Outsourced Accounting Services

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Outsourced accounting services

These services are inclined towards providing a comprehensive and complete accounting department experience to businesses. This includes daily transaction coding, accounts payable, payroll and financial reporting among other services.

As per the Singapore Companies Act, businesses are required to ensure the maintenance of thorough and detailed records of all financial proceedings, that include bank statements, relevant documents, transaction particulars and receipts.

Furthermore, it is absolutely essential to adhere to the rules and regulations highlighted by both the ACRA and IRAS in order to avoid any penalties of any kind. Accordingly, companies can ensure peace of mind and transparency for themselves apart in addition to presenting an impressive performance track record to future investors.

As one of the leading financial advisory firms in your location with many years of experience in offering outsourced accounting services, we recommend any company note the following guidelines to ensure a smooth and hassle-free experience:

  • Set a local registered office address in Singapore

  • Within the first 12 weeks, get a competent auditor to work with the company

  • Project a financial year-end

  • Any modifications to the company’s structure or hierarchy should be duly informed to the ACRA

Documentation to be completed

The following highlights the various documents to be completed at each financial year:

  • All accounting records

  • Financial reports

  • Tax returns

  • Estimated chargeable income (ECI)

  • Scrutineering and Polling Agent

  • XBRL Conversion

 

Continually notify ACRA of any changes to the company structure such as transfer of shares, increase in capital or the resignation of directors

 

Complete the following documentation

 

Each financial year both ACRA and IRAS ensure you don’t risk any unnecessary penalties down the line. Following these regulations not only helps your company achieve transparency and clarity but also helps potential investors determine your company’s performance.

 

To stay compliant, your company needs to:

  • Establish a local registered office address in Singapore

  • Appoint an auditor within the first three months (but only if the company has corporate shareholders, more than 20 individual shareholders or an annual turnover exceeding S$5 million)

  • Determine a financial year-end

  • Continually notify ACRA of any changes to the company structure such as transfer of shares, increase in capital or the resignation of directors

  • Complete the following documentation each financial year

 

Talk with our experts to get the right accounting processes. Get in touch with us today.