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You are here: Home / Frequently Asked Questions / Accounting and Bookkeeping

Accounting and Bookkeeping

 

What are the accounting and bookkeeping compliance requirements in Singapore?

The following accounting and bookkeeping compliance requirements in Singapore are mandatory:

  • general bookkeeping;
  • maintenance of the general ledger, accounts payable ledger, and fixed assets ledger;
  • maintenance of accounts receivable;
  • bank reconciliation; cash flow /budgeting;
  • financial statements and monthly reports monthly;
  • quarterly and annual reviews;
  • books clean-up;
  • management reporting and financial analysis.

Is a report by the company’s director a must?

All Singapore companies are to include a Director’s Report in their annual financial statement under sections 201(2) and 201(5) of the Companies Act, and this report must be prepared in accordance with the Singapore Financial Reporting Standards (SFRSs) and general accounting practice.

Does Singapore permit consolidated financial statements?

Yes, it does, which is very beneficial to a group of companies who want to get the benefits of Singapore’s Group Tax Relief as regards to corporate taxation. Because it permits the deduction of unutilised capital allowances, losses, and approved donations of one company from the assessable income of another company in the same Group.

What is the Group Relief (GR) System in Singapore?

Under the GR system, current year unutilised capital allowances, unutilised trade losses, and unutilised approved donations (referred to as “loss items”) of one company can be deducted from the assessable income of the other company of the same group.

Why engage Singapore Company Incorporation for all your accounting and bookkeeping needs?

The benefits are numerous. You – avoid unnecessary penalties, fulfill the compliance requirements stipulated by ACRA and IRAS, always get professional and reliable advise, facilitates day-to-day accounts maintenance, and saves costs as SMEs don’t need to employ dedicated professionals to do this for them.

We also provide relative flexibility as we offer secondment services as well, during the “peak” period of the reporting season; have a dedicated team to look after your accounting and bookkeeping needs, to ensure continuity and familiarity, with the added benefit of a structured support network for technical aspects of accounting and periods of temporary absence; with the ease of technology, we can support teams remotely where required or can send our accountant to your office to bring savings to the cost of running the finance team.

Additionally, we can provide help during an expansion (mergers and acquisition) or downsizing period of a company, where additional, more than every day, accounting and bookkeeping is required.

Need help with Accounting service in Singapore?

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