefore, preparing such report, from a well-known and qualified audit firm in
Singapore is much more necessary.
After understanding the importance
and necessity of well-structured audit report, business management proceeds to
hire an external auditing firm for conducting internal audits of their company.
The reports generated, allow them an insight into the effectiveness of
processes, internal checks and methods that are in place in the organization.
On the other hand, the shareholders of the company are also empowered to hire
audit services in Singapore, for conducting parallel external audits for them.
The meticulously prepared
financial reports are essential for gauging the financial health of a company.
These reports also reveal its weaknesses and help the management in taking
preventive measures against them. Remember, apart from exempted companies,
every single Singapore business must file their financial statements with the
ACRA.
It is the duty of the corporate
business services firms based in Singapore to advise and help their clients
with accurate Singapore tax filing. ACRA specifically mandates; that it is a
duty of the business service-providing firm to educate and advise its clients
on GST registration in Singapore, GST filing, ECI filing, Withholding tax and
other taxes. Most importantly, it assists the client in the careful preparation
of its corporate income tax.
The CPA's working at these firms
usually takes into account the tax rebates, incentives, deductions and
exemptions that client qualifies for, to incorporate those relevant details in
the financial statements. The firm also assists Singapore businesses in
complying with the ACRA's XBRL filing requirements, by converting their
business data into the XBRL format.
SBS Consulting is considered as
one of the best accounting and auditing firms in Singapore, offering quality
accounting services for small business. The Small and Medium Enterprises (SMEs)
have different accounting needs than that of the bigger enterprises or the
multinational businesses. By outsourcing accounting and other corporate
services, businesses in Singapore will finally experience peace of mind. The
Singaporean economic environment offers favorable options for SMEs to focus and
capitalize on market trends. Besides, it also provides equal opportunities to
big companies for focusing on the long term goals.
For More Information: Singapore
Accounting Services
Singapore Incorporation Services
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